Overview Registration and Governance of the Fund
The Fund is established as a Trust and separate legal entity from the founding company Enwealth Financials Services Limited.
The Fund is registered and regulated by the Retirement Benefits Authority and Kenya Revenue Authority.
The scheme assets are held by the appointed custodian and separated from the assets of the founding company enhancing the security of your funds.
The scheme assets are invested by the appointed fund manager who is licensed by the Retirement Benefits Authority.
The Fund has appointed a corporate trustee who is independent from Enwealth Financial Services Limited and watches over the operations of the scheme on behalf of the members.
How does it work?
Member receives quotation
Members Join by signing an application form
LPSL confirms the periodic drawdown amount
Members transfer the cash lump sum to the drawdown fund
Members shall receive annual statements reflecting payouts plus interest earned on the residual amounts
Periodic updates are sent by LPSL to members on changes in regulations and how they are affected
Structure of the Fund
Minimum Drawdown period shall be ten years
Member shall select a specific regular amount or percentage of the Investment fund value as the selection shall be within the rates prescribe by the Scheme from time to time to afford the selected regular payments.
Member may draw an Income up to a maximum of 120% of the life annuity that can be purchased
Amount based on the table that be provided by the Retirement Benefits Authority in consultation with The Actuarial Society of Kenya and which shall be linked to the prevailing interest rates
Benefits Kesho Hela Income Draw Down Fund Benefits
Tax benefits: One can transfer into the fund their cash lump sum or the two thirds lump sum into the fund tax free.
Flexibility: The income draw down provides one with an option of reviewing their monthly pension after every three years. Secondly at 75 years of age one can move from the income draw down arrangement into an annuity if they so desire.
Investment Income: As one draws down a monthly pension from the fund, the residual balance is invested and the investment income is ploughed back into their fund, hence providing for growth of the funds.
Better pricing: Member may draw an Income up to a maximum of 120% of the life annuity that can be purchased
Who can invest in the Fund?
Members who are retiring from occupational as well as individual personal pension schemes
Self employed individuals who would like to have a monthly income for themselves or their parents.