This pension scheme operates like an investment, it does not guarantee a specific level of benefits at retirement. The retirement package is dependent on how much an individual contributes into the scheme, the subsequent investment performance and the annuity rates secured at retirement.
Individual contributions are comprised of the employer contribution and employee contribution rates. Contribution rates are very flexible and vary among employers with the minimum rates pegged at 5% employee and 5% employer. This scheme has the following advantages;
Offers retirement savings