Products & Services

Retirement

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.

For Employers:

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.

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.

Fund Performance

We direct our investments towards earning you profitable returns while safeguarding your money. See how we’re performing today.

  • Fast

    We promise to give you the best retirement, but it will only happen because of our quick response to market opportunities and your needs.

  • Efficient

    We have built a reputation for efficiency and continue to do so with our checklist of value-adding innovations which we optimize to manage your pension.

  • Smart ROI

    Our investment decisions are smart and directed towards high-performing instruments that deliver profitable returns on your investment.

You can also check these out

  • Voluntary Contributions

    People who want to make additional savings towards their pension can do so with this service. You can put aside any amount you want into your VC and reduce your tax liability.

    I want to know more
  • Retirement Savings Account

    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.

    I want to know more

FAQs

Everything you need to know about our pension product and services. If you don’t find the answer you are looking for, you can reach out to our support team.

  • What is a Pension?

    Pension is a regular income received by a person at retirement when he/she stopped working because of having reached a certain age or based on health condition to cater for his/her needs at old age

  • What is an RSA Account?

    A Retirement Savings Account (RSA) is an account opened by an employee or contributor with a PFA of choice into which all pension contributions and returns on investment are paid. Every contributor under the contributory pension scheme (CPS) is expected to open RSA in his/her name with a PFA of his/her choice into which all his/her contributions and returns on investment are paid

  • Can I withdraw from my RSA account at any time?

    Contributors cannot withdraw money except at retirement or upon temporary loss of job and in all cases, withdrawals are subject to approval by the National Pension Commission (PenCom). The PFA is required to invest the money in allowable investment outlets and the income generated is fully credited into the RSA.

  • Who is a Pension Fund Administrator (PFA)?

    A PFA is a company licensed by the National Pension Commission for the sole purpose of managing and administering pension funds contributed into the RSAs.

  • Who is a Pension Fund Custodian (PFC)?

    A PFC is a company licensed by the National Pension Commission to keep pension money and assets in the RSA on. trust for the employee on behalf of the PFA. The PFC receives pension contributions from employers on behalf of PFAs, settles investment transactions on the order of the PFA, effects payments of benefits and undertakes other administrative functions.

  • What is the Difference Between a PFA and a PFC?

    The PFA manages and invests the pension funds on behalf of contributors while the PFC keeps the pension funds and assets in safe custody and carries out transactions on behalf of the PFA.