A fund can be either a pension, provident, or a retirementIntroduction As the world progresses with improvements in
technology and medicine, today an average person
is expected to live longer than they did before. On
the other hand, the number of years where that the same
person can work and earn an income is limited. In Namibia
the normal retirement age is 60 years of age, although it has
been seen that an average person can live for many more
years after retirement. Since you will no longer be earning
an income from formal employment during the retirement
period, it is very important to save enough money during
working life to support yourself after retirement.
A pension fund is like a savings account that an employer sets up to give you money something when you retire. Belonging to a pension fund gives a member certain benefits. These benefits are in the Rules of the Fund and are different from fund to fund. Members should make sure that they get a copy of the Rules of the Fund to know what benefits they are entitled to and when they can be claimed.
A pension fund is like a savings account that an employer sets up to give you money something when you retire. Belonging to a pension fund gives a member certain benefits. These benefits are in the Rules of the Fund and are different from fund to fund. Members should make sure that they get a copy of the Rules of the Fund to know what benefits they are entitled to and when they can be claimed.
Types of Retirement Funds and Benefits
Members can claim pension benefits upon retirement, resignation, retrenchment, or dismissal, depending on the type of retirement fund they belong to.
