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Group Pension Schemes

Defined benifit or Defined contibution plans

Instillation to include PIA registration, ZRA approval and CMLSS ministerial approved

Prudent investments targeting "real return" or no more pension date 

Pension in Payment Increased threshold
A Group Pension Sceme is a means by which employers are able to make special provision for their employees (and their families) when they retire, or if they die before reaching the retirement age.

A pension sceme has three advantages:

  1. It is a tax efficient - way to reward long service employees - (contributions to approved pension funds are tax exempt within certain limits)
  2. It will assist in recrutting and retaining good quality staff.
  3. It will promote good employer / employee relations.

A pension scheme is, quite simply, a fund of money which is created from contributions by the employer and (in most cases) the employees.

This money is invested so that it grows and, when employees retire, they are paid an income out of the fund which enables them to enjoy well-earned retirement in finacial security.

 

Benifits Investments

At retirement employees will recieve an immediate lump sum plus regular income which will be paid to them monthly, quarterly or annually for the resat of thier lives.  It is also possible for part of their pension to continue for their spouse after their death.  In the event of death before retiring a lump sum will be paid to their estate.  If they leave service before retirement, under current Zambian law, employees can withdraw their contributions plus interest.  The employers contibutions remain within the fund to improve the benifits to employees who remain with the company, or to reduce the future costs of funding the scheme, or can be taken as a pension when the member reaches the retirement age.

Pension Funds are invested to gain the best rate of return, without taking any undue risks.  This means investing in bank deposits, property and givernment stock as well as share in carefully selected public companies.
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Client Communications

For an employer the Coperarion will provide regular statements, showing how the funds hasbeen invested, as well as giving details of our investment strategy and the reasoning behind it.  Employees will recieve an annual statement showing how much they have invested and what benifits they have accrued.

Either way both parties will know at all times how well their pension scheme is performing.
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