These are Defined Benefit Schemes that preceded the Pensions Reform Act. Some employers elect to maintain such funds to ensure that their retirees are paid additional sums apart from their pension entitlements under the Contributory Pensions Scheme.
These schemes are currently being managed by PFAs on behalf of Private Sector Organizations, Federal and State Governments in favor of deserving employees.
Pre-act legacy, Approved Existing Schemes and Gratuity funds are composite funds managed by the PFAs for the sole purpose of providing secured and higher value pay-outs to eligible employees as covered by their employer’s retirement and other terminal policies.
Normally a Trustee Deed will be drawn by both parties to define how the fund will be administered and managed.
Services rendered by CrusaderSterling Pension Ltd for such Funds under our management include:
- Monthly Valuation Reports/Accounts of the fund will be delivered on a monthly basis.
- Payment of retirement benefits under the terms and conditions provided by the Trust Deed.