RetirementSavingsAccount
Retirement Savings Account is a portable retirement plan account opened by an employee and maintained by a Pension Fund Administrator for the purpose of saving towards the employee's retirement.
Key information about the RSA
Retirement Savings Account is a portable retirement plan account opened by an employee and maintained by a Pension Fund Administrator for the purpose of saving towards the employee's retirement. The account is contributed into by the employer and the employee on a monthly basis up to retirement or exit of the employee from the organization.
The Structure
- 8% and 10% of the employee's monthly total emolument comprising of the Basic, Transport and Housing allowances are contributed on a monthly basis by the employee and employer respectively.
- If the employer chooses to make all the contributions, he is to pay 20% of the employee's monthly total emolument.
- The account is portable which means that you can change your employer and maintain the same account.
