Align Your Pension with Your Values
Contributors who want their pensions managed in accordance with their moral, faith, belief and values are invited to join our Non-Interest fund, otherwise known as Fund VI.
The PRA2014 makes it mandatory for every employee of labour to open a retirement savings account. This is called the defined contributory scheme and mandatory for organization of three or more employees.Â
What is Fund VI?
Fund VI is a pension plan that offers a unique opportunity to contributors seeking pension management aligned with their ethical, religious, or personal convictions. It is a non-Interest fund.
- Principle of justice is an essential requirement for all kinds of non-Interest financing; the financier and the beneficiary share the actual profit/loss if the contract is equity-based.
- They are restricted to useful goods and services and refrain from financing other harmful activities.
- Interest prohibition in debt and exchange contracts.
- The prohibition of uncertainty or speculative behaviour in business transactions.
- The prohibition of any form of gambling, such as, alcohol, tobacco, ammunition manufacturing and adult entertainment institutions; to mention a few.
- Contributors looking for investments that align with their ethical and religious beliefs.
- Individuals seeking alternative and transparent investment options.
- Anyone desiring a pension plan that promotes ethical and responsible practices.
- Contributors in Funds I, II and III are ONLY allowed to move to Non-Interest Active Fund VI.
- Contributors in Fund IV are ONLY allowed to move to Non-Interest Retiree Fund VI.
- Contributors in Fund III who have reached the retirement age can move directly to Non-Interest Retiree Fund VI instead of Fund IV if they so desire.
- PENCOM shall determine the participation of Micro Pension Contributors in due course.
- Fund VI assets are ONLY to be invested in instruments that are free from speculation and uncertainty that might lead to destruction or loss.
Non-Interest Pension Fund is not simply just an interest-free system but It is a universal system that can operate in developed and emerging markets and takes into account cultural and regional differences.
