The TSC Provident Fund; Full details
The TSC Provident Fund is a retirement savings plan for teachers in Kenya. It is a defined contribution plan, which means that the amount of money you receive at retirement will depend on how much you have contributed over the years, as well as the investment performance of the fund.
The TSC Provident Fund is mandatory for all teachers who join the service after January 1, 2013. Teachers who joined the service before January 1, 2013, can choose to join the TSC Provident Fund or remain in the old pension scheme.
The TSC Provident Fund is administered by the Teachers Service Commission (TSC). The TSC deducts 15% of your monthly salary and contributes an equal amount to the fund. You can also make voluntary contributions to the fund.
The TSC Provident Fund invests your contributions in a variety of assets, including government bonds, stocks, and real estate. The investment performance of the fund determines how much money you will have in retirement.
You can access your TSC Provident Fund benefits at retirement, or if you leave the service before retirement for certain reasons, such as death, disability, or early retirement. You can also access your benefits if you are permanently transferred to another government department.
To learn more about the TSC Provident Fund, you can visit the TSC website or contact the TSC Provident Fund office.
Here are some of the benefits of the TSC Provident Fund:
* It is a mandatory scheme, which means that you do not have to worry about whether or not you will save for retirement.
* Your contributions are tax-deductible, which means that you save more money for retirement.
* The fund is professionally managed, which means that your money is invested in a diversified portfolio of assets.
* You have access to your benefits at retirement, or if you leave the service before retirement for certain reasons.
If you are a teacher in Kenya, I encourage you to join the TSC Provident Fund. It is a great way to save for your retirement and secure your financial future.