The PruMusikili Pension Trust Fund (PruMusikili) was established in 1994 as a multi-employer pension plan designed by Prudential Pensions Management Zambia. The PruMusikili is a defined contribution scheme maintained under one set of rules, and the contributions from the different employers are pooled and invested to pay benefits to respective members.
Benefits of joining the fund include:
• Quick implementation as an employer required to sign a deed of adherence, special rules, and Service Level Agreements. • Costs are shared among all participating employers. • The employer sponsored pension scheme will share in good investment returns derived from the pooling of contributions. • PruMusikili can accommodates employers with relatively few employees. • Contributions are invested and grown; employee accesses the funds at retirement • Employees can enhance their pension by adding voluntary contributions. • The employer’s obligation ends at making the monthly contribution • Cash flow management is made easier for the employer as they do not have to set aside huge amounts of money to settle employee benefits at retirement/at end of contract, btu rather contribute a defined amount to the pension scheme every month.