Overview
The Tier 3 Provident Fund SchemeThis is a scheme governed by a trust to which a contributor or the contributor’s employer or both contribute to a pension scheme which provides benefits to the contributor.
It is a defined contribution scheme set up by Enterprise Trustees Limited.
The Scheme targets employers to provide them with a one-stop solution to the management of their employee Tier 3 Voluntary contributions.
Based on the arrangement by an organization, either the employee, the employer or both will contribute up to 16.5% voluntary contribution of the employee’s basic salary. The maximum allowable for tax relief is 16.5% however the employee, the employer or both can do additional voluntary contributions beyond this limit.
The Scheme is a defined contribution pension scheme, that is, a pension scheme in which the retirement benefit paid to members depends on the amount of total contributions and the investment returns earned on those contributions
Retirement Benefits
A member can access his/her contributions under the following conditions;
- Mandatory retirement age(60 years)
- Voluntary retirement age(55years)
- Death(no age restriction)
- Total incapacity( no age restriction)
- If the member meets the employer’s vesting rules.
- Partial withdrawal after 10 years from the date of first contribution
- Resignation, termination, retrenchment and dismissal
Service benefits on the Scheme? - 24 hour access to Employer and Member Online Portal ‘The Stable’
- Monthly SMS notification to members on allocated contributions
- Monthly e-mail summary statement to members.
- Call Centre available from 8:00am – 4:30pm on week days to address member concerns.
- Dedicated relationship manager to educate staff and address any other issues
- Quarterly Newsletter to provide members with relevant pension news and help them better prepare for retirement.
- Prompt processing of retirement benefits and transfer requests.
