ADM INISTRATION SERVICE KIOSK

NBC has created the Administration Services Kiosk (ASK) for you, the retirement fund member, to provide access to your fund information wherever you are and whenever you need it. ASK has been designed to allow direct, uninterrupted access to your information. With NBC there is no need to contact a call centre or to wait in a queue; you have direct access to your own information.

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PENSION GLOSSARY

An individual who is receiving a benefit (Including the plan member and dependents).

A pension plan in which the regular contribution is agreed and the benefits depends on the contribution plus the investment return.
An arrangement by which an employer provides retirement benefits to employees
A cash withdrawal from a pension plan, which in the case of most occupational pension schemes is provided as part of the benefits.
The ability to transfer accrued benefits from a Tier 2 or Tier 3 pension plan to a new approved plan. This ensures that the conditions for the benefits can continue.
The minimum amount of time required to qualify for full and irrevocable ownership of accrued benefits.

A plan/scheme membership certificate is issued to a registered member of the
scheme to certify that he/she is a member of a scheme (Mandatory or
Voluntary).

Tier 2

An individual who is receiving a benefit (Including the plan member and dependents).

All those contributions were received by SSNIT on behalf of the NPRA into a
Temporary Pension Fund Account, (TPFA). Arrangements are underway to transfer
them from NPRA to the appointed trustees of the employees.

The law provides a maximum of 90 days from the claim filing day. However at Negotiated Benefits Trust Company, the maximum claims payment time is six weeks.
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To ensure that pension fund managers and custodians comply with regulatory
requirements or guidelines.

Trustees work with policies and internal control procedures prescribed by the NPRA;
these ensure that the safety of members funds, growth and market principles are
applied.

To ensure that the investment of funds of the scheme is diversified to minimize
investment risk, and maximize returns.

To process transfer and payment requests as contained in the trust.

To keep proper accounting records of funds and a members' register.

To prepare and lodge annual audited financial statements, scheme and investment reports and other relevant records that the NPRA may require.