The underlying principle is that pension contributions are paid to the insurer by the employer, the insurer then invests these contributions and credits the pension scheme with appropriate investment earnings less expenses incurred.
The investment performance of NICO Life has been competitive historically. Hence NICO Life has credited the Deposit Administration Schemes under its management with the following bonuses over the years:
NICO Life Bonus History
YEAR |
VESTING (%) |
NON-VESTING (%) |
TOTAL INTEREST CREDITED (%) |
1997 |
25% |
10% |
35% |
1998 |
25% |
15% |
40% |
1999 |
25% |
15% |
40% |
2000 |
32% |
20% |
52% |
2001 |
22.5% |
15% |
37.5% |
2002 |
20.0% |
12.5% |
32.5% |
2003 |
17.5% |
10.0% |
27.5% |
2004 |
17.5% |
10.0% |
27.5% |
2005 |
15.0% |
12.5% |
27.5% |
2006 |
15.0% |
12.5% |
27.5% |
2007 |
25.0% |
15% |
40% |
|
