Retirement Savings

It is of vital importance to plan your retirement properly and well in advance to make sure that your retirement is as comfortable as you would like it to be.

As an employer you have a moral obligation to make provision for adequate retirement benefits for your employees through a Group Pension Scheme. A Group Pension Scheme should be a fundamental element of your Employee Benefits package.

Medibroker has the necessary expertise to help you put in place the arrangement that suits your specific needs, namely regarding the legal and benefit structures.

Benefit Structure

Choose between the traditional Defined Benefit and the more popular Defined Contribution schemes or other options between these two extremes.

Defined Benefit Scheme

  • Benefits at retirement clearly defined; usually as a percentage of last salary
  • Certainty of benefits for employee
  • Employer supports all risks (inflation, investment and longevity)
  • Uncertainty of cost for the employer
  • Balance sheet volatility

Defined Contribution Scheme

  • Contribution rate clearly defined as a fixed percentage of salary
  • At retirement, the total amount accumulated in the name of the employee used to pay a pension
  • Certainty of cost for employer
  • Risks transferred to employee
  • Uncertainty of benefits for employee

Benefits of Group Pension Scheme:

  • Retirement pension
  • Retirement lump sum
  • Dependant\'s pension on death in service or on death after retirement
  • Lump sum on death in service
  • Benefits on total & permanent disablement
  • Benefits on leaving service before retirement