Why

Employee attraction and retention

a retirement savings plan is a valuable benefit that can attract and retain talented employees. It demonstrates that you care about the long-term financial well-being of your workforce and are invested in their future.

Tax advantage

Contributions made to Retirement Annuities for the benefit of your employees can be claimed as a deduction from your company’s taxable income. Employee contributions are also tax-deductible up to certain limits.

Socially responsible

Offering a retirement savings plan contributes to the overall financial stability of society by reducing the reliance on public assistance programs for retirees.

Financial security

Saving for retirement ensures that employees have sufficient funds to support their lifestyle and cover expenses during their non-working years. It provides the means to cover expenses such as housing, healthcare, travel, hobbies, and reduces the risk of financial hardship or dependence on others.

Compound interest

Saving early and consistently allows money to benefit from the power of compound interest. Compound interest means that an investment earns returns not just on the original amount but also on the accumulated interest. Over time, this compounding effect can significantly increase the value of a retirement savings fund.

Employee education and financial literacy

We provide educational resources and tools to help you empower your employees to make smart financial choices, both within and outside the retirement plan.

How it works

Step 1 - Employer registration

Sign up as an employer or payroll administrator by providing your company registration document, company FICA documents and your (optional) employer contribution, a percentage of employee gross salary.


Step 2 - Employee onboarding

Employee onboarding happens via WhatsApp where employees can opt in (completely voluntary) and provide personal information to contribute to a retirement savings plan.


Scan the QR code to see for yourself how easy it is for employees to onboard.


Step 3 - ITransact Application

The personal information collected in Step 2 will be used to sign interested employees up for a retirement annuity at ITransact. See the FAQs page for more details on ITransact and the suggested underlying investment funds.


Step 4 - Payroll update

We provide you with a schedule of interested employees that sets out employer and employee contribution percentages to add as payroll deductions.


Step 5 - Deposit to iTransact

The schedule in Step 4 will also indicate the total amount that needs to be paid over to ITransact on a monthly basis where funds will be allocated to individual employee retirement annuity accounts.


Step 6 - Track Progress

We will share a monthly statement with employees that sets out the fund balance, contributions made to date and other useful information that will help them keep their retirement goals on track.