Pensions

Retirement Planning

 
  • 13 January 2010
  • websupport
Group Pension

A group pension plan allows your organization to provide employees with a financial income during retirement. We offer two types of Pension plans:

  • Defined Benefit or Final Salary Scheme – This product pays a benefit that is defined in the contract.  The benefit is based on the final salary and service of the member.
  • Defined Contribution –The plan is one in which the contributions made during the lifetime of the member are used at retirement to determine the pension which can be paid.

 It is possible in both plans to guarantee a period of time over which pensions will be paid.  For example, if a defined contribution pensioner opted for a life and ten (10), this means that pension is payable for life, but in addition, 10 years pension payment must be paid to the member (or his estate) if he dies before he has received ten years pension payments.