Set your staff up for comfortable retirement with the Retirement Benefit Scheme. These policies are set up as defined contribution schemes where the amounts of contribution by both employer and employee are determined at the start of the scheme.
Why set up the Retirement Benefits Scheme?
Our plan is an employer-sponsored arrangement that is set up under irrevocable trust. Upon being set up, the scheme becomes a separate legal entity from the employer.
We offer three retirement benefit schemes:
- Staff Pension scheme - allows the retiring member to receive part of the benefits as a lump sum while the balance is applied to purchase a series of regular pension payments.
- Staff provident fund scheme - a lump sum payment of the member’s accumulated fund on their retirement.
- Individual retirement pension - for individuals who wish to save for retirement but are not members of an employer-sponsored scheme.
Payment to dependents in the event of loss of life
Guaranteed payment after retirement
Tax relief benefit
No setup fee
All full-time employees are eligible for scheme membership if they are aged 18 or above but under the normal retirement age years. To join the scheme, all employees are required to fill out an Application Form.
The retirement age can be decided by the employer. The earliest normal retirement age at which an individual may retire is 55 years (early retirement provisions at age 50 years).
The employer determines the rate of contribution, which is a percentage of the basic salary of the employee. Contributions are usually payable monthly but may be paid other than monthly.