Retirement Savings and Financial Security

The Scheme helps members build long-term financial security through combined monthly contributions from both the employee and the University. Members contribute 10% of their pensionable salary while the University contributes 20%, giving a total monthly contribution of 30%. These contributions are professionally invested to generate returns and grow over time until retirement.

At retirement, members can access up to one-third of their accumulated savings as a cash lump sum while the remaining balance provides monthly pension income through annuity or income drawdown arrangements.

What Members Gain

• Long-term financial security after retirement
• Employer-supported retirement savings
• Faster growth of pension savings through investment returns
• Immediate cash access at retirement for projects, business, or family needs
• Stable monthly pension income after retirement
• Reduced dependence on relatives during old age
• Financial independence and improved retirement lifestyle
• Protection against inflation through investment growth