Pension Insurance

Pension: is a retirement plan where an individual contributes to an insurance undertaking in exchange for which the pension plan benefits will be paid when the member reaches a specified retirement age or on earlier exit of members from the plan.

It is also where an employee adds money into a fund that includes contributions by the employer. The worker’s pension payments are determined by the length of the employee’s working years and the annual income they earned on the job leading up to retirement.

Platforms for saving for retirement

Government

National Social Security Fund provides basic financial security to upon retirement. Contribution is compulsory for employers and employees. However, the benefits paid out are often not enough to provide for retirement.

Employer based

These schemes are formed by the employers for the benefit of their employees. It is not compulsory for employers to form pension schemes however as an employer by providing this benefit helps you attract and retain high caliber staff.

Individual

This is a long-term investment plan that allows you to build a sizeable retirement fund. Retirement is the most important phase of our lives, and to live our golden days smoothly and maintain the same lifestyle one ought to ensure they have enough savings. As you step into the retirement days, your finances don’t have to be affected by any means. There comes the pension plan as a savior, which can plays an important role in your financial planning.