NSB pension plan successful

The National Savings Bank’s new pension scheme, the first ever for a bank, has seen significant progress with 13,000 enrolments in just two months after it was launched. NSB General Manager/CEO S.H. Piyasiri said the bank aims to attract 50,000 enrolments this year, adding that the new contributory pension system will use the existing network of NSB bank branches and post offices to collect contributions and interact with participants.

It will have a Central record keeping and accounting infrastructure.Piyasiri said field officers of the bank, retired bank employees and a selected batch of young school leavers have been engaged in marketing ‘NSB Pension +’. NSB has been receiving several inquiries from top companies for presentations to be made to their staff as well as inquiries about possible employer/employee contribution, he said.

Piyasiri said the pension scheme is more beneficial than the EPF, the country’s longstanding compulsory pension scheme for the private sector, as it provides a steady source of income, along with a host of other distinctive benefits including hassle-free housing loans and free insurance.

The scheme is available to anyone between 16-55 years and involves a minimum investment of Rs 1,000.