This is a saving scheme for employed/self-employed individuals towards a better retirement regulated by the Retirement Benefits Authority.
Occupational Retirement Benefit Scheme 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.
Some of the Benefits include:
- Tax Benefit -The Investment income of the scheme is exempted from tax.
- Tax Benefit – Employers contributions will go as tax allowable expenditure to the Company.
- Staff Retirement Benefit Scheme provide benefits for members when they no longer have their salaries.
- At the age of 65 years members get their ENTIRE benefits tax free.
- Member’s benefits not assignable or attachable for any judgment debt.
- Members have a right to receive pension benefits within 30 days after retirement.
- The schemes accounts are audited every year and audited accounts submitted to Retirement Benefits Authority to ensure compliance.