1. People who are contributing to pension schemes are supposed to receive benefit statements annually. If they are not, they should approach their pension fund or employer;
  2. Companies deducting pension contributions from their employees must remit the money to the pension fund within 14 days;
  3. Pension Board of Trustees must be composed of a minimum of at least 50% people who are elected by fund members while the other 50% should be appointed by the employer;
  4. Start contributing to a pension scheme early so that you can secure your retirement;
  5. Employees have a right to transfer their pension benefits to another pension fund when they change employment;
  6. The sponsoring employer has no business directing the operations of the pension fund. The employer cannot take money from the pension fund. The people in charge of the pension fund are the Board of Trustees, whose decisions should be independent of the sponsoring employer. For example, the sponsoring employer cannot take money from the pension fund to pay salaries or force the pension fund to sell its property or use commercial properties of the fund for free;
  7. Where a sponsoring employer has sold a property to the pension fund, Trustees should make sure that the property has been transferred into the fund’s name to protect the interests of the members. Failure to do so, will result in the fund being prejudiced in the event of the sponsoring employer being liquidated as the property will be included in the sponsoring employer’s assets.