Group Pension Plan
Have questions about Group Pension Plan?
We have organised answers for your common questions on our FAQs page.
NCI’s group pension plans provide an income when there is no regular monthly earning from employment.
Defined Contribution Plans
- Lifetime pension benefit after retirement
- Monthly contributions shared equally by employer and employee
- Allow additional employee contributions
- Interest earned on all contributions
- Withdrawal before retirement benefit
- Refund of premiums on premature death
- Lump sum and monthly benefit
- Spouse’s pension benefit
- Guaranteed period of benefit
Defined Benefit Plans
- Lifetime pension benefit after retirement
- Contributions by employer and employee at determined ratio
- Usually related to final salary
- Interest earned on all contributions
- Withdrawal before retirement benefit
- Refund of premiums on premature death
- Lump sum and monthly benefit
- Spouse’s pension benefit
- Guaranteed period of benefit
