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Stand-alone occupational Retirement Scheme

Stand-alone occupational Retirement Scheme

This is a scheme set up by a sponsor/employer for the benefit of the employees upon retirement or their dependents in the event of early death. The scheme is managed by a Board of Trustees elected from among the employees of the Sponsoring employer, 50% of who are appointed by the employer and 50% by the employees. The trustees are the legal owners of the scheme and therefore are responsible for the overall management of the scheme. They are tasked with the following responsibilities among others:

1. Ensuring compliance with Kenya Revenue Authority and Retirement Benefits Authority regulations

2. Keep all proper books and records of account of the income, expenditure and assets of the scheme and within a period of six months after the end of each financial year, ensure that accounts are prepared;

3. Ensure members receive their annual statements within the stipulated period;

4. Nominate service providers such as the Insurance Company, Scheme Administrator, fund manager and the scheme Auditor;

5. Maintain scheme records

6. Ensure member benefit payments are paid on time.

 

Our Role:

 

Britam as the approved issuer and fund administrator will offer the following services:

1. Ensure scheme compliance with RBA and KRA regulations in conjunction with the trustees

2. Maintain proper member records

3. Day to day scheme administration including coordinating all 3 rd party service providers

4. Ensure member benefits are paid on time as advised by the trustees

5. Participate in trustee meetings, annual general meetings and member education forums

6. Providing necessary reports to the trustees and the regulators

7. Provision of general advice on the scheme management and legal or legislative requirements.

8. Prudent investment of retirement savings and cost effective management of the scheme

 

What is left for the employer to do is only to ensure timely payment of monthly member contributions to Britam, update on new entrants (employees) and exits.

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