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Umbrella Retirement Benefits Schemes

Umbrella Retirement Benefits Schemes

Umbrella Retirement Benefits is a fund that pools the retirement investments of multiple employers thereby reducing the average cost per member and enhancing the overall returns and benefits to both the employer and the employees.

The fund provides a solution to organizations that find setting up a Retirement Fund and continuously complying with the complex legal and statutory demands a challenge in both monetary and human resource cost.

The Fund also makes it possible to delegate the demanding role of trusteeship (with its legal and statutory liabilities) to a team of professionals at no additional cost while at the same time saving you the hassle of having to appoint new trustees whenever a trustee leaves.

The Fund enables individuals to experience premium service from a leading insurance company in Kenya in terms of superior customer service and guaranteed investment income plus 100% protection of the accumulated value of retirement savings.

Our Scheme is duly registered by Kenya Revenue Authority (KRA) and the Retirement Benefits Authority (RBA) as a Retirement Fund Solution for individuals or groups of individuals.

Our core services include:

  • Fund management - Guaranteed Fund
  • Scheme administration
  • Scheme audit and assurance

1. It is Hassle Free to the Employer: The scheme completely frees the employer from the hassles of establishing and overseeing the running of the scheme. It does this by providing an all-round package of the following services Full Administration, Custodian and Investment Service . What is left for the employer to do is only to ensure timely payment of monthly member contributions to Britam, update  new entrants (employees) and exits

2. Immediate Access to Tax Relief Benefits: Individuals who join the Fund gain immediate access to all the tax privileges of a registered retirement scheme .

3. Flexibility: The customer is free to decide on the following:

  • The monthly contribution percentage by employer and employee. Employees are free to make Additional Voluntary Contributions.
  • Choice of fund: A pension fund, whereby a maximum of 1/3 of the accumulated amount is payable as a lumpsum and 2/3 rd in the form of regular periodic payments. A provident fund, whereby the entire amount is paid in a single lumpsum.
  • Normal retirement age.

4. Cost Optimization: Funds under the Guaranteed Fund equitably share the running costs thereby giving customers’ competitive added value for money. The costs are:

  • Administration fee: 1.5% of contributions received during the year. This is waived for the first calendar year. No administration fee is charged on umbrella scheme.
  • RBA levy: 0.2% of the fund as at 31 st December is payable to the regulator
  • Audit Fee: as per appointed auditor. No audit fee is charged on the umbrella scheme

Our services include fund management with superior guaranteed Fund performance in terms of

  • Minimum guaranteed interest rate of 5%
  • Guarantee on Capital against reduction

We constantly endeavor to achieve attractive investment income without compromising security of funds as provided for by the law.

Below is a history of declared interest rates since 2012.

Our processes are fully automated by use of software known as Fund master. Interest is credited into the members’ accounts on a daily basis from the date of receipt of contributions. Other addition services

  • Scheme Relationship Manager
  • Choice of Mode of Payment
  • Claim Settlement in 10 days
  • Annual General Meetings (AGM) & Member Education
  • Trustee Meetings – where applicable
  • Annual Member Statements
  • Pre-Retirement Training
  • Financial Planning Training
  • Pension Backed Mortgage

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