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No 5, Idowu Taylor Street, 3rd Floor, Okoi Arikpo House, (NUC BUILDING) Victoria Island, Lagos.

Bethsaida Informal Sector Fund

Members can withdraw from the scheme before retirement age subject to scheme rules.

The BETHSAIDA Informal Sector Pension Scheme is a voluntary, contributory pension scheme designed principally for workers in the informal sector, which provides members with benefits that are based exclusively on their contributions.

Any payment by a member is divided into two equal parts, credited to two separate individual sub-accounts viz. Occupational Scheme Account and Retirement Account. The Occupational Scheme Account serves as a form of savings account from which the contributor can withdraw after 5 months of initial contributions provided the account has a credit balance.

The Retirement Account, however, is a pensions account and a member is permitted to withdraw only when any of the following contingencies occur: Old-Age, Death or Disability.

Features

  • Individuals that are not in group schemes can save for retirement
  • Formal or Informal Organized Groups (Drivers Association, Market Women Association, Second Hand Dealers etc.) can save for retirement
  • Flexible contributions
  • Normal Retirement age is 60 years (early/late retirement possible)
  • Members can withdraw from the scheme before retirement age subject to scheme rules.

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