SICOM

Generally, a Group Pension Scheme is set up by an employer to provide for retirement and related benefits to its employees.  Other Associations also can do so for their members.

Setting up of the scheme

SICOM’s role consists of the following:

• Designing of the scheme benefits to suit the need of your employees and your budget
• Preparation of the rules and the agreement to govern the scheme
• Handling the legal procedures involved in the setting up of the scheme
• Dealing with the relevant authorities for the approval of the scheme

Pension Fund liabilities are mostly long term and require the application of skillful resources for efficient management of the funds.

Our two fundamental principles are:

• Security of Assets

Through selection of quality investment products and investing in a wide range of assets, we ensure the continuous security and stability of the Fund so as to meet its liabilities as and when they fall due.

• Maximising Returns

Our objective is to achieve, with an acceptable degree of risk, the maximum return on the Funds and reach the optimum balance between risk and return.

The Fund will be subject to regular actuarial investigations as defined in the Rules of the Scheme.

 The main object of this investigation is to determine whether the Fund is solvent and to determine any adjustment in the rate of contribution if necessary.

For Employer

• It enables you to fund for the pensions in advance and spread the cost of pension over a longer period. If you wait till the employees are close to retirement age, the cost involved may be out of your reach and employees would have to forfeit many years of service
• It enables you to take advantage of tax relief available on the contributions you pay
• It helps you attract high quality employees and retain your staff
• It avoids the loss of efforts and money spent on training
• It promotes better industrial relations and enhance loyalty, morale and stability of employees
• It promotes a sense of belonging among the employees and makes them feel more responsible towards their job, thereby improving the quality of your staff

For Employees

• It is an additional fringe benefit for employees
• It provides security to employees and their families, bringing more job satisfaction. Pension schemes do not provide pensions at retirement as from the age of 60 only. There are also pensions payable on earlier retirement due to ill health and gratuity payable on death in service

To enable us to work out a scheme for you, we require the following data:

• Employee Code
• Sex
• Date of Birth
• Nature of Duty
• Date of Commencement of Pensionable Service
• Present Pensionable Salary
• Break-in-Service if any

You may also specify the type of scheme you wish to have and its commencement Options as follows also may be specified:

• whether the benefits would be net of the benefits payable under the National Pension Fund or not
• the accrual rate
• whether previous service prior to the commencement date of the scheme should be considered or not
• whether pensions in payment would be increasing or not

The Employer/Association has to provide SICOM with updated particulars of the employees/members respectively and inform SICOM of any movement or change in their respect as and when they occur.

The permanent employee of an employer or the member of an Association as applicable 

Retirement

• Certification/instruction from the employer
• Option of member
• Employee’s Declaration Form if applicable 

Withdrawal

• Certification/instruction from the employer   
• Option of member 

Death

• Certification/instruction from the employer
• Claimant’s Declaration
• Death Certificate
• Certificate of cause of death
• Affidavit, marriage certificate, birth
• Certificates as applicable 

Disability

• Certification/instruction from the employer