Overview Registration and Governance of the fund
The Enwealth Diaspora Retirement Fund is established through an irrevocable trust by the found “Enwealth Financial Services Limited”. Its main objective is to provide a retirement saving vehicle for the diaspora community both within and out of country. The product design shall enable members of the scheme to enjoy high investment returns with flexibility of benefits portability with a focus to effective management of underlying investment risks.
The need for this product is driven by the fact that Kenyans in the Diaspora do not have an effective social security platform that addresses effectively their social needs due to;
Lack of products with attractive returns for the Diaspora to invest in.
Lack of trusted partners to represent the interest of the Diaspora.
The inability to safely and conveniently transact and close a deal through a trusted representative.
Lack Tax efficient investment platform.
Lack of a cost efficient investment product.
This product shall address all the above outlined concerns
The scheme assets shall be held in a nominee account off the balance sheet of the founder’s assets as required by the Retirement Benefits Act.
The scheme is registered with both the Retirement Benefits Authority (RBA) and Kenya Revenue Authority for the purposes of Tax exemption.
The scheme is governed by the Trust Deed and Rules with an appointed Corporate Trustee in accordance with the provisions of the Retirement Benefits Act regulations.
Service providers appointed by the Trustees support the Board of Trustees on delegated duties as provided within the provisions of the RBA Act.
The Funds assets shall be invested in accordance with the provisions of the Trust Deed and Rules, the Regulatory Authority and this Investment Policy Statement. The provisions of the Trust Deed and Rules and Regulatory Authority will always take precedence where there is conflict with this Investment Policy.
The Investment Policy Statement shall guide on the process of decision making for investment-related decisions in a structured and prudent manner. It further illustrates the underlying philosophies and processes for the selection, monitoring and evaluation of the investment strategy and Investment Managers utilized by the Fund.
Benefits At Retirement
The scheme benefits structure is defined contributions provident scheme. Member’s benefits are based on the accumulated contributions plus investment income accrued and credited to the members accounts on an annual basis.
Members will have the option to access a lump sum or one-third cash lump sum at retirement based on the value of their accumulated credits in the respective employee and employer accounts. The balance is used to purchase an annuity.
Death of a Member
On death of a Member, they shall be paid to the nominated beneficiaries or the Member’s dependent(s) as provided in the nomination of beneficiaries’ forms.
Member’s benefits shall be based on the accumulated contributions plus investment income accrued and credited to the members accounts on an annual basis. This shall be refunded in full.
Death of a Member
Mortgage access facilities through pension guarantees.
Last expense insurance cover for the Principal member (Kshs.250,000)
Target Market &
Joining Process Our Target Market
Kenyans working in the Diaspora UK, USA, Africa, Asia and the rest.
Expatriates working in Kenya from other countries (mainly UK and USA).
Expatriates working in Africa from UK, USA and the rest of the world.
Joining Requirements and T&C
The member should confirm AML.
Account should be with Co-operative Bank of Kenya.
The member should declare source of funds.
The member should confirm investment fund and risk profile.
Member should nominate the next of kin and beneficiaries.
Member Joining and Set Up Process
Member logs in the online/mobile application.
Member completes the application form (online).
opens the account online.
Member starts to contribute through the chase Diaspora remittance platform.
Funds credited to the member account and start to be invested as per the investment mandate.