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Enterprise Personal Pension Scheme (Tier 3)

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Individuals who wish to top up their retirement savings, the Enterprise Trustees Personal Pension Plan is definitely the product to sign up for. Through a combination of state-of-the-art technology and prudent investment strategies, the scheme offers convenience solutions for signup and monitoring on investments. We encourage individuals to take responsibility for their retirement need by subscribing through our self-buy channels either the Enterprise Advantage App or USSD (*714*333#).

FAQs

What is a Pension Scheme?

This refers to a benefit scheme by which an employer and an employee contribute into a fund that is invested to provide the employee with a pension on retirement either as an annuity or as a lump sum.

What is the Three Tier Pension Scheme?

It is a contributory three-tier scheme set up by the National Pensions Regulatory Authority to ensure retirement income security for all workers in Ghana.

Level 1, referred to as tier 1, is a mandatory basic national social security managed by SSNIT with a constituted Board of Trustees.

Level 2, referred to as tier 2, is a mandatory occupational pension scheme managed by a Corporate Trustee who appoints a Fund manager and a Custodian.

Level 3, referred to as tier 3, is a voluntary Provident Fund /Personal pension scheme for workers and self-employed workers in the informal sector. The contributions are managed by a Corporate Trustee who appoints a Fund manager and a Custodian

What is the Enterprise Personal Pension Plan?

It is an individual retirement plan that is geared towards enhancing your retirement benefit. It is a plan that offers you the opportunity to grow your retirement income in order to maintain a comfortable lifestyle when you go on retirement.

Why do I need a Personal Pension Plan?

Retirement is a period in your life where you no longer have the luxury of earned income. Whether you are a formal or informal sector worker, an individual retirement plan ensures that you have an added advantage that offers you a means of financial stability and security.

The Personal Pension plan is a major determining factor of your satisfaction with your retirement lifestyle.

Investing in a Personal Pension Plan today is a way for you to guarantee a better tomorrow.

What are the Returns on my investment?

The objective of the scheme is to achieve real returns above inflation consistently.

Who can join?

The scheme is for both workers in the formal and informal sector. Formal workers who want to make additional contributions apart from the mandatory contributions are allowed to do so. Informal sector workers who are not covered under the mandatory pension scheme are catered for under this plan.

Percentages of contributions of Members will be apportioned into two different accounts that is a pension and a savings account based on Members’ preferences.

How do I join?

To become a member of the Enterprise Personal Pension Scheme, download the Enterprise Advantage App and go to pensions or use the link https://my.enterprisegroup.net.gh/pension/personal-pensions-scheme/signup. Alternatively, you can *714*333# to sign up.

How are my contributions invested?

How are my contributions invested?

The scheme has set up a Statement of Investment Policy (SIP), this takes guidance from the National Pensions Regulatory Authority (NPRA) investment guidelines which provide maximum percentage limits in the permissible investment options.

All contributions paid into your member account are invested on your behalf. Any returns made on the investment will be added to your Member’s account.

How much can I contribute into my personal Pension?

You can choose to contribute any amount and determine the frequency of your contributions.

Can I transfer other pension funds into a Personal Pension Plan?

Yes. At retirement you can choose to transfer all or part of your accumulated pension benefits into the Purple Drawdown constituent fund. This is a post retirement component which serves as a savings vehicle for individuals on retirement to help them manage the use of accumulated funds based on their needs. Based on your preference you can opt to draw down on your funds monthly, quarterly bi-annually or annually.

You can transfer your fund into your personal pension account when you resign from your organization.

At retirement, you can transfer your full or partial Tier 2 or 3 accumulated lump sum into the Purple Drawdown Plan under the Personal Pension Scheme and choose to receive periodic payments monthly, bi-annually or annually.

How do I check my contributions?

You can dial *714*333# to receive a summary statement, download the Enterprise Advantage App via Google Play or Appstore or visit the web app my.enterprisegroup.net.gh. Alternatively, log on to our member online portal ‘The Stable’ via ‘https://thestable.enterprisegroup.net.gh:8085/Mss/ to view your contribution statement. You can also change your personal details and update your beneficiary information on the portal.

What benefits do I get?

  • Real Returns on investment
  • Opportunity to choose a constituent fund that corresponds to you needs.
  • SMS alert on your account
  • Easy enrollment
  • 24-hour member online portal
  • Monthly email statement
  • Varied and flexible modes of payment e.g. USSD, mobile money, direct debit etc

How much will I get?

The Scheme is a defined contribution pension scheme, that is, a pension scheme in which the retirement benefit paid to you depends on the amount of total contributions and the investment returns you earn on those contributions over time.

When can I withdraw my contributions from the Personal Pension Plan?

Withdrawal is allowed on the scheme under the following conditions:

· Retirement (Sixty (60) years)

· Early Retirement (55 years)

· Permanent Physical or permanent disability

· Emigration

However, as a formal sector worker you can make a partial withdrawal after 5 years of membership from your savings account this is however subject to tax.

If you are an informal sector worker, under the savings account you can withdraw under the following conditions;

· Partial withdrawal after 5 years

· Partial withdrawal limited to 25% of your fund

· Partial withdrawals then allowed every two years after the initial withdrawal of not more than 25% of the fund per withdrawal.

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