Daakye Occupational Pension Scheme (Tier 2)

It is the mandatory 5% contributions of workers’ basic salary. This is a defined pension plan in which contributions are made into an individual account of each contributor.

There are two types of Tier 2 schemes: Employer Sponsored Scheme (ESS) and Master Trust Scheme (MTS). If the membership of the scheme is limited to the employees of a specific organization, it is deemed to be an Employer Sponsored (ESS). On the other hand, if membership of the scheme is opened to employees of different organizations, the scheme is referred to as a Master Trust Scheme (MTS).

The scheme pays a lump-sum benefit to its members upon retirement, which comprise of all contributions made under the scheme plus all returns earned on their contributions.