The Enwealth Umbrella Fund is an arrangement whereby many employers decide to participate in a guaranteed/segregated fund arrangement together as a pool for cost cutting/sharing.
What is Enwealth Umbrella Fund?
Fund Administration services
In accordance to the provisions of RBA Act the Fund governance structure provides for separation of roles in custody, investments, day-to-day administrative roles, book keeping and records management.
The appointed service providers of the Scheme under the Fund are;
- Corporate Trustee
- Custodians
- Administrator
- Segregated Fund Managers
How it works
The joining procedure into the Enwealth Umbrella Fund is simple, convenient and involves no start-up costs for the employer or the employees.The joining procedure is outlined as follows:
The Employer will sign a Deed of Adherence undertaking to abide by the rules of the Fund.
The members will individually complete and sign Joining Forms and Nomination of Beneficiary Forms providing Enwealth with the member particulars .
We shall open individual accounts for each member allowing members to view their contribution history and balances through our online portal and access to the Enwealth Mobile App for convenient member access.
Registration & Governance of the Fund
- The funds are invested in accordance to the investment policy statement that is prepared by an independent financial advisor and reviewed every 3 years.
- A participating employer in the Enwealth Umbrella Fund can choose between the option of investing in the segregated fund or a guaranteed fund.
- The guaranteed investment options guarantees capital protection plus a minimum investment return of at least 4% per annum. Under the guaranteed investment option, returns declared every year will be based on market performance and cannot go below the minimum guaranteed rate of 4%.
- The scheme has an appointed Corporate Trustee who is independent from Enwealth Financial Services Ltd and watches over the operations of the scheme on behalf of the members.
Benefits of Enwealth Umbrella Fund
- Members are able to benefit from economies of scale so that costs have a reduced impact on returns declared to members.
- The ability to diversify more effectively. Evidence shows that a large well-diversified investment portfolio outperform smaller, less diversified portfolios.
- We allow participating employers investment choice. Employers can choose between a guaranteed investment return or the segregated investment structure.
- The management of all aspects of the fund are outsourced. Therefore, the Employer does not need to be involved in complex governance, trusteeship, investment, custody & administration.
- Members can use up to 60% of their accrued savings for the purpose of securing a mortgage.
Our Umbrella Fund Value Added Services
- Enhanced benefits which include a Group Life Insurance cover of Kshs. 500,000 payable to dependents upon the unfortunate demise of a member. As a value-add, the life insurance comes at no additional cost to the employer or members.
- Member Education Services from the Enwealth Training Team which covers personal financial management, pre-retirement training and Change Management among others.
- Access to our online portal that allows individual members with secure web based access to their scheme data including records on their Nominated Beneficiaries, contributions history, benefits projections and benefits statements.
- Access to our innovative products that include the Anaya Post-Retirement Healthcare Fund, Kesho Hela Income Drawdown Fund, pension backed mortgages and affordable housing solutions.
Frequently Asked Questions
Can I join as an individual?
The umbrella fund is a solution for employers as a benefit to the employees, hence a member cannot join as an individual but under the cover of the employer.
This means that when an employee leaves the services of a participating employer, they cease to be members.
What do I benefit as an individual?
- Benefits to secure my retirement income.
- Member educational sessions that cover financial wellbeing.
- Access to other innovative products e.g. Kesho Hela IDD, Anaya PRMS
- Tech efficiency that improve customer experience through the mobile App.
- Group life benefit that covers the nominated beneficiaries in case of the member’s demise.