AXA Mansard sustains activities in pension fund business
Pension Funds Administrators are expected to open Retirement Savings Account (RSA) for employees, invest and manage pension fund assets, pay retirement benefits and account for all transactions relating to the pension funds managed by them.
Their primary objective is to provide pensioners who have reached retirement age with income.
Creating a pensions scheme earlier in life has proven to be an established means of reducing old-age poverty and reducing the difficulties faced by multi-generational households.
Besides the 18 per cent mandatory contributions from employee and employer, the employee can voluntarily contribute to increase chances of a fantastic retirement plan.
Voluntary contributions refer to additional contributions (after the mandatory deductions) from salary to RSA where the regular pension contribution will not be sufficient to meet the personal retirement goals.
According to the company, such funds will be invested alongside the mandatory contributions in RSA, thereby ensuring that the employee’s money works harder.
“It is nice and relaxing to know that whilst you’re currently working to make money, your money is also doing the same thing- working for you.
It gives you certainty and peace of mind and makes retirement, even more, looking forward to. Voluntary Contributions are deducted from your total emolument before tax is applied.
“In addition to boosting your retirement funds, your voluntary contribution can also serve as a form of targeted savings towards specific projects, such as a dream vacation, children’s school fees.
“Voluntary Contributions are flexible such that the amount to be contributed, the periodicity of contributions and withdrawals are determined by the Retirement Savings Account (RSA) Holder,” the company noted.