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
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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