People’s Pension Trust, 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.
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, CEO of People’s Pension Trust speaking on the objective for developing the product says, “There are many people out there who do not have any pensions 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.”