Saving for retirement is one of the most important financial decisions any employee or employer can make. In Kenya, many employers want their staff to enjoy the benefits of a pension scheme but do not wish to set up individual plans. The solution lies in umbrella pension schemes.
These plans pool retirement savings from different employers into a single registered scheme. They offer employees better returns, while employers enjoy zero set-up costs, lower running costs, and less administrative burden.
Understanding Registered Umbrella Pension Schemes In Kenya
Registered Umbrella Pension Schemes in Kenya are regulated and approved by the Retirement Benefits Authority (RBA). These schemes allow different organizations, both large and small, to provide retirement benefits to their employees without the need to manage a stand-alone fund.
Employers benefit because they transfer the compliance and management workload to professional fund managers. Employees benefit because their savings grow in well-managed investment portfolios. The result is a flexible, low-cost way to secure financial independence in retirement.
The main features of umbrella pension schemes include:
- Pooling of resources from multiple employers
- Professional fund management
- Reduced administration costs
- Faster registration compared to stand-alone funds
- Easy entry and exit for employers
Below is a detailed list of registered umbrella pension schemes in Kenya as approved by the RBA.
Comprehensive List Of Registered Umbrella Pension Schemes In Kenya
| No | Umbrella Retirement Benefits Schemes |
|---|---|
| 1 | ABSA Umbrella Retirement Benefits Fund |
| 2 | Amana Umbrella Pension Scheme |
| 3 | APA Life Umbrella Retirement Fund |
| 4 | Britam Umbrella Pension Fund |
| 5 | Britam Umbrella Provident Fund |
| 6 | CIC Umbrella Retirement Benefits Scheme |
| 7 | CICAM Umbrella Retirement Fund |
| 8 | Co-optrust Investment Retirement Benefits Scheme |
| 9 | County Pension Fund |
| 10 | County State Officers Umbrella Pension Fund |
| 11 | Cytonn Umbrella Retirement Benefits Scheme |
| 12 | Dhamini Umbrella Fund |
| 13 | Enwealth Umbrella Fund |
| 14 | Equity Umbrella Retirement Fund Pension Section |
| 15 | Equity Umbrella Retirement Fund Provident Section |
| 16 | Fusion Umbrella Retirement Benefits Scheme |
| 17 | Geminia Umbrella Provident Fund |
| 18 | Genafrica Kivuli Umbrella Provident Fund |
| 19 | Genghis Umbrella Fund |
| 20 | Globetec Umbrella Retirement Benefits Scheme |
| 21 | HFC Umbrella Retirement Benefits Scheme |
| 22 | ICEALION Guaranteed Umbrella Fund |
| 23 | ICEALION Umbrella Retirement Benefits Scheme |
| 24 | Jubilee Financial Services Limited Umbrella Fund |
| 25 | Kenbright Umbrella Retirement Benefits Scheme |
| 26 | Kenindia Umbrella Pension Scheme |
| 27 | Kenindia Umbrella Provident Fund |
| 28 | Kenya Orient Umbrella Pension Scheme |
| 29 | Kivuli Umbrella Fund |
| 30 | KUSSCO Mutual Umbrella Retirement Benefits Scheme |
| 31 | KUZA Umbrella Retirement Benefits Fund |
| 32 | Liberty Life Boresha Maisha Umbrella Provident Fund |
| 33 | Liberty Life Umbrella Pension Fund |
| 34 | Lofty-Corban Umbrella Pension Fund |
| 35 | Madison Umbrella Retirement Benefits Scheme |
| 36 | Mayfair Umbrella Provident Fund |
| 37 | Minet Kenya Umbrella Retirement Fund |
| 38 | Mwavuli Pension Fund |
| 39 | NCBA Umbrella Retirement Benefits Scheme |
| 40 | Ngao Umbrella Pension Scheme |
| 41 | NTISL Umbrella Retirement Benefits Scheme |
| 42 | Octagon Umbrella Retirement Benefits Scheme |
| 43 | Old Mutual Umbrella Retirement Benefits Scheme |
| 44 | PenlifeTrust Umbrella Retirement Benefits Scheme |
| 45 | Pioneer Umbrella Retirement Fund |
| 46 | Prudential Umbrella Retirement Benefits Scheme |
| 47 | Qijito Umbrella Pension Plan |
| 48 | Sanlam Umbrella Retirement Fund |
| 49 | Suluhu Umbrella Scheme |
| 50 | Taifa Umbrella Pension Fund |
| 51 | Takaful Umbrella Fund |
| 52 | The Jubilee Insurance Umbrella Scheme |
| 53 | The Kenyan Alliance Insurance Company Limited Umbrella Fund |
| 54 | The Monarch Umbrella Retirement Fund |
Why Employers Prefer Registered Umbrella Pension Schemes In Kenya
Employers in Kenya find umbrella pension schemes attractive because they eliminate the heavy cost and paperwork of setting up private schemes.
Companies, including small and medium enterprises, can join an umbrella fund with minimal requirements. This makes it possible for businesses of all sizes to provide quality retirement benefits to their staff.
Employers also enjoy the tax benefits that come with contributions to umbrella schemes. These contributions are tax-deductible, which lowers overall payroll costs while supporting employee financial security.
Why Employees Benefit From Registered Umbrella Pension Schemes In Kenya
Employees gain peace of mind knowing that their retirement savings are handled by professional managers. Since umbrella schemes pool contributions, the investments are larger and more diverse. This improves the chances of better returns over time.
The reduced costs mean more of the employees’ money goes directly into their retirement savings. Portability is another advantage. If an employee changes jobs, they can carry their pension benefits to another scheme without losing their contributions.
How To Contact The Retirement Benefits Authority
For verification or inquiries about Registered Umbrella Pension Schemes in Kenya, employees and employers can reach out to the Retirement Benefits Authority.
Address:
Rahimtulla Tower, 13th Floor, Upper Hill Road, Opposite UK High Commission
Phone:
020 280 9000
Toll-Free No: 0800720300 (Safaricom)
Final Thoughts
Umbrella pension schemes are an excellent way for employers and employees to secure retirement benefits. For employers, they reduce administrative burdens and cost, while for employees, they ensure greater returns on their contributions through professional management. Keep this list handy for reference and contact the Retirement Benefits Authority for further details if needed.
