Pension Funds Administration

Government regulation drafts laws on Pension Funds which are sent to Pension Fund Organizations for due process and subsequent use. Pension Fund managers have a mandate to draft investment guidelines based on government regulations through their respective stakeholders.

The Pension Fund Management process flow used by Prime PF is has four main operational processes as listed below:

• Identification
• Registration
• Contribution Gratuity and Transfer In
• Exit

Identification

• Employer/Subscriber identifies the need for a pension fund
• Request for pension fund arrangement is issued
• Registration information on pension arrangement is sent to the subscriber

Registration

• Subscriber is registered under a pension fund scheme of choice and registration information is captured .A certificate of participation is issued on registration
• Account information on the new entrant/member and their respective employer is created
• Account details are then used to make payments on a periodic basis or as per voluntary contribution by either / the member and, or their respective employe

Contribution

Payments made as contributions to the pension fund include the following:

• Employee compulsory monthly contribution as per registered fund
• Employer compulsory contributions as per registered fund
• Employee monthly additional voluntary contribution
• Group life assurance benefit premium
• Administration charges
• Adjustments to payments

Gratuity

The Gratuity entitlement process is followed taking into account the subscriber/member's initial date of payment into the fund. Gratuity refers to the pay out given to pension fund contributors as a token of appreciation for service to their employers.

Transfer-In

• Subscribers/members with a previous employer have the option to transfer their contributions from a previous employer to a new one using the Transfer In process.
• The amount transferred into as a contribution is captured together with the transfer date.

Exit Process

The exit process allows members to stop their involvement in pension contribution and entails the following:

• Fill in the employee benefits claim form
• Check type of exit and follow appropriate exit process. i.e (Death, Retirement etc.)
• Send feedback to subscriber on eligibility of exit

Finalize calculations for eligible exit using the following:

• Company & Name or Code
• Pension reference number of the contributing member
• Type of exit
• Date of withdrawal or retirement
• Type of calculation(Calculation sheet reflecting the input & output of the calculation)
• Withdrawal accumulation fee( This refers to th withdrawal benefit, cash benefit, preserved benefit, withdrawal profit ,withdrawal quotation and gratuity entitlement)
• Spouse's date of birth
• Eligible children's dates of birth