Occupational Pension Scheme (Tier 2)
The Secure Pensions Occupational Master Trust Scheme (SPOMTS) is established as an open-ended multiple employer Tier 2 pension scheme registered under the National Pensions Act, 2008 (Act 766) as amended.
- It is mandatory for all employers by law
- The contribution rate is 5% of the employee’s basic salary
- Contributions to the scheme are tax exempt
- Lump sum benefits are paid based on a defined contribution formula.
- Contributors may choose from a bouquet of investment products under the scheme namely the Growth Fund, the Balance Fund or the Income Fund, depending on their risk personality and retirement horizon