Special Rules

  • For each Participating Employer, a set of ‘Special Rules’, over and above the Fund General Rules, is registered with the FSCA.
  • The Special Rules define rules specific to the participating employer, typically contribution rates, retirement age and risk benefits.

Contribution Rates

Contribution rates vary for each participating employer and can be any combination of the following:

  • Member (employee) contribution only
  • Company (employer) contribution only
  • Member (employee) and Company (employer) contribution

Responsibilities of the Participating Employer

The Participating Employer is responsible for:

  • appointing a Broker to advise on investment and risk decisions
  • deducting monthly contributions from employees
  • submitting a monthly payment and schedule of contributing employees to Penpro
  • supporting employees with submitting documentation when joining or withdrawing from the Fund.

Understanding the Employee and Employer Contributions

Employee Contribution

  • The amount deducted from the member‘s monthly salary/wage.
  • The entire amount is credited directly to the member’s investment portfolio each month.

Employer Contribution

  • The amount paid by the company, which may be less, equal to or more than the employee contribution, depending on the special rules set by the Participating Employer.
  • This amount is used to pay for Risk premiums if any (e.g. life cover, funeral, disability), commission to the broker appointed by the Employer and administration fees due to Penpro Administrators.
  • The balance of the Employer Contribution after these costs is credited to the Member’s investment portfolio.


  1. Contributions must be received into the relevant umbrella fund account by no later than the 7th day of the month following the month of contribution (salary month). E.g. if the month of contribution (salary month) is January, then the fund contribution must be received by the fund by no later than the 7th of February.
  2. Every contribution payment must be accompanied by a schedule containing a breakdown of contributions by the employees of the company.
  3. The schedule contains Employee name, ID number, Salary, contribution breakdown, etc.
  4. No investments can be processed until both the payment and schedule for a given contribution month.
  5. Penpro Administrators is bound by the terms of the Pension Fund Act to report late and non-payment of contributions and to apply appropriate penalties to the defaulting Participating Employer. Penalties accrue to the Financial Services Board.

Processing of Contributions

  1. The contribution payment and schedule are processed in the Penpro system.
  2. The investment portion is paid over to the relevant investment house.
  3. Confirmation of this investment is returned from the investment house within 2-4 days.
  4. The confirmation of investment includes the unit rate at which the funds were invested and the number of units purchased in total.
  5. The investment confirmation is processed in the Penpro system to allocate units to each member of the participating employer according to each member’s contribution amount.

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