Group Pension

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What is a Group Pension Insurance Plan?
A Group Pension Insurance Plan is an inexpensive investment to provide retirement benefits to your employees. It protects against outliving your financial resources.

Why is a Pension Plan important?
There are three important financial elements to our existence.

  • Man at work – You are working for money (employed)
  • Man and Money at work – You are working for money and investing (contributing to a pension plan)
  • Money at work – money is provided with to man when he cannot work (retirement benefit)

Benefits to you, the employer

  • Tax benefits
  • Enhances your Employee Benefits Package
  • Contributes to better employee retention
  • Shows that you are willing to invest in your employees’ future

Benefits to your employees

  • Fixed lifelong income from their pension date until death.
  • Cash payout of 25% lump sum from the value of your accumulated pension fund
  • The spouse of an employee is entitled to widow’s or widower’s pension

Group Pension Plans
Defined Benefits Plan

An employer sponsored benefit plan (DB) defines the pensionable benefits of an employee. In general this is related to salary and term of service of the employee.

Defined Contributions Plan
An employer sponsored contribution plan (DC) defines the amount that will be invested towards the employee’s pension, which is usually 10% of the employee’s salary.  The pension benefit is determined at the end of the employee’s contributory years.

Assuria's Group Pension Plan Administration Services

The Insurer who is registered with the Bank of Guyana (Regulator) to administer pension plan in Guyana, assist in registering the plan with the regulator (Bank of Guyana).

  • Keeping records of
  • Providing calculations on payments to members and the Guyana Revenue Authority to obtain pension compliance certificate.
  • maintaining records of individual accounts.
  • providing annual statements.
  • providing pension certificates.
  • providing member’s hand book.
  • provide information to the trustees to submit to regulatory body, quarterly and annually (Bank of Guyana).

Required Documents

  • Articles of Incorporation and/or Business Registration
  • Proof of address of Business
  • Company KYC Form
  • Census and Application Forms