Pension Schemes

Corporate Business offers two types of pension schemes, which are:

  • Defined Contribution Schemes
  • Defined Benefit Schemes

Defined Contribution Schemes: Under this scheme, an employee and employer contribute a defined percentage of the member's earnings. The joint contributions are invested under the pension fund and when the member retires, the contributions paid together with investment earnings are used to purchase an annuity.

Defined Benefit Schemes: This is also referred to as "the final salary scheme". Under this scheme, an employee receives on retirement, a pension based on a percentage of the salary earned on or towards his or her retirement date for each year of either service or scheme membership. The percentage is normally stated in the pension scheme Rules or provisions.

Group Life Assurance (GLA) Scheme

Group Life Assurance benefit is designed to cushion an employee’s family in the unfortunate event of death or upon disability before retirement from employment. The benefit is offered either as ancillary to a pension scheme or as independent scheme. Benefits are usually payable to beneficiaries as lump sums.

Group Cash Funeral Scheme

The Group Cash Funeral scheme is a group insured benefit that provides a basic cash benefit payable on death of an employee or the employee’s nominated dependents. The benefit will assist with the financing of funeral and other related costs.However, families face some more obligations after a burial. These include memorial and tombstone unveiling functions, as well as ongoing financial commitments such as school fees.

Group Hospital Cash Scheme

The Group Hospital Cash Plan (GHCP) is a group insured benefit that provides protection against unexpected hospitalization costs. The Scheme is offered either as ancillary to a Pension scheme or Group Life Assurance or as independent scheme. The Plan avails a pre-determined sum of money for each day spent in hospital by a member or his/her registered dependents once a hospital stay exceeds 48 hours. A member is allowed to register up to eight dependents. Dependents can be registered at any time.

Credit and Mortgage Protection Schemes

The Schemes are designed to provide protection against Loans and Mortgages. They provide Life Cover in case the life insured/borrower is unable to repay the loans due to death.So, they provide relief funds to offset Loan/Mortgage indebtedness thereby eliminating risk of attachment of property.