Pension Funds: If you are a member of the pension fund, it is a statutory requirement that at least two-thirds of the total value of your retirement benefit secures a compulsory pension often payable monthly for the remainder of your life. Your pension may either be paid directly from your pension fund or be purchased from any registered insurer

Provident Funds: On a provident fund the benefit is payable as a cash lump sum. There are two types of funding method namely Defined Benefit and Defined Contribution.


A retirement fund offered to small employers with one set of approved rules, and an employer would set his contribution rates, retirement age and level of risk.

The only component that is fixed in the rules is the payment of benefits in the event of retirement, death, or withdrawal of the member.

The employer may elect to participate either on the Umbrella Pension Fund or Umbrella Provident Fund


This type of retirement benefit serves as a parking bay for withdrawal benefits from Pension and Provident Funds in the sense that when a member withdraws from a retirement fund due to resignation, dismissal, retrenchment or liquidation of the Fund, the member may transfer his money into the Preservation Fund and preserves it until he/she reaches retirement age.


This policy offers retiring members of a retirement fund an opportunity to purchase annuities at very competitive rates.

The annuity is payable monthly for the rest of the members life and is guaranteed for five or ten years. Widows and orphans annuities are also offered.