Services – Retirement Savings

Retirement Savings

A Retirement Savings Account (RSA) is a Defined Contribution Plan required under the Pensions Reform Act 2014. It is mandatory for every organization with three or more employees. In line with the regulations of the Pensions industry, the process of an RSA begins when:

    • An employee obtains and fills the  personal Retirement Savings Account (RSA) form.
    • Afterwards issued a unique Personal Identification Number (PIN) by PENCOM.
    • CPL issues a registration letter stating the PIN and account number of the new Customer.
    • The Letter also contains remittance details and responsibilities of the employee.
    • The Monthly deductions of 10% and 8% of the total of basic, transport and housing to be paid by the employer and employee respectively into the RSA account.

    The purpose of RSA is to ensure that upon retirement, loss of job, invalidity or death, employees under the scheme won’t be a liability to the society as they would continue to enjoy monthly payments that will sustain them  throughout their lifetime.

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