Octagon Africa

FAQs

Frequently Asked Questions

How to pay Octagon Personal Pension Scheme contribution via M-PESA

  1. Go to Safaricom M-Pesa Menu
  2. Select Lipa na M-PESA
  3. Select Pay Bill
  4. Select Enter business no.
  5. Enter Octagon Pension Services Ltd business number, i.e. Pay bill no. is 916600
  6. Enter account number i.e. IPP/ID No/Year of joining scheme for example IPP/12345678/16
  7. Enter amount to pay, for example 1000
  8. Enter your pin number
  9. Press OK after confirming you have entered the correct pay bill number and account number
  10. Wait for a reply message to confirm that the funds have been send.

Can I set up a life trust?

Yes, you can set up a life trust but it will not be allowed to hold fixed assets.

Who will meet the expenses of the management of a trust for the deceased?

The expenses of the deceased trusts are met debited from income which is earned from investments.

Can I continue to contribute to the scheme after I have left the company?

You are not allowed to contribute to the scheme of your former employer. If you are moving to an employer who does not have a scheme you can transfer your benefits to  Octagon Personal Pension Scheme and continue saving for your retirement.

Does the deferred benefit of 50% left in the scheme grow?

Yes, the benefit is credited with annual investment income as any other members’ benefits.

Are deferred members supposed to attend annual general meetings?

Yes, they are same other members hence they should attend annual general meetings of the scheme.

What are the rights of deferred members?

The rights of the deferred are the same as for active members, they should also participate in election of trustees.

Can I leave my benefits in the scheme after retirement until I attain age 65 to access tax free?

Unless you scheme provides for retirement age of 65, the law requires that you access your benefits on retirement. You can however transfer your benefits to Octagon Personal Pension Scheme and access them at 65 years tax free.

Does the income declared on schemes include unrealized income?

Yes, this ensures all members receive full income from the scheme.

How do I access my NSSF benefits and at what age?

You can access benefits after 50 years and leaving employment. You need to visit the nearest NSSF offices and they will help in access of benefits.

Can I use my benefits to get a mortgage?

Yes, you can use up to 60% of your accumulated benefits as security for a mortgage to buy, renovate or build a house.

How secure is an annuity bought from insurance companies?

The annuities are provided by various insurance companies and it is the responsibility of the member to ensure he/she chooses carefully where to source for the annuity.

Must I choose a trust in my nomination for it to be set up in the event of my death?

No, the trustees have discretion as to who to pay benefits in the event of your death. The Trustees will make this decision as circumstance dictate.

Can I transfer my benefits to another scheme or must I leave them with current employer when I leave?

You are allowed to transfer your benefits to your next employer or to your personal pension scheme or leave them in current employer scheme. Transfer of benefits does not attract tax.

Is additional voluntary contributions treated the same way as other benefits?

Yes, they treated the same way any other contributions are treated.

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