Monday, December 09, 2019 | 08:34 PM

Pension Fund

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The Bank maintains a pension fund on behalf of staff. The fund operates on the principal of 'defined contribution' whereby the contributions are invested and the value at the time of retirement depends on the return made on those investments. Staff make a monthly contribution from their salaries, and this is supplemented by an furhter contribution from the Bank. In addition, staff may opt to increase their monthly contribution beyond the minimum level. As well as providing pension benefits, in the event of a staff member's death while still employed by the Bank, their accrued assets in the fund are distributed among their dependants.

The fund is managed by professional asset managers overseen by trustees drawn from the management and staff of the Bank. Regular updates on the fund's performance are provided to members.

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