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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.
- 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.