TATIL Life can help design a Pension Plan to meet your employees’ needs in planning for their retirement. There are two types of Pension Plans for employers to choose from:-
- Defined Contribution Plan (DC Plan) – In a DC Plan, the members and employer’s contributions to the plan are fixed in relation to the employee’s salary. The actual pension benefit is unknown until the employee attains retirement age, and the pool of the combined contributions for the respective employee is then used to purchase an annuity.
- Defined Benefit Plan (DB Plan) – In a DB Plan, the pension benefit on retirement is calculated by a formula that incorporates the member’s salary at retirement and their completed tenure as a member of the Plan. The actual contributions could vary to ensure that the provision of the benefits is maintained.
TATIL Life can also incorporate ancillary benefits such as Death in Service Lump-sums, Spousal Pension, Eligibility and Retirement Age provisions, among others, to tailor the Pension Plan to meet the company’s retirement planning objectives.
Pension Administration Services
TATIL Life will administer the Pension Plan for the employer, and these administrative services include:-
- Maintaining proper records of individual Membership Data (Date of Birth, Date Joined Company, Date Joined Plan, Date of Retirement, etc).
- Ensuring the timely collection and deposit of Pension Contributions from the Company and the Members.
- Maintaining proper records of Members’ Salaries and Contributions details.
- Maintaining proper records of membership movements in and out of the Plan and between different groups of Members of the Plan (Active Members, Deferred Pensioners, Pensioners, etc).
- Providing detailed and accurate data to the Actuary for Statutory Actuarial Valuations of the Plan.
- Detailed understanding and interpretation of the Trust Deed and Rules governing the Pension Plan.
- Efficient and accurate benefit calculations as specified under the Trust Deed and Rules governing the Pension Plan.
- Communication of benefits to the Members (ie production of Benefit Statements).
- Efficient and timely payment of benefits and associated Taxes pertaining to benefit payments.
- Efficient and timely payment of monthly pensions to Pensioners.
- Maintaining detailed Financial Statements of the Plan available for audit when necessary.
Investment Management Services
TATIL Life also offers to manage the investment portfolio that will back the Pension Plan, and these investment management services are provided in conjunction with its parent company, ANSA Merchant Bank Limited.