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Economic Effect of New Pension Scheme

Economic Effect of New Pension Scheme

WILL TAX BE PAID ON THE PROFIT MADE FROM TRADING WITH THE MONEY IN THE RETIREMENT SAVINGS ACCOUNT (RSA)?

No. Section 10(2) of the Pension Reform Act (PRA) 2014 exempts from tax all interests, dividends, profits, investment and other income accruable to pension funds and assets.


HOW WILL I BENEFIT FROM THE NEW PENSION SCHEME?

The new pension scheme will ensure that you receive your pension after retirement without any delay.


HOW WILL THE NEW PENSION SCHEME HELP THE ECONOMY?

There will be a huge pool of long-term funds available for investments, which will lead to national economic development.


HOW CAN I KNOW WHAT IS HAPPENING WITH MY MONEY?

Pension Fund Administrators (PFAs) will issue regular statements of accounts and profit from investments to the employees.


ARE PENSION CONTRIBUTIONS TAX FREE?

Contributions to the new pension scheme are tax free.


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