Retirement Benefits Scheme

retirement

Looking After You As You Age. Provide income for people to cater for their daily expenses when they are no longer earning a regular income from employment. Important method for planning for retirement while working. It is a saving scheme for employed/self employed individuals towards a better retirement regulated by the Retirement Benefits Authority.

Occupational schemes are for institutions whereby the employees contribute part of their basic salaries to the Fund matched by contributions by the employer (sponsor) on their behalf. These funds are entrusted to fund managers, who use different investment tools to ensure a good return on members' funds within the regulatory requirements.

Some of the Benefits include:

  1. Tax Benefit -The Investment income of the scheme is exempted from tax.
  2. Tax Benefit - Employers contributions will go as tax allowable expenditure to the Company.
  3. Staff Retirement Benefit Scheme provide benefits for members when they no longer have their salaries.
  4. At the age of 65 years members get their ENTIRE benefits tax free.
  5. Member's benefits not assignable or attachable for any judgment debt.
  6. Members have a right to receive pension benefits within 30 days after retirement.
  7. The schemes accounts are audited every year and audited accounts submitted to Retirement Benefits Authority to ensure compliance.