Retirement plans

The MBA is also working with the Insurers’ Association, regulators and policy makers to rectify anomalies in relation to Retirement plans and the Portable Retirement Gratuity Fund (PRGF). Several private schemes, which provide employees with a lump sum at retirement, do not currently qualify for an exemption from the PRGF. The proposals aim to widen the range of private schemes available to employees of banks, and help dynamise the Pensions industry at large.