Group Pension Scheme

A Group Personal Retirement Plan is a collection of personal pension plans usually provided by employers for their employees.

Group Pension Scheme:

  • Established by the Employer for the benefit of employees
  • All employees eligible to join
  • Defined contribution scheme
  • Employer contributory rate – (eg. 10%, 15% etc)
  • Voluntary employee contribution rate– (eg.5%, 10% etc)
  • Guaranteed Interest of 5% p.a.

Within the Group Pension they are two types of schemes:

  • Occupational Pension Scheme

Employer will have to appoint a registered board of trustees.

  • Umbrella Pension Scheme
    Jubilee Life Insurance Corporation of Tanzania act as a Trustee.
Benefits

Benefits

Jubilee Insurance

No set up fee

Jubilee Insurance

Returns are net of withholding taxes

Jubilee Insurance

Minimum guaranteed returns on investment is 5%.

Jubilee Insurance

Supplementary scheme and not a replacement of mandatory contribution.

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