Benefits

Retirement Benefits

At retirement up to 25% of the member’s account is payable as a lump sum and the rest is paid in the form of pension.

A contributor who is not covered under the mandatory pension scheme or any other pension scheme is entitled to use a percentage of accrued benefits to purchase an annuity for life payable monthly or quarterly from a licensed Life Insurance company.

Annuity payments are paid out of the scheme, instead of being bought out with insurance companies. This allows a more dynamic and consistent pension payout, with discretionary increases instead of a flat-rate pension. The benefits of this approach are:

Slightly higher pension benefits for the members overall as Super Fund operates with a non-profit objective
Common discretionary pension increases to all pensioners of the Fund to offset, at least in part, the effects of inflation during the period of annuity payments
Pensioners will also not be exposed to widely different practices by different insurers

Contact the administrator to enquire about the options and to obtain estimated figures for the benefit at least a month prior to retirement.

Death and Disability Benefits

At retirement up to 25% of the member’s account is payable as a lump sum and the rest is paid in the form of pension.

The Death and Disability Cover is optional and can be provided to all members of an approved retirement scheme. Under the Private Pensions Schemes Act 2012 there is no limit on the cover and the employer may choose any amount he deems fit. When the cover is provided, it is secured by the Fund after an open tender process whereby a pre-selected number of local insurance companies are invited to tender.

How to make a claim in case of death or total and permanent disability of an active member?

Death

The Employer or beneficiary must provide the following documents to the administrators:

Copy of identity card of the member
Death certificate
Certificate of cause of death

For a deferred pensioner, the beneficiaries can also send the above documents to the administrators. In this case the total accumulated contributions will be paid to the beneficiaries as a lump sum.

Disability

A member is entitled to the disability benefit in the scheme following certification by a medical practitioner (designated by the insurer), that he or she is incapable of any normal gainful employment by virtue of permanent physical or mental disability, subject to the consent of the employer.
The deferred pensioner should have reached an appropriate retirement age in order to draw a pension.

Withdrawal Benefits

mascot-benefits

Portability of Pension

Super Fund has been designed to be in line with the legislation regarding portability of pensions. Under the amended Workers’ Right Act 2019, section 126 (7a), pension benefits are now portable as from the first month of contribution. With Superfund, an Employee is guaranteed the full benefit of his acquired pension right and has a choice of options on how to preserve his pension benefits until his retirement.

If the employee leaves service:

The employee has three choices:

Transfer his/her current accrued pension benefits to his/her new employer’s pension fund;
Transfer his/her current accrued benefits to his/her personal pension plan;
Leave his/her accrued pension benefit with Super Fund to continue to be invested until retirement.

Benefits

At retirement up to 25% of the member’s account is payable as a lump sum and the rest is paid in the form of pension.

At retirement up to 25% of the member’s account is payable as a lump sum and the rest is paid in the form of pension.

How to make a claim in case of death or total and permanent disability of an active member?

Portability of Pension

If the employee leaves service:

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