National Pension

Feb 21, 2008 (LBO) – Sri Lanka’s state-run savings giant, National Savings Bank entered the pensions market with a campaign specifically targeted at young savers, officials said. Sri Lanka’s central bank governor Nivard Cabraal said the scheme will give an opportunity for private sector workers to save for their retirement as formal pensions were only available for government workers some private workers.

The scheme branded ‘Pension+’ matures when the contributor reaches 55 years, but a customer could continue to contribute to the scheme if he is able, NSB chief executive S H Piyasiri said.

Piyasiri said many self-employed persons were not covered by pensions and the bank was targeting younger persons before it was it too late to start on a pension plan.

Beneficiaries could opt for a lump sum or a monthly pension plan. The plan was sweetened with medical insurance cover and a prize draw.

NSB chairman Upali Gunaratne said the pension was a brainchild of governor Cabraal who had also though of the name ‘Mihindu Sevana’ for the bank’s housing scheme which was in line with the Mahinda Chinthana economic framework of the government.

Gunaratne said the b