People’s Pension Trust and AirtelTigo Money (ATM) have launched a new personal pension product called ‘Retire Rite, a tier 3 mobile pension and savings product aimed to help Ghanaian lead a lifestyle they want post retirement.
Through this partnership, both existing and new AirtelTigo customers can subscribe, contribute as low as GHS1 and receive their claims via AirtelTigo Money. To subscribe to the ‘Retire Rite’, customers are to dial *110*4# and follow the registration steps. The entire process from opting, payment and to claim has been made simple for customers.
Once a customer register as a member two accounts are opened — retirement account and savings account. All payments made are divided into two equal parts for each account. In addition, customers can withdraw up to 50 percent from the savings component of their pension account six months after the initial deposit.
Furthermore, a life bonus cover has been embedded in the product to ensure that the beneficiaries of a deceased member receive up to four times the total contributions made by the deceased member during the previous calendar year.
Retire Rite is a voluntary pension scheme which provides means for any individual to save towards their retirement with the least amount of GHS1. Also, a customer decides on the frequency of payments into the scheme starting from GHS1.
“We are excited to partner with AirtelTigo Money,” says Saqib Nazir, acting Chief Executive Officer for People’s Pension Trust. “It’s clear that people are looking for innovative digital solutions, especially in this COVID-19 era to do all manner of transactions. With Retire Rite, we are meeting this objective by putting the power in their hands to make the right financial decisions for their lives now and in the future.”
He explained that in an event a customer decides to stop contributing to the scheme, the customer can only access the money in their retirement account at 60 years.
“We are proud to partner with the People’s Pension Trust as we aim to further help create financial inclusion, social protection and improving lives of our customers using mobile technology,” says the Chief Executive Officer at AirtelTigo, Murthy Chaganti. He adds: With our secure AirtelTigo Money platform in this market, we believe that the introduction of ‘Retire Rite’ will create a more convenient and secure way for customers.”