How To Check Your TSC Provident Fund [Comprehensive Guide]

How can I check my TSC Provident Fund? We cover that here.

Your Comprehensive Guide to Checking and Managing Your TSC Provident Fund

Discovering the status of your Teachers Service Commission (TSC) Provident Fund has never been easier.

With the introduction of the Public Service Superannuation Scheme (PSSS) in 2021, teachers and government employees can now conveniently monitor and manage their provident fund contributions and benefits.

In this guide, we will walk you through the simple steps to check your TSC Provident Fund, shedding light on the recent changes, benefits of the Defined Contribution Plan, and how you can optimize your participation.

How To Check Your Provident Fund Contribution Using USSD Code

Teachers can now access their provident fund information swiftly by dialing the USSD Code *378# on their mobile phones.

Follow these steps to ensure you stay informed about your contributions, balance, beneficiaries, and updates:

a. Dial USSD Code *378#

Simply dial *378# on your mobile phone to initiate the process.

b. Verify Your Account

Enter your ID number as prompted to verify your account.

c. Set a Password

Create a password to secure your account for future access.

d. Check Contributions and Balances

Once verified, you can easily check your provident fund contributions and fund balances.

e. Update Beneficiaries

Take advantage of the platform to update your beneficiaries for added security and peace of mind.

2. Transition from Non-contributory to Defined Contributory Program

The PSSS Act, enacted in 2012 but effective from January 1, 2021, marked a significant shift from the non-contributory program to the Defined Contributory Program.

Governed by the Retirement Benefits Authority (RBA), this scheme requires both employers and employees to make financial contributions.

a. Disadvantages of Non-contributory Scheme

Workers not eligible for pension benefits before turning 50.
Inability to transfer benefits to another pension plan.
No voluntary contributions allowed.
Accrued pension inaccessible until exit.
Discriminatory provisions for marriage gratuity and widowers’ pension.

b. Benefits of Defined Contribution Plan

Tax advantages, lowering taxable income.
Retiring officers retain their pension even after resigning or being fired.
Transferability of accrued pension to another plan.
Optional additional contributions allowed, providing flexibility.
Early access to retirement benefits in various circumstances.

3. Participation in the Defined Contribution Scheme

Understanding who is eligible for the Defined Contribution Scheme is crucial for teachers and government employees.

a. Eligibility Criteria

Employees on permanent and pensionable terms under 45 as of January 1, 2021.
New hires joining the government on or after January 1, 2021.

b. Choice for Employees Over 45

Those aged 45 or older as of January 1, 2021, had the choice to join or remain under the non-contributory plan.

4. Contributions to the Defined Contribution Plan

To ensure smooth participation, it is essential to be aware of the contribution rates and how they evolve over the years.

a. Graduated Contribution Rates

2% in the first year (from January 1, 2021).
5% in the second year (from January 1, 2022).
7.5% in the third year (from January 1, 2023).

b. Employer Contribution

Employers contribute 15% of the employee’s base salary to the Defined Contribution Plan.

This contribution is invested to generate income.

5. Managing Finances and Benefits

The board of trustees oversees the finances of the PSSS, ensuring transparency and accountability.

Notably, male employees have ceased contributions to the NSSF and the Widows and Children’s Pension Scheme (WCPS) since the inception of the Defined Contribution Plan.