Pension

Pension» Tier 3 Provident Fund Scheme

Tier 3 Provident Fund Scheme


Overview

The Tier 3 Provident Fund SchemeThis is a scheme governed by a trust to which a contributor or the contributor’s employer or both contribute to a pension scheme which provides benefits to the contributor. 
It is a defined contribution scheme set up by Enterprise Trustees Limited.

The Scheme targets employers to provide them with a one-stop solution to the management of their employee Tier 3 Voluntary contributions. 

Based on the arrangement by an organization, either the employee, the employer or both will contribute up to 16.5% voluntary contribution of the employee’s basic salary. The maximum allowable for tax relief is 16.5% however the employee, the employer or both can do additional voluntary contributions beyond this limit.


The Scheme is a defined contribution pension scheme, that is, a pension scheme in which the retirement benefit paid to members depends on the amount of total contributions and the investment returns earned on those contributions


Retirement Benefits

A member can access his/her contributions under the following conditions;

  • Mandatory retirement age(60 years)
  • Voluntary retirement age(55years)
  • Death(no age restriction)
  • Total incapacity( no age restriction)
  • If the member meets the employer’s vesting rules.
  • Partial withdrawal after 10 years from the date of first contribution
  • Resignation, termination, retrenchment and dismissal
    Service benefits on the Scheme?
  • 24 hour access to Employer and Member Online Portal ‘The Stable’
  • Monthly SMS notification to members on allocated contributions
  • Monthly e-mail summary statement to members.
  • Call Centre available from 8:00am – 4:30pm on week days to address member concerns.
  • Dedicated relationship manager to educate staff and address any other issues
  • Quarterly Newsletter to provide members with relevant pension news and help them better prepare for retirement.
  • Prompt processing of retirement benefits and transfer requests.