The voluntary third tier provident fund and personal pension schemes will be privately-managed by approved trustees licenced by the Authority with the assistance of pension fund managers and custodians registered by the Authority.
The pension fund managers and custodians will first be licensed by the Securities & Exchange Commission.
Similar features with second tier except
– Voluntary for formal and informal sectors
– Withdrawals before 10 years (formal sector) and 5 years (informal sector) do not qualify for Tax benefits.
– Vesting schedule for employer’s contributions
– Tax Relief on Contributions – 16.5%