PRUDENTIAL FINANCIAL

Most SME'S (Small & Medium Enterprises) have all along been unable to establish a Pension/Provident Fund for the benefit of their valuable employees owing to the cost and legal complexities involved in the establishment of a formal and registered retirement fund.

Prudential has brought this untenable to rest with the introduction of Prudential Umbrella Retirement Fund. This is a revolutionary product aimed at unlocking the huge untapped Retirement Fund market particularly SME'S.

Umbrella Retirement Fund targets SME's with minimum number of 2 employees of where Prudential handles all the administration and trusteeship professionally; thereby relieving the employer of any legal and financial duties/risks associated with administration and trusteeship.

All SME'S who enroll into the Umbrella Retirement Fund share the cost of running the fund proportionately thereby radically reducing the total annual fund expenses. Resultantly, cost per unit reduces as volume increases. This is a core advantage that really adds value to all members of the fund.

The product is approved and registered with both Kenya Revenue Authority and the Retirement Benefits Authority. In this regard, an employer just signs into the Umbrella Retirement Fund thereby gaining immediate access to advantages/benefits:

Employee and Employer monthly contributions are tax deductible on the monthly payroll and on the Company annual returns to KRA respectively subject to the applicable limits.
The Benefits payable either on early withdrawal or on retirement are payable tax free up to the applicable limits as set by the Kenya Revenue Authority from time to time.
Each individual member gets a personalized annual fund statement showing the opening balance, contributions received in the year, interest earned on the opening balance and contributions less expenses then the closing balance.
Employers who enroll their employees into formal retirement fund enjoy added royalty and increased productivity from the employees and after the end of the financial year and after the fund audit; members will be invited for an annual meeting with the trustees and the administrator.