Group Pension Scheme

Group Retirement Benefit Plans

A Group Personal Retirement Plan is a collection of personal pension plans usually provided by employers for their employees.

Group Pension Scheme:

  • Established by the Employer for the benefit of employees
  • All employees eligible to join
  • Defined contribution scheme
  • Employer contributory rate – (eg. 10%, 15% etc)
  • Voluntary employee contribution rate–(eg.5%, 10% etc)
  • Guaranteed Interest of 5% p.a.

Within the Group Pension they are two types of schemes:

  • Occupational Pension Scheme

    Employer will have to appoint a registered board of trustees.

  • Umbrella Pension Scheme
    Jubilee Life Insurance Corporation of Tanzania act as a Trustee.

Benefits at a glance

  • 1No setup fees.
  • 2Returns are net of withholding taxes
  • 3Minimum guaranteed returns on investment is 5%.
  • 4Supplementary scheme and not a replacement of mandatory contribution.

RETIREMENT - now life begins!

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