The 3-tier pension scheme is managed as follows:

• The First Tier basic national social security scheme is managed by a restructured SSNIT
• The Second Tier Occupational Pension scheme and Third Tier Provident Fund and Personal Pension schemes are managed by approved trustees licensed by the National Pensions Regulatory Authority (NPRA)
• Approved trustees are assisted by Pension Fund Managers and Custodians licensed by the Securities & Exchange Commission (SEC) and registered by the NPRA

A worker/contributor may withdraw his/her accrued benefits under the Third Tier under the following conditions:

1. A member who has attained the retirement age is entitled to the entire accrued benefits in the scheme in the form of a lump sum.
2. A member who has not attained retirement age may withdraw all or part of the member’s accrued benefits from a scheme:
3. after ten years from the date of first contribution in the case of the Provident Fund or Personal Pension Scheme for contributors in the formal sector;
4. After five years from the date of first contribution in the case of Personal Pension Scheme for contributors in the informal sector;
5. Following certification by a medical board that the contributor is incapable of any normal gainful employment by virtue of physical or mental disability.
6. The beneficiaries of the estate of a deceased contributor may withdraw the accrued benefits of the deceased from the scheme.
7. A member who has attained the retirement age is entitled to the entire accrued benefits in the scheme in the form of a lump sum.
8. A member who has not attained retirement age may withdraw all or part of the member’s accrued benefits from a scheme:
9. after ten years from the date of first contribution in the case of the Provident Fund or Personal Pension Scheme for contributors in the formal sector;
10. After five years from the date of first contribution in the case of Personal Pension Scheme for contributors in the informal sector;
11. Following certification by a medical board that the contributor is incapable of any normal gainful employment by virtue of physical or mental disability.
12. The beneficiaries of the estate of a deceased contributor may withdraw the accrued benefits of the deceased from the scheme.

It is a multiple-employer scheme that allows different employers and their workers to join and is normally administered by a corporate trustee in line with the scheme rules approved by NPRA. Progress Trustees Company Limited has two Master Trust Schemes with a number of employers contributing to the schemes. Please refer to our products.

A Trust is an arrangement involving normally three parties of which one party entrusts the property/assets to another party to be transferred to the third party (beneficiary) at a point in time or a specified period.

A member of a scheme who ceases to be an employee shall elect to have the member’s accrued benefits transferred to another scheme in accordance with the regulations of the scheme.