The Pension Fund Administrators (PFAs) has a duty to keep enlightening Retirement Savings Account (RSA) holders and the retirees on pension and financial matters, the
Speaking at a workshop organised by the commission for retirees and retiring employees in
He listed the rights of contributors under the scheme to include continuous enlightenment on pension and financial matters by the PFAs, transfer RSA before/ after retirement from one PFA to another when the window opens, negotiate/change mode of withdrawal of pension benefits, e.g from programmed withdrawal to annuity, as well as provide quotation/provisional agreement from a life insurance company to the PFA for the purchase of annuity and receive periodic statement of account from the PFA, by hard copy or e-mail.
He pointed out, however, that the regulation does not allow change from annuity back to programmed withdrawal at present.
In case any pension contributor dies or is declared missing, the PFAs are also required to confirm the identity of Next of Kin (NOK) of deceased, and advise NOK to provide the following documentations: valid letter of administration or will admitted to probate (basic) and certificate of death/cause of death or certificate of registration of death or police report (if death is by accident) or burial warrant issued by a local government council or evidence of death/burial issued by religious leader.
On the duties of retirees,
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