The majority of the working-age population in Lebanon lacks coverage under pension schemes that can offer sufficient retirement income, leaving them vulnerable to the risk of poverty during their senior years.
SNA guarantees the payment of a lifelong pension to the employee.
Power Plan is a group retirement saving plan purchased by your company and available to all your employees.
This is a flexible contribution plan as the contribution rate is determined monthly by the employees. Up until your retirement, you start with the accumulation phase during which you pay minimalist premiums of minimum $25 and up.
Your earnings growth is tax-deferred until you make withdrawals, generally when you are retired. The accumulation stage is followed when you reach age 64, which is when you start getting payouts from the plan and the frequency of those payments is either a lump sum or 10 years annuities paid yearly.
Based on the contract your company purchases, payment of contributions may be either fully paid by the company, the employee or shared between the company and employee. When reaching 64, whether or not the employees are still employed with the company at retirement, they will fully receive their additional pension. Early withdrawals or cancelation from annuities are subject to contractual withdrawal charge.
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