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Key Points:
- Britam Asset Managers Kenya Limited has launched the Britam Ngao Umbrella Pension Scheme aimed at supporting SMEs with retirement planning.
- The scheme consolidates funds from multiple employers into a single managed investment, simplifying retirement planning and allowing businesses to focus on core operations.
- The pension scheme removes entry barriers such as setup fees and streamlines compliance, making it accessible for any registered entity with employees.
Britam Asset Managers Kenya Limited, a subsidiary of Britam Holdings and a prominent financial services conglomerate partly owned by Kenya’s wealthiest investors has launched a new pension scheme for small and medium enterprises (SMEs).
The Britam Ngao Umbrella Pension Scheme pools funds from multiple employers into a single, managed investment, offering members a significant cash lump sum at retirement.
“The scheme simplifies retirement planning, allowing businesses to focus on their core operations,” says Barack Obatsa, CEO of Britam Asset Manager.
Streamlining retirement savings for employers and employees
The scheme eliminates setup or entry fees and simplifies the application process, freeing employers from typical pension management duties.
Employers wanting to join must pass a resolution to manage tier-two contributions externally and fill out the necessary forms for approval by the Retirement Benefits Authority.
“Once approved, employers should start remitting their tier-two contributions to the scheme, ensuring compliance with statutory requirements,” Britam advises.
This pension scheme suits any registered entity with at least one employee, especially smaller schemes aiming to avoid the complexities of managing a standalone plan and those looking to benefit from resource pooling.
