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Pension Solutions

Pension

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a) Occupational Schemes

This is a standalone Set up employer schemes of permanent Employees

b) Umbrella schemes

Schemes set by fund managers to reduce the cost Of Management /Administration.

c) Group / Individual Pension Plans

Scheme set by fund managers for uptake by individual members and small – medium sized schemes/employers. Personal Pension Plan is suitable for self-employed people, informal groups and formal employees. The member determines how much they can save regularly for period of time.

d) Gratuity Funds

These are defined benefit plans offered by companies to employees upon leaving their jobs according to the respective CBA agreement. Gratuity payment formula is normally provided for in employee’s contract, CBA or employer’s policy. The labor laws require employers to provide pension Schemes or gratuity plans or both to employees upon exit or retirement. Gratuity funds can be converted to Pension scheme at no tax.

e) Segregated schemes

These are pension plan where the scheme takes responsibility for the performance of their investment, the fund manager basically advices and the fund owners make the choice. The risk on investment is borne by trustees. Registration with the RBA and the KRA is sought prior to the commencement of the plan. The fund manager and trustees must conform to the requirements of the RBA Act and the schemes Investment Policy Statement in order to earn a return in accordance with the pension's objectives

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