Overview
Occupational Pensions
Overview
The Metropolitan Occupational Pension Scheme is a mandatory fully funded and privately managed occupational pension (Tier 2) scheme aimed at providing members and their beneficiaries with lump sum pension benefits on termination of service, death or retirement in accordance with the Pensions Act.
At Metropolitan, we combine efficient administration utilizing our team of experienced and well trained staff and a stable administrative technology solution to ensure your retirement funds grow and are secured. We focus on managing the complexities, enabling employers to focus on managing their businesses.
Features
Contribution
5% of gross salary for contributors of tier one
18.5% of gross salary for employees exempted from tier one
Withdrawal
Normal Retirement at age 60 and above
Early retirement from age 50 ( if not employed or self-employed)
Non Ghanaians emigrating permanently
Medical Board declaring a contributor as no longer mentally or physically capable of performing the functions of office.
Upon Death benefit is paid to nominated beneficiaries.
Assignment of Benefit
Use of lump sum benefit as collateral to secure mortgage for primary residence.
