People’s Pension Trust has launched the 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 toward their own pension.
Individuals who wish to sign-up someone they care about on the product can easily and conveniently dial *789*111# on their phones and follow the registration steps. Payment amounts are flexible and can be made one-time or recurrent via Mobile Money or a credit/debit card, or by visiting its website to contribute. Payment options are either one-time 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, 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 toward 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: “This will also encourage the recipient to contribute toward their own pension, as the opportunity has now been created for them. We believe that an iCARE pension will enable more people, especially the underserved, to also prepare adequately toward their old age income security.”