Approved Existing Schemes are pension schemes of organizations that existed before the enactment of the PRA 2004 and had been approved by PenCom to continue existing. Such schemes are administered by licensed PFA(s). The proper administration of an approved existing pension scheme is therefore very critical if it is to achieve its objectives of providing benefits to its members at retirement in an efficient and cost-effective manner.
Retirement Insight Consultants (RIC) will help identify gaps in the running of the schemes and provide solutions. Our services include evaluation of the Trustees performance and that of their service providers. To help Trustees satisfy their legal obligations RIC offers different training programs. The trainings are tailor made to suit the requirements of each Trustee Board and aim to fully equip the Trustees with the necessary skills lacking to better supervise the running of their schemes.
Retirement Insight Consultants provides the following services for Approved Existing Schemes (AES):
Scheme Design and Review
Facilitate Actuarial Services
Investment Advisory
Governance and Compliance Support
Member Communication and Education Programs
Risk Management Solutions
Training and Capacity Building for Trustees
Performance Monitoring and Reporting
Transition and Conversion to Contributory Pension Scheme
Serve as Independent Trustee Member