Pension Akiba Account
The product targets at Mobilizing FOSA deposits through Annuity Plans and monthly Pension contributions. Our PCK Members will be encouraged to save their pension through to this account and earn interest. Any lumpsum pension that members receive will be deposited here and a monthly salary plan developed.
Features and Benefits
- Open to all members – retired/ active employment/self-employment
- A monthly salary is paid after retirement
- Interest rate of 8% per annum will be payable
- Pension cannot be withdrawn until the age of 55/ 60 years.
- Pension saved can guarantee member loans.
- Upon retirement, 1/3 of the pension paid to member
- The 2/3rd is paid as a monthly salary for up to 10 years.
- In case of death, next of kin will be paid for 5 years or remaining period, whichever is less.