Swan Defined Contribution Pension Scheme
Introduction
The Private Pension Schemes Act 2012 stipulates that private pension schemes should be licensed and authorized and can be set up as a Trust or a Foundation. Swan Defined Contribution Pension Scheme (SDCPS) is a multi-employer pension scheme set up as a trust. Swan Life Ltd is the promoter. SDCPS is licensed by the Financial Services Commission to provide pension benefits to its members and beneficiaries.
SDCPS is open to sponsoring employers who do not want to set up their own standalone private pension scheme.
The main benefits under the scheme are:
1
A pension for life for members only or a joint pension on a member’s life and that of his spouse, child or dependant on the normal retirement date;
2
An early age retirement, early ill health retirement or late retirement;
3
A gratuity on death of a member in service before normal retirement date;
4
A benefit on the total and permanent disablement whilst in the service of the employer of a member before attainment of his normal retirement date.
