Provident Fund Master Trust Scheme
The nominated beneficiaries of deceased participants shall also be paid full
benefits within 31 working days of filing claims. The Scheme also offers an add-on
benefits for its Scheme members.
Prestige Provident Fund Master Trust Scheme
It is a Defined Contribution (DC), Master-Trust Scheme designed to complement existing retirement schemes. The Scheme is licenced by the NPRA. The Tier three schemes was setup to provide gratuity payments previously provided by SSNIT.
Benefit Payment
The scheme pays full benefits by lump sum to the participants at retirement. The nominated beneficiaries of deceased participants shall also be paid full benefits within 31 working days of filing claims. The Scheme also offers an add-on benefits for its Scheme members. The Scheme allows withdrawals after 10 years. Deductions are tax exempt.
Contribution
Contribution rates are set by the employer in consultation with the employees. There are 2 options:
- Contributory: Both employer & employees contribute.
- Non-Contributory: Only one party contributes.
Both options are available PRE-TAX or POST TAX.
Signing up
Employers enrol on behalf of their workers. Interested organizations are required to complete participation forms and agreement to begin contributing to the scheme.
- Trust Deed Development
- Rules and Regulation Development
- Statement of Investment Policy Development
- Actuarial Support for Benefit Design and Costing
- Trustee Training
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