People’s Pension Trust (PPT), an award-winning corporate trustee, has launched iCARE Pension, an innovative feature of the PPT Personal Pension Scheme in commemoration of Pension Awareness Day.
iCARE Pension will allow anyone to easily set up and contribute to the pension of someone they care about such as a family member, a domestic worker, a taxi driver or even the neighbourhood ‘waakye’ seller.
It is also to encourage such persons to save towards their own pension.
Individuals, who wish to sign-up someone they care about on the product, can easily and conveniently do so.
Payment amounts are flexible and can be made onetime or recurrent via Mobile Money or a credit/debit card or by visiting the Trust’s website to contribute. Payment options are either onetime or recurring.
A recipient on the iCARE Pension has sole access to the accrued benefits of the scheme and in the event of death, their nominated beneficiaries will have access to the accrued benefits.
The donor can only contribute and has no access to the data or accrued benefits.
Saqib Nazir, Chief Executive Officer of PPT, speaking on the objective for developing the product said: “There are many people out there who do not have any pension in place and end up with income insecurity in their old age and therefore, rely on the unsustainable benevolence of others.
“There are also many people who care for and are responsible for the wellbeing of such people. This product will allow them to contribute towards the retirement of such persons so they don’t become a burden on society and can care for themselves financially in their old age.”
He further explained that: “This will also encourage the recipient to contribute towards their own pension as the opportunity has now been created for them. We believe that iCARE pension will enable more people, especially the underserved to also prepare adequately towards their old age income security.”
People’s Pension Trust is a licensed Corporate Trustee that provides innovative, flexible, and digitally driven pension services to both individuals and companies in Ghana. The aim is to ensure that some 500,000 Ghanaians can build a retirement income for themselves by 2022.