How To Contribute to Retirement Savings
Saving for your retirement has now been made easy with GTCO Pension Managers.
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.
As an employer of labor, you can now sign you and your employees up with GTCO Pension Managers to start enjoying the benefits of our smart pension scheme today.
If you are an employer who chooses to make a contribution for your employers, the Pension Reforms Act requires you to make a 10% minimum contribution towards the employees’ pension account. This, as well as your employees’ voluntary contributions, will be deductible for tax purposes.
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.