A retirement benefit plan can be seen as a form of both insurance and investment; you pay premiums while you are working to cater for the period when you will not be earning an income later in life. The plan protects members against the risk of poverty in old age by ensuring that they are able to provide for themselves in retirement.
The plan allows you to first build your retirement income by making regular contributions during your working life. This allows your savings to grow exponentially over time while earning interest. On attainment of your selected retirement age, you will access your accumulated retirement benefits in accordance to the option selected at the inception of the policy.