Can I operate a personal pension account for my children?
The minimum entry age for Personal pension schemes under the pension law is 15 years
How can I check my balance?
Your statements and account information are available online at the Axis website. You can also send an SMS to a short code to check your account balance.
How do I contribute to the Personal Pension Plan?
You can set up a regular investment program by completing the Direct Debit Authorization Form either online or hardcopy. You can also visit any Zenith Bank or any partner bank to top up your account. If you are a public servant, you can contribute through the Controller and Accounting General’s Department by completing the Loan/advance forms. Otherwise, you can also pay your contributions online at https://cap.axispension.com/crm/member via VISA, MASTERCARD, or Mobile Money.
Are my Investment Returns Guaranteed?
This fund does not guarantee returns neither does it promises to outperform the market. The goal of this pension scheme is to achieve real (inflation-adjusted) return of 8% p.a. or better for the Growth Plan and 5% p.a. or better for the Capital Preservation Plan.
Can I contribute to my personal pension instead of SSNIT?
Contributing to SSNIT is mandatory and cannot be replaced with the personal pension scheme. However, self-employed persons can opt to pay their retirement contributions into the personal pension.
Can I port my tier 2 and 3 into my personal pension plan?
You can port tier 2 into your retirement account under the Personal Pension Plan if you are moving from the formal sector to the informal sector. You can port your provident fund to your Personal Pension scheme.
How long does it take to make a withdrawal?
Withdrawals can take up to a maximum of fourteen days.
How much can I invest in the Personal pension?
You can invest a minimum of GH¢100 monthly or a minimum lump sum deposit of GH¢1000 annually with an initial deposit of 200.00.
How will I receive my benefits at retirement?
At retirement, you can take your benefits as a cash lump sum or opt to transfer your benefits to the Axis Annuity Plan from which you will be paid periodic retirement income. You can also withdraw from your account as and when you need money.
What are guarantees that my money is safe in the Personal Pension Plan?
Pension schemes operate under the National Pensions Act, 2008 (Act 766) and are strictly regulated by the NPRA. There are strong safeguards to prevent fraud, including, separation of investment, administration and custody functions. The investments activities and cost structure of pension schemes are highly regulated to avoid the loss of money.
What happens to my benefits my benefits if I die before retirement?
The current balance on the member’s account will be paid to the named beneficiaries upon receipt of death certificate and other relevant documents.
What if I choose to withdraw early?
You will be charged a penalty of 2% of the amount withdrawn before pre-maturely. Funds accrued from the withdrawal penalty are credited as additional income on the Fund.
When can I withdraw from my Personal Pension Plan?
Withdrawals can be made from the Savings sub-account after five years of investment. The Retirement Sub-account is accessible only at retirement.
Why do I need to save towards retirement?
Retirement is a period where you cease to work and live off your accumulated savings. If you fail to plan for your retirement during your economically active years, you may not be able to maintain a comfortable lifestyle during retirement.