ComBank launches pension plan

The Commercial Bank of Ceylon has launched a pension plan to empower the future aspirations of youth and help imminent retirees fulfill their expectations.

Commercial Bank 'Future Pensions Plan' can be opened by anyone between18 and 65 years under one of five deposit plans offered by the Bank.

Under the first option, depositors aged between 18-54 may deposit equal instalments every month till 55 and start receiving the pension at the same age.

The second option, for the same age group, enables a depositor to make a single, lump sum deposit and start receiving the pension at 55 or 60.

The third option allows depositors aged 18-59 years to deposit equal instalments every month till 60 years and start receiving a pension from age of 60.

Depositors aged 55 to 60, can make a single, lump sum deposit and receive the pension from the end of the same month, while those aged 60 to 65, who will be exempt from Withholding Tax, may make a single, lump sum deposit and receive their pensions from the same month.

The Pension Plan provides an opportunity for people who are retiring to deposit their Provident Fund, Trust Fund or Gratuity as a lump sum payment.