LIFE & PENSION
GROUP LIFE
This policy offers essential coverage for employee deaths during employment based on a salary multiplier and a free cover limit set by the insurer. We negotiate high limits for tax-free proceeds with low premiums, making it an attractive choice for employers.
SCHEME ADMINISTRATION
- Ensuring that admissions and exits to and from the scheme are properly documented especially and particularly that payouts are in agreement with the members’ underlying records.
- Collecting, safe keeping, securing and updating data of each member thus maintaining individual membership records that contains dates of birth and dates of joining scheme in line with the Data Protection Act.
- Ensuring that monthly contribution amount remitted tallies with aggregate figure posted to individual member accounts and that the Trustees receive from the employer correct amounts, we will carry out reconciliations of contributions and the payments made monthly.
- Tracing the payments made to the investment managers to confirm timely receipt, reviewing the assets of the scheme, the income derived during the period and the liabilities or payments from the fund.
The purpose is to ensure that the fund is not burdened with expenses, which the scheme rules have not authorized and that all income and contributions to the scheme are appropriately recorded and invested.
- We calculate benefit payments accurately and timeously process pension payments to pensioners.
- Calculating, deducting and remitting withholding tax on:
- Leavers’ payments
- Pension payments
- Computing and remitting corporate tax on reported profit of the supplementary arrangement, where applicable, upon confirmation by the scheme auditors.
- Preparing the necessary financial statements and associated documents on quarterly and annual basis and making the necessary arrangements for the annual statutory audit of the scheme.
- Providing the auditors carrying out the audit with the necessary information and reasonable assistance.
- With approval of the Trustees, we distribute the profits earned by the pension fund to member accounts. This investment income by the scheme is mainly derived from interest on fixed income securities, dividends from shares and capital gains from appreciating assets and is allocated net of tax.
- Preparing and furnishing members with annual membership benefits statements.
- Submitting statutory information to the relevant authorities in the form of:
- Quarterly contributions report to Retirement Benefits Authority
- Filing annual audited accounts with RBA and Kenya Revenue Authority
- Filing annual tax returns with Kenya Revenue Authority
- We prepare on a quarterly basis Management Accounts upon reconciling the Manager and Custodian Statements. Management Accounts are there to help the scheme manage its performance against strategies put in place. The primary purpose of these accounts (in our view) is to support decision making towards better service delivery by the service providers to the scheme. The obvious advantages of Management Accounts are, amongst others;
- Early conclusion of annual accounts
- Enables the scheme meet statutory deadlines
- Avoid penalties associated with late returns
- Early detection of errors on a quarterly and monthly basis
- Monitor the performance of the scheme and where necessary corrective measure put in place well in advance.
REQUEST A CALL
We call you back
Reach out to us at any time!
TALK TO A SPECIALIST
Let's Talk Business
Reach out to us any time.
Address: Top Plaza, 1st Floor, Kenya