BOC unveils ‘Abhimana’ pension scheme for a dignified retirement

Wednesday, 9 July 2014 00:29 - - {{hitsCtrl.values.hits}}

Bank of Ceylon (BOC) yesterday launched the ‘Abhimana’ pension scheme which it said would lead to a dignified retirement. The flexibility of options available through this scheme gives the opportunity to any Sri Lankan above the age of 18 years to join it and reap the benefits. BOC said Abhimana pension scheme would be an ideal retirement solution for semi-government, or private sector employees or self-employed persons to secure their future with a stable retirement scheme and experience a sense of confidence and pride without worrying about the future. This scheme is also open for retired persons and non-resident Sri Lankans not only as a retirement scheme but also as an investment option. The BOC has made arrangements for the private sector employers to contribute to Abhimana pension scheme on behalf of their employees fully or jointly with the employee.

Central Bank Governor Nivard Cabraal officiated at the launch whilst BOC Chairman Air Chief Marshal (Rtd.) Harsha Abeywickrama, Directors, General Manager D.M. Gunasekara and other officials participated. BOC said depending on the age, required retirement benefit, amount and period one can select the most suitable Abhimana retirement option. Customers can enrol in the retirement plan either by making a lump sum payment or as with the instalment option, monthly contribution that would depend on the age, selected retirement plan option and the retirement benefit amount. This unique product gives the opportunity for the customer to arrange a retirement plan for a fixed period (Option 1-4, 7 and 8) or entire life time (Option 5,6 and 9) in the following table and gives the ability to nominate a beneficiary to receive funds on the death of the Abhimana pensioner. The bank also facilitates private sector employers to include their employees in this plan through joint or full contribution by the employer. In case, the customer is above 55 years of age, he/she can get retirement benefits from the following month onwards by investing his/her EPF fund with BOC Abhimana. Customers can plan their retirement benefit according to the options as mentioned in the following table. For a customer who opts for a retirement plan option 1, where the joining age is 30 years and the retirement benefit is Rs.10,000 per month, the customer will have to make a monthly contribution of Rs.1,400 per month. And if the customer requires a retirement benefit of Rs. 30,000 per month, the instalment he/she has to make is Rs. 4,200 (Rs. 1,400 X 3). The return benefit will be Rs. 10,000 or multiples of Rs.10,000 which will be credited to a savings account from which money can be withdrawn from any BOC branch or from any ATM. The Abhimana pension scheme is promoted at all BOC branches. BOC Abhimana retirement plan holders will receive all these benefits with the safety of a government bank.