How it works

How it works

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

PPT Personal Pension Scheme 

Objective
This scheme offers workers in both the formal and  informal sectors the opportunity to save voluntarily towards their retirement. For formal sector workers, it provides an additional source of retirement income. 

Contribution Amount
There is no fixed amount as it is a voluntary Scheme. However, significant contribution amounts equal a meaningful retirement.

Mode of Payment

  • Mobile Payment
  • Through Bank transfer or Standing Order
  • By Direct Debit

Scheme Features
Each payment is divided into two equal parts and credited to two separate individual sub-accounts viz.
1. Savings Account &
2. Retirement Account

Conditions for Withdrawals
• Payout after six months from savings component of contribution amount
• Old Age Retirement
• Full payout to beneficiary
• Invalidity, Medical Board declaring a contributor as no longer mentally or physically capable of performing the functions of office.

Benefits of savings
• Lump sum payment to enable member to complete a project or capital to improve or initiate a business venture.
• Income security

PPT Occupational Pension Scheme (Tier 2)

Objective
This scheme offers employers the chance to fulfil their pension obligations and have the peace of mind to concentrate on their core business whilst relieving them of trustee duties.

Membership
Open to employers irrespective of industry and size.

Contribution Amount
5% of gross salary for contributors of tier one

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 to enable member to complete a project or capital to improve or initiate a business venture
2. Income security

 

 

Schemes

PPT Provident Fund Scheme (Employer Employee Assisted Scheme) (Tier3)
Objective
To provide employees with additional retirement Lump sum to complement mandatory pension schemes.
Membership
Open to all employees of participating employers.

Contribution Amount
Restricted to Scheme rules and regulations.

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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