SICOM

Generally, a Group Pension Scheme is set up by an employer to provide for retirement and related benefits to its employees.  SICOM’s role consists of the following:

• Designing of the scheme benefits to suit the need of your employees and your budget
• Preparation of the Rules and other constitutive documents governing the scheme
• Dealing with the Financial Services Commission (FSC) for the approval of the scheme
  

Managing Pension Fund liabilities requires long-term vision and expertise. At the core of our investment strategy are two guiding principles:

• Security of Assets

We prioritize the security and stability of the Fund by selecting high-quality investment products and diversifying across a broad range of asset classes. This approach ensures the Fund remains robust and able to meet its liabilities as they come due.

• Maximising Returns

Our goal is to achieve the best possible returns while carefully managing risk. We aim to strike the right balance between risk and reward, delivering strong, sustainable growth for the Fund.

The Fund undergoes a thorough actuarial investigation every three years. This review ensures the financial health of the Fund and confirms that it is well-positioned to meet its long-term commitments.

For Employer

• Proactive Retirement Planning

By funding employees' retirement benefits in advance, employers can spread pension costs over time, avoiding the financial strain that could arise if contributions are delayed until employees near retirement.

• Tax Benefits

Contributions made to the pension scheme qualify for tax relief, offering significant savings for the employer.

• Attract and Retain Talent

A well-structured pension plan is a key factor in attracting and retaining top-quality employees, giving your company a competitive edge in the job market.

• Boost Employee Loyalty and Morale

Offering a solid pension plan fosters better industrial relations, enhancing employee loyalty, morale, and overall workforce stability.

• Cultivate Responsibility and Quality

A pension scheme promotes a sense of belonging among employees, encouraging them to take greater responsibility for their roles, which can lead to improved job performance and work quality.

For Employees

• Providing a pension scheme is more than just a fringe benefit—it’s an investment in your employees' security and well-being. It not only enhances job satisfaction but also offers peace of mind for both employees and their families. Beyond retirement, pension schemes offer flexibility with payouts for early retirement due to ill health, and a gratuity/pensions to beneficiaries in the unfortunate event of death during service.
  

To design a tailor-made pension scheme for your team, including a projection of members’ future benefits, we’ll need the following details:

• Employee Code
• Gender
• Date of Birth
• Current Pensionable Salary
• Proposed Contribution Rate (at least the required contribution under the Portable Retirement Gratuity Fund)

As part of the Group Pension Scheme, employers play a key role in ensuring the smooth management of employee benefits. Here’s what’s expected:

• Keep SICOM informed of any employees' updated details, including any changes or movements, as they occur.
• Ensure contributions to the scheme are made on a regular basis.
• Promptly notify SICOM with details of new employees joining the scheme, as well as those leaving.
  
  

All permanent employees of the employer are eligible to join the pension scheme.

Retirement

• Exit form, signed and sealed by the employer
• Member’s option form
• Employee’s Declaration Form (if applicable)
• Proof of address and bank details
  
  

Withdrawal

• Exit form signed and sealed by the employer
• Option of member 
  
  

Death

• Exit form signed and sealed by the employer 
• Claimant’s Declaration
• Death Certificate
• Certificate of cause of death
• Affidavit, marriage certificate, birth
  
  

Disability

• Exit form signed and sealed by the employer 
• Proof of address and Bank details

The information contained in this section have been compiled by SICOM in good faith and based on applicable Laws and Regulations.  Any of these information and other requirements can be subject to changes.