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• The Scheme is sponsored by Pioneer Assurance company.
• The scheme has both Pension and Provident option.
• The Pension option pays a 1/3rd of accumulated benefit as a lump sum whereas the remaining 2/3rd is considered for the purchase of an annuity or income draw down
• The Provident option pays the full accumulated benefit as a lump sum.
• This is the easier option for employers with no intention of registering own schemes.
The sponsor meets all compliance requirements on behalf of participating employers.
The participating employer is not required to appoint a custodian, Fund manager or Administrator. This is done by the sponsor.
Each employer retains unique identity in the scheme.
Each employer may choose own contribution rates, retirement age
The employer enjoys economies of scale in terms of cost management, investment in various asset classes
Tax privileges as provided in the income tax act.
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