Umbrella Retirement Fund

The Umbrella Retirement Fund 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.

This fund allows for employees to delegate the task of pension fund trusteeship to professionals at no additional costs. One can enjoy guaranteed investment income and 100 percent protection of retirement savings. Benefits include:

• Installation and maintenance of member and beneficiary records, contribution and fund balance records.
• Processing of withdrawals, death or retirement benefits.
• A member education service.
• Filling of ongoing compliance records to RBA and KRA.
• Organizing members’ Annual General Meetings.
• Issuance of member funds and scheme statements to the employer.
• Custody and prudent investment of retirement savings including 100% guarantee of the accumulated value.

Your employees enjoy benefits such as:

• Contributions are tax deductible to both the employer and the employee subject to set limits by Kenya Revenue Authority.
• High investment income: your contributions are prudently invested to ensure high returns with a guaranteed minimum rate of 5% per annum compounded.
• The accumulated capital is guaranteed against market volatility, therefore securing your employees’ retirement fund.
• Portability of benefits: in the event of changes in employment, an employee is free to transfer accumulated benefits to any other registered retirement scheme.
• Flexibility: the employer is free to choose the type of fund; contribution rate and; retirement age.
• Pension backed mortgage: the law allows a member to assign up to 60% of the accumulated fund towards financing the purchase or construction of a house.
• On death prior to retirement age, the total accumulated fund becomes payable to the employee’s appointed beneficiaries.

For more information on this product, kindly get in touch with us or visit any one of our branches.