The Group Personal Pension fund is made for businesses and accommodates several employees under one employer who decide to contribute different amounts every month.
Pension plan is mainly offered by insurance companies to help individuals build up a sum of money that can be used in retirement. Pension plans can also be taken by groups such as employers. The money is invested by the insurance company to generate a regular income paid to the retiree and this income is what is referred to as pension.
Why get the Group Personal Pension Plan?
- This plan is attractive to potential employees because in such arrangements the employer facilitates deduction of contribution and remittance of pension contribution for investment and record keeping.
- Jubilee Life Insurance Limited issues membership certificate to each member of the plan.
- It’s simple to get started, an employer can start contribution to the plan upon board resolution, consultation and agreement with the employees.