This is a retirement benefits scheme set up by the sponsor (Employer) for the benefits of it employees (Members):

Features:

  • The Scheme is set up under irrevocable trust.
  • Can either be a pension scheme of a provident fund
  • Trustees are appointed to manage scheme affairs
  • Maximum number of trustees is 9 & minimum number is 3
  • Half of the trustees are nominated by members
  • The scheme is registered by both the Retirement Benefits Authority and the Kenya Revenue Authority.
  • Any Employer is Eligible to join the scheme.
  • The Scheme can be contributory where both the sponsor and the members contribute at some prescribed rates or none contributory where only the employer contributes.
  • The scheme enables the Employer and the members to enjoy tax exemptions.

 

This is a scheme that has been set up by Pioneer Assurance for Participation by employers who do not have or have not opted to set up an occupation scheme.

Features:

  • Registration and Compliance needs is met by Pioneer Assurance
  • Trustees charged with the responsibility of managing the affairs of the scheme are appointed by Pioneer Assurance.
  • The Participating Employers sign deed of adherence to the existing trust deed and rules.
  • The Employer through the deed of adherence chooses the scheme design and type.
  • The employers under the umbrella scheme retain respective identities.