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What is A Retirement Savings Account
Retirement Savings Account (RSA) is a pension account managed by a Pension Fund Administrator (PFA) where both employers and employees contribute monthly to ensure a steady income stream for retirement.
GTPM Retirement Savings Accounts are designed to ensure that funds are set aside and invested on your behalf until retirement. start saving now to secure a better future.
What Is A Retirement Savings Account
Retirement Savings Account (RSA) is a pension account managed by a Pension Fund Administrator (PFA) where both employers and employees contribute monthly to ensure a steady income stream for retirement.
GTPM Retirement Savings Accounts are designed to ensure that funds are set aside and invested on your behalf until retirement. start saving now to secure a better future.
What You Need To Open A Retirement Savings Account
- National Identification Management Commission (NIMC) Slip
- A Passport Photograph against a white background
- Your means of Identification (NIMC Slip, Permanent voters’ card or international passport)
- A Proof of Address
- Download and complete RSA Registration Form
What Is Additional Voluntary Contribution
Additional Voluntary Contributions (AVCs) are extra funds that you can contribute to your work pension scheme in the public or private sector to boost your retirement savings and increase your retirement benefits
Why Additional Voluntary Contribution?
Extra Funds for Retirement
If the monthly contribution by your employer feels insufficient, AVC allows a smooth and easier transition into retirement in the form of extra funds into your pension.
Flexible options
As a voluntary saver, you are allowed to access a maximum of 50% of your AVC fund after 1 year of contribution.
Convenience
Contribution is done at your convenience. Remittance could be weekly, monthly, quarterly or yearly. And with the online platform, you can easily track your contributions from the comfort of your home or office.
Diversity and Safety:
With a focus on increasing the value of your funds, we are committed to keeping your pension funds safe in assets with low investment risks at substantial interest rates.
How To Contribute To Retirement Savings
In 2014, the Pension Reforms Act (PRA) signed an act that requires a minimum contribution of 18% of monthly emoluments. Participation in the scheme is mandatory, and employers are required to make a 10% minimum contribution, while employees make an 8% minimum contribution towards it.
For Employees
If you would like us to manage your RSA, inform your company about it so we can create your RSA and generate a unique PIN for you.
Your Human Resource department would either direct your pension fund into a select Guaranty Trust Bank account, or you can credit your funds directly into your RSA. However, you can only do this if you have an employer code.
Once your RSA has been registered, we will help create a schedule of your contribution and manage other relevant details as regards your pension fund.
Our Pension Fund Custodian
Account Name: ZPC/GT Pension Collection Account
Account Number: 1224125427
Sort Code: 057150013
Bank: Zenith Bank PLC
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