Simply put, employee and employer contributions paid each month are saved in the dedicated employee’s account linked to the Scheme. Both employees and employers may benefit from tax incentives on the amounts which they respectively contribute. The amounts are invested, and the value of the overall investment can be tracked as needed by contacting us.
When employees are between the ages of 61 and 70, they will be able to access their savings. They may opt to receive up to 30% of their savings as a lump sum (tax free), whilst the remaining savings must be used to pay out an income throughout their retirement years.