The Terms and Conditions and the rules of the Prescient RA Fund apply to all members, whether their contributions are administered on a group basis or not. If an employer wishes to make it a condition of employment for staff to contribute to the Prescient RA, the Fund will not be in a position to enforce any contractual obligation of this nature.
In contrast to many occupational retirement schemes, members may not `cash in´ any benefit if they leave their current employer.
Members may only access their accumulated benefit when they retire from the Prescient RA at any date after they reach age 55.
The Prescient RA provides for early retirement (before age 55) only in the event of the member’s permanent disability.
Individual members may appoint, change or remove an appointed financial adviser at any stage by writing to Prescient.Prescient will inform the current adviser of the change. If a member does this, it will take effect after five business days.
It is important to note that there are no insured death or disability benefits available for members of the Prescient RA under the fund. Any risk protection or additional benefits of this nature would have to be sourced and provided separately.