Employers are undoubtedly concerned about the well-being of their employees. They naturally want to provide the kind of pension scheme that will help their employees sustain their living and meet other financial obligations at time of retirement.
Employees also look forward to an adequate benefit package from their employers, which includes along with salaries and other benefits, provision for a retirement income.
The scheme may be of the following types:
The following options may be considered under the scheme:
At the option of the Employer/Association, the Defined Benefit and the Hybrid Schemes may take into consideration the contributory pension payable under the National Pensions Scheme.
(Terms and conditions apply)This product is offered by
State Insurance Company Of Mauritius Ltd
BRN: C07007065
FSC License No.: IS10000020
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:
Administration of the scheme
Following the agreement between the sponsor (employer or Association) and us and the approval of the scheme by the Authorities, we will open and operate a separate account for the Pension Fund.
Contributions payable monthly by you and your employees are credited to the Fund. Interests/dividends earned from the investment of the funds are credited to the Fund.
SICOM will pay out of the Fund benefits directly to the employees or their beneficiaries as and when they fall due.
A management fee to be mutually agreed between the Employer/Association and SICOM will be charged to the Fund. At the end of each year or more frequently if you so request, we will submit a financial statement to you, disclosing all income and outgo to the Fund.
Investment of the funds
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
Actuarial Investigation
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.
Advantages
For Employer
For Employees
Getting a quotation
To enable us to work out a scheme for you, we require the following data:
You may also specify the type of scheme you wish to have and its commencement Options as follows also may be specified:
Responsibilities of the Employer/Association
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.
Following the agreement between the sponsor (employer or Association) and us and the approval of the scheme by the Authorities, we will open and operate a separate account for the Pension Fund.
Contributions payable monthly by you and your employees are credited to the Fund. Interests/dividends earned from the investment of the funds are credited to the Fund.
SICOM will pay out of the Fund benefits directly to the employees or their beneficiaries as and when they fall due.
A management fee to be mutually agreed between the Employer/Association and SICOM will be charged to the Fund. At the end of each year or more frequently if you so request, we will submit a financial statement to you, disclosing all income and outgo to the Fund.
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
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
For Employees
To enable us to work out a scheme for you, we require the following data:
You may also specify the type of scheme you wish to have and its commencement Options as follows also may be specified:
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.
Retirement
On retirement the member of the scheme receives at his option, either a monthly Gross Pension or a Lump Sum plus a monthly Reduced Pension.
Withdrawal
When a employee leaves the service of his employer upon completion of at least 2 years’ service, his portable benefit is transferred either to the Pension Scheme of his new employer or to a personal pension policy. In case the benefit is not transferable, he may get a refund of his own contributions if the scheme is a contributory one.
Death
Depending on options chosen, a gratuity to the heirs and/or a spouse/children pension are payable.
Disability
Depending on options chosen, upon total and permanent disability of an active member, a lump sum and/or monthly pension is/are payable to the member.
The permanent employee of an employer or the member of an Association as applicable
Retirement
Withdrawal
Death
Disability