Home Glossary Sitemap Disclaimer

albatross-insurance.com www

Become a Member Forgot Password ?

GROUP PENSION SCHEME Do you know that human resources are the most valuable assets of your organization ? We at ALBATROSS can help you in implementing a scheme for your employees. We will do absolutely everything for you: • Administration services for record keeping & calculation of benefits. • Actuarial services • Asset management • Cover in case of disablement or death What are occupational pension funds? • Set up by an employer for his employees • Provide pension benefits at retirement • Other benefits on death or disability or early exit • Employer contributes to fund • Employee may be asked to contribute Occupational Pension Funds • Governed by Income Tax Regulations of 1996 • Maximum of two-thirds of basic salary • 25% of pension may be taken as tax-free cash • Pension increases possible • Early pensions payable from age 50 • Leavers with less than 5 years service only entitled to refund of own contributions • Benefits portable for all schemes as from 1st July 2000 Types of Pension Funds Defined Benefit ( DB ) • Benefits calculated according to set formulas • Employer contributions adjusted to cover cost • Employee contributions (if any) fixed Defined Contribution ( DC ) • Contributions by employer and employee are fixed • Benefits depend on level of contributions and performance of investments Types of Pension Funds Flexible Range of Investment Contracts • Group Deferred Annuity • Deposit Administration • Managed Fund • Unit Linked Tax Treatment of Pension Funds • Employer contributions are a company expense • Employee contributions are tax-deductible • Investment income of pension fund not taxed • Pension benefits are taxed as income • Retirement and death lump sums are tax-free Complementary Covers Death • Capital Sum (2 years' salary) • Spouse & Children Pension Disability • Capital Sum (2 years' salary) • Income Protection Plan (IPP)* *Income Protection Plan (IPP) • Indemnifies insured against loss of income on disablement (temporary or permanent) following accident or illness. • Pays 75% of salary (up to a maximum of Rs 40,000) monthly after an agreed waiting period (3,6,12 or 24 months). • Benefits can be indexed and is payable until insured returns to work, dies or reaches retirement age.

Home  Who we are  Life Assurance  General Insurance  Group Pension  Needs Analyzer  Financial Tools  Contact Us

Copyright © 2005 Albatross Insurance Company Ltd - Designed by FRCI eServices Ltd