Frequently Asked Questions (Members)
An umbrella scheme is an Occupational Pension Plan that pools fund contributions from various employers . Membership is open to employers and their employees automatically become eligible to become members of the scheme.
An umbrella scheme is suited for those employers who are seeking an external, cost efficient and professionally managed arrangement that will provide flexible and optimal retirement benefits for their employees. Mwavuli is such an umbrella scheme.
Individuals not attached to an Employer may also choose to voluntarily join an Individual Pension Scheme. Mwavuli Individual Pension Plan is such a scheme.
Members contribute at a rate as indicated as per the deed of adherence. The amounts should be remitted to Mwavuli by the tenth day of each month.
1. Employees have access to information on their funds through the website where they can access records and statements.
2. Mwavuli ensures great profitability as the returns on investment are high and therefore savings are optimised.
3. It is managed by professional service providers with experience.
1. Employees of a firm that does not have an occupational pension scheme or not part of another pension scheme.
2. Self Employed Individuals who would want to be part of a pension scheme.
3. Individuals Employees wishing to transfer from current scheme to Mwavuli.
A member emigrating permanently from Kenya may also receive his benefit in the form of a cash lump sum.
All contributions made by the member employee including additional voluntary contributions immediately vest in the member.
All contributions made by the Participating Employer also vest immediately in the member.
Frequently Asked Questions (Participating Employer)
Member's can view their statements online.
High yielding investments that guarantee benefits upon retirement.
Contributions are remitted on a monthly basis and are made at a rate of 6% of pensionable pay by both the employer and employee. Contributions should be remitted into the fund by the 10 th day of each month.
Contributions in respect of a member shall cease to be payable as from the first day of the month in which he/she reaches Normal Retirement Date or from any earlier date upon which he/she ceases to be a member.
once new members join ,the administrator takes them through a training session to understand the basics and principles .