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Welcome to the presentation ………………………………………….:

Welcome to the presentation ………………………………………….

National pension and provident fund:

National pension and provident fund

What is pension?:

What is pension?

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A sum of money paid regularly as a retirement benefit. -free online dictionary Post retirement benefits that an employee might receive from some employers.

Outline:

O utline As the nation aims for millennium development goal with gross national happiness it was very vital for retirement security to come into enforcement as retirement security was reckoned as fundamental province of social development. Initially National P ension and Provident Fund(NPPF) was under the umbrella of Royal insurance corporation of Bhutan Limited(RICBL) as Government E mployees Provident Fund(GEPF), later in June 2002 NPPF became autonomous unit.

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The National Pension and Provident Fund took over the Government Employee Provident Fund operations from the Royal Insurance Corporation of Bhutan with asset approximating Nu. 1.9 billion. It is considered as country’s largest institutional investor in the country.

Location :

Location Head office : near Youth D evelopment F und office, Thimphu.

Mission & Vision:

Mission & Vision 1. Vision Statement Establish a Sustainable Old Age Retirement Security System promoting Gross National Happiness. 2. Mission Statement Provide timely and adequate old-age retirement income to the members to meet their basic needs. 3. Values Statement Institutionalize a corporate culture, which encompasses : Friendly, reliable and quality service Integrity and accountability Transparency Clear code of conduct and ethics

Objectives:

Objectives to enhance and promote the retirement security of the retirees. to achieve greater adequacy of living standard during old age to promote the high integrity in the work force through sustainable old age security provision that promote the value of gross national happiness

Other important Objectives:

Other important Objectives Member housing and Education loan schemes Maintaining saving schemes for old age Mobilizing savings and investments through loans to the Royal Government and the public limited companies.

Current members:

Current members Civil servants and private sectors Corporation Financial institutions Joint sector companies Armed Forces

Classification:

Classification National Pension and Provident Fund Plan Armed Forces Pension and Provident Fund Scheme

Classification:

Classification National Pension and Provident Fund Plan Armed Forces Pension and Provident Fund Scheme

NPPF Plan:

NPPF Plan Tier 1 -Defined Benefit Plan(monthly pension are paid) Benefits: Retirement Pension to the members until death. Disability benefits. Survivors benefits(Spouse, children, orphan, and dependent)

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Tier2 -Defined Contribution Plan(Lump sum benefit) BENEFITS Accumulated contribution to member’s provident fund account; and Investment returns(interest) Incase of death, the nominees shall receive this benefit. Note: Contribute 8% of monthly basic salary from civil servant and 10% from corporate and financial institutions to NPPF.

What happens after thirty years from now? :

What happens after thirty years from now?

Will you be in the job? :

Will you be in the job?

Member retirement pension:

Member retirement pension Member pension=Total pension pointsX60% of Average Civil Service Salary Index ___________________________ Full working period (Full working periods are predetermined in the NPPF plan Rules and Regulations. Currently, on the date of commencement of pension plan, it is taken as 30 years and shall increase by 2 months each year thereafter)

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ACSSI=Total Civil Servants salary _______________________ Total service (Note: ACSSI stands for Average Civil service salary Index) Pension point(s) Basic Salary of a member in in time t = ___t ime period t_______ Average civil Service Salary Index of the period t

Early retirement:

Early retirement Early retirement pension” refers to the pension that a member of Tier1 shall receive on retirement before his/her attaining the minimum civil service retirement age (i.e. 56 years at present), provided that at least 120 monthly contributions has been made to the NPPFP accounts. If a member retires before prior to five years of pension sustainable age, then such period shall not be considered as early retirement pension.

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REVISION OF TERMS AND CONDITIONS OF THE MEMBER LOAN SCHEMES The national pension board during the 53 rd board meeting held on March 18, 2011 resolved to make several changes in the provisions of the loan schemes managed by the NPPF in order to maintain the products and popularity and serve the members. Revision of the Housing Loan Term from 20 to 25 years. The loan term has been revised from the current term of 20years to a maximum of 25 years plus Grace Period admissible as per current practice . Revision in Education Loan Schemes M aximum of Nu. 1.5 million will be sanctioned as education loan with term extension, from 10 years to 15 years. Interest has been decreased from 10% to 9%.

NPPF Notification regarding contributory period more than 30 years:

NPPF Notification regarding contributory period more than 30 years The employees contribute 11% of the monthly basic salary with matching contribution by the employers making total contribution of 22%. Out of 22% contribution rate, 16% of the monthly basic salary is credited to pension account and the balance 6% to provident fund account. However, for the benefit of the members, contributions to the Pension Account shall be paid to a maximum of 30 years of contributory service with effect from July 1, 2010 under the new pension system.

Facilities (latest):

Facilities (latest) NPPF Counters at the Bank of Bhutan, Thimphu and Phuntsholing. Hotline Service And SMS Services. Access to PF Statements

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Social Responsibilities Savings from their monthly income. Savings in the form of housing construction and investment in education. FUNCTIONS Generate adequate returns to the members. To maintain long term financial sustainability of the plan. Provide accommodation to the members.

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CHALLENGES Having huge asset with limited investment outlets. Continuous assessment of plan to maintain long-term financial sustainability. Deliver efficient and quality services. Low returns with the two commercial banks.

ANY QUESTION ???:

ANY QUESTION ???

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For more information and queries please log on to http://www.nppf.gov.bt , any time.

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