People’s Pension Trust Ghana Limited has presented a cheque of 2000 Ghana Cedis to the first beneficiary of its life insurance cover on its personal pension scheme. The Life Insurance cover, the first of its kind is a unique feature of the PPT Personal Pension Scheme which entitles the nominated beneficiaries of a deceased member to a sum equivalent to four times the total contributions made by the deceased member during the preceding calendar year, in addition to the total funds in the deceased’s account.
The beneficiary, Madam Ayele Foli was therefore presented with the amount on the death of her husband, Mr. George Finu, a member of the scheme. Earlier, Madam Foli also received the total pension contributions saved by her husband as well as the interest that had accrued on it.
Upon receipt of the cheque, Madam Foli was full of gratitude indicating that the money was such a welcome relief to her because of the huge cost of her late husband’s funeral expenses as well as the needs of their children that has to catered for. She added that she was surprised when she received the call to come for the cheque because she had no idea the personal pension scheme her late husband was on also entitled him to a life insurance cover aside the savings he made. She espoused the great benefits the scheme offered and indicated her readiness to sign up and encourage others to do same
Speaking on the relevance of the life insurance cover to the pension scheme, CEO of People’s Pension Trust, Samuel Waterberg said, the desire to ensure that scheme members enjoy fully the benefits of preparing for retirement is what drives the company to be innovative in its offering. He says that benefit must equally not be lost on the death of the scheme member but should as well be beneficial to the family left behind. He expressed his joy that Mr George Finu’s widow and children had benefited from the initiative and urged all and sundry to sign up for a pension with the company as it has their welfare at heart, whether in life or in death.
The life Insurance feature of the PPT Personal Pension Scheme was made possible through a collaboration between People’s Pension Trust and Star Micro Insurance Limited. Among the many benefits to be enjoyed on the PPT Personal Pension Scheme is the withdrawal option. This allows a client to withdraw up to fifty percent from the savings component of the scheme, six months after the initial contribution. The funds in the retirement component or account is however only accessible on the attainment of the statutory 60 years pension age or in the case of death or invalidity.
People’s Pension Trust provides trustee services in both Tier 2 and 3 schemes and is focused on offering flexible and innovative pension products for the Ghanaian workers.