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How it works

How it works

People's Pension Trust administers and manages a number of schemes. They include:

PPT Personal Pension Scheme 

This is a pension scheme targeting the informal sector and designed to provide additional funds for formal sector workers who want to enhance their retirement benefits.

Scheme Features.

Contributions are voluntary and dependent on the member’s retirement goals. Each payment is divided into 2 equal parts and credited to 2 separate accounts. They include: 

Savings Account – A withdrawal can be made from this account 6 months after your initial deposit

Retirement account - A claim can be made from this account once a member retires, dies or becomes a certified invalid by a medical professional.

How to Register

Registration on this product is a simple 2-step process. Simply, dial *789*111# and choose option 1 to register. This completes the registration process. 

How to Pay

 They include: 

1. USSD *789*111#  via Mobile Money 

2. Recurring Card (Credit/Debit)

3. Standing Order

Benefits of a Personal Pension Scheme

1.Members can withdraw up to 50% from the savings component of the scheme 6 months after their initial deposit.
2. Dependents of scheme members get up to 4x of a member’s previous year’s contribution if the member passes on due to the life insurance cover embedded in our product. 
3. Members receive the total contribution they made whilst on the scheme as well as the interest accrued upon retirement. 
4. Lump sum payment on retirement to enable member to complete a project or capital to improve or initiate a business venture 
5. Retirement Income security

PPT Occupational Pension Scheme (Tier 2)

This scheme allows both employers and employees of a registered entity to fulfil their mandatory pension obligations whilst relieving them of trustee duties.

Scheme features

A monthly contribution of 5% on the basic salary of all employees is paid to us, as a company’s trustee.  Scheme membership is open to employers irrespective of industry and size.

Payment Options

1. Bank Transfer

2. Standing order

Conditions for Withdrawal
1. Old Age at age 60 and above
2. Invalidity, Medical Board declaring a contributor as no longer mentally or physically capable of performing the functions of office.
3. Upon Death of a member, benefit is paid to nominated beneficiaries.

Benefits

1. Lump sum payment on retirement to enable member to complete a project or capital to improve or initiate a business venture.
2. Retirement Income security.
3. Boosts employee retention. 

 

 

Schemes

PPT Provident Fund Scheme 

This optional contributory scheme provides employees with additional retirement lump sum to complement mandatory pension schemes.

Scheme Features

Contributions of up to 16.5% of the employee’s basic salary can be made monthly. Membership is open to all employees of a participating employer. Percentage of salary to be contributed is determined by the employer and or the employee. Contributions are tax exempt after 10 years. 

Payment Options

1. Bank Transfer

2. Standing order

Conditions for Withdrawal
1. Old Age Retirement
2. Full payout to beneficiaries upon death.
3. Tax free after 10 years of contribution

Benefits
1. Lump sum payment to enable member to complete a project or capital to improve or initiate a business venture
2. Income security
3. Enable employers to retain staff

 

Third Party Scheme Administration

People's Pension Trust also offers third party administration of registered group personal pension schemes under a Scheme Management Agreement with the Board of trustees of the pension scheme.

People's Pension Trust manages and adminsters this scheme by provding pension education to all members of the group or association, registers them, issues periodic statements and processes benefits payment to qualifying members. 

Currently, People's Pension Trust administers the TUC-UNIWA Personal Pension Scheme

 

 

 

Steps

Get your pension in a few steps

  • 1 Sign up
  • 2 Together make a pension saving plan
  • 3 Start saving
  • 4 Withdrawal if needed
  • 5 Receive a retirement benefit
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