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What is an Occupational Pension Scheme?

What is an Occupational Pension Scheme?

What is the Qualifying Age for a Person to Join the National Basic Social Security Scheme?

What is the Qualifying Age for a Person to Join the National Basic Social Security Scheme?

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How Much is a Worker Required to Contribute to the Scheme?

Contributions to the Three-tier Pension Scheme are as follows: An employer of an establishment shall deduct from the salary of every worker in the establishment immediately at the end of the month, a worker’s contribution of an amount equal to five and half per centum (5.5%) of the worker’s salary for the period, irrespective of […]

Who is a Trustee?

It is an individual or corporate entity that holds property/assets on behalf of another person normally known as the beneficiary.

What Happens to the Accrued Benefits of a Worker who Ceases to be an Employee?

A member of a scheme who ceases to be an employee shall elect to have the member’s accrued benefits transferred to another scheme in accordance with the regulations of the scheme.

What is a Trust?

A Trust is an arrangement involving normally three parties of which one party entrusts the property/assets to another party to be transferred to the third party (beneficiary) at a point in time or a specified period.

What is a Master Trust Scheme?

It is a multiple-employer scheme that allows different employers and their workers to join and is normally administered by a corporate trustee in line with the scheme rules approved by NPRA. GLICO Pensions has two Master Trust Schemes with a large number of employers contributing to the schemes. Please refer to our products.

Can an Individual Employee Select His Or Her Trustee to Manage the Second Tier Mandatory Occupational Pension Scheme?

No, it is the responsibility of the employer to select the trustee to manage the Second Tier mandatory Occupational Pension Scheme on behalf of its workers.

When Can a Worker/Contributor Withdraw His/Her Accrued Benefits under the Third Tier?

A worker/contributor may withdraw his/her accrued benefits under the Third Tier under the following conditions: A member who has attained the retirement age is entitled to the entire accrued benefits in the scheme in the form of a lump sum. A member who has not attained retirement age may withdraw all or part of the […]

Can an Employer Choose Its Own Pension Fund Manager and or Custodian?

Yes, an employer is permitted to choose its own pension Fund Manager and or Custodian ONLY if the scheme is an Employer-sponsored Scheme. However, if the scheme is a Master Trust Scheme, then the corporate trustee has the responsibility of choosing the pension fund managers and custodian.

Does a Worker Enjoy any Tax Reliefs for Contributing Under the National Pensions Act?

Yes, a contributor under the National Pensions Act enjoys the following tax benefits: a) An employer or employee shall not pay income tax in respect of contributions to the basic national social security scheme and mandatory occupational pension schemes b) Contributions not exceeding sixteen and one half per centum of a contributor’s monthly income, made […]

How is the Contributory Three-Tier Pension Scheme Managed?

The contributory three-tier pension scheme is managed as follows: The First Tier basic national social security scheme is managed by a restructured SSNIT The Second Tier Occupational Pension scheme and Third Tier Provident Fund and Personal Pension schemes are managed by approved trustees licensed by the National Pensions Regulatory Authority (NPRA) Approved trustees are assisted […]

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