Frequently Asked Questions

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Pensions Questions

What is a pension?

A pension is a stream of income that is paid usually when one attains retirement, but it can also be paid to a child till they are no longer children. Widows and widowers may also receive a pension on a death of a spouse

What is a Pension scheme?

Are their different types of pension scheme design?

Why contribute to a pension scheme?

Viewing one’s life from a life perspective you see that one’s saving opportunities are at peak when in employment, therefore part of the excess income (surplus over consumption of members’ household) is deferred or postponed to retirement through a pension scheme. Pensionable employment also provides for job security as it gives you certainty that you have a job over a long period in excess of 20 years.

How does a pension scheme work?

Who manages the pension scheme?

Who is a Trustee?

Who is the Fund Manager?

Who is a Fund Administrator?

Where are pension funds invested?

Can one use pension benefits as collateral?

How secure are pension investments?

Can someone below 18 years be a member of a pension scheme

How do I know if my parents are in pensionable employment?

What jobs are in the pension industry?

Insurance Questions

Who can buy a life insurance policy?

What benefits do I receive from buying a life insurance policy?

Can a person insure another person’s life?

You can insure the lives of persons whose death may cause you some financial loss.

What other type of insurance can I get?

What policies can I buy under general insurance?

Is motor vehicle insurance compulsory?

Do I have to report an accident to the police before I can claim compensation from my insurance company?

What report do I need to make a claim for a vehicle accident?

What are the advantages of using a broker or an agent to purchase insurance?

Does insurance cost more when I go through an insurance agent or an insurance broker?