Having received the Retirement Benefits Authority’s approval, we offer the following products covering the retirement investment segment:
Gencap Individual Pension Plan
The GenCap Individual Pension Plan is designed to enable individuals to save for their retirement by making regular contributions into the scheme during their working years and grow their retirement savings.
- – The scheme has a low minimum contribution of Kshs. 1,000 per month
- – Upon retirement, the member will access their accumulated benefits as a lump sum.
Who should join?
- Proffesionals such as accountants, lawyers, doctors, engineers etc., who do not belong to an employer’s retirement scheme.
- Self-employed individuals like businessmen, jua kali artisans, musicians, shopkeepers, etc.
- Groups of individuals whose employers don’t have a retirement benefits scheme, e.g. Schools, NGO’s.
- Employers of Small and Medium Enterprises who don’t have an occupational scheme.
- Employed individuals who want to have another retirement savings plan in addition to what is offered by their employers.
- Any person looking to save for their retirement.
Why join the GenCap Individual Pension Plan?
- You enjoy tax relief on contributions of up to Kshs. 20,000 per month or 30% of your gross salary, whichever is less.
- You have access to flexible arrangement in payments, with contributions as low as Kshs 1,000 per month.
- Access to mortgage – Members can assign up to 60% of their accumulated retirement savings towards securing a mortgage facility.
- High returns – Through the scheme, you shall have an opportunity to be part of an investment portfolio that is structured to optimize investment returns, offering the members above-market average risk-adjusted returns.
- Investment income to the fund is exempted from tax.
- Members can choose when to retire.
- Members receive monthly statements as an update on their savings status.
- Members get professional advice on retirement planning.
- The scheme is regulated by RBA which gives security to the members.
Download Available: Why you should join the GenCap Individual pension plan
Want to know how much you’ll have at retirement? Use the GenCap IPP calculator
Ready to begin planning for retirement? Then open an account with the GenCap Individual Pension Plan today. Download and filing in the following form: GenCap IPP Form. You can email the completed form to us on amclientrelations@genghis-
Gencap Income Drawdown Fund
The GenCap Income Drawdown Fund provides individuals and members of retirement benefits schemes an option to access their benefits as a regular income. This is through opting for an investment fund upon retirement, rather than taking up an annuity, and thus enjoying the benefit of professional fund management of their post-retirement benefits, and investment income from the same.
- – The minimum investment into this fund is Kshs 1,000,000.00
- – The maximum drawdown percentage per year is 15% of the fund balance.
- – The minimum drawdown period is 10 years after which the member can opt to take his remaining fund credit as a lump sum, or purchase an annuity, or continue with the drawdown
Who should join?
- Members who are retiring from retirement benefits scheme, including occupational schemes, individual retirement benefits schemes (e.g. GenCap Individual Pension Plan).
Why join the GenCap Income Drawdown Plan?
- Tax Exemption: A member wishing to transfer their accrued benefits (lump sum or two thirds of their benefits) into this fund at retirement can do so tax free.
- Flexibility: The Gencap Income Drawdown Fund provides flexibility in terms of;
- – Depending on their needs, member choose how much they wish to be withdrawing and the frequency. This may be monthly, quarterly, semi-annually or even annually. In addition, one has an option of reviewing their withdrawals percentage annually.
- – Secondly, after the 10 years drawdown period, one can move from the income drawdown arrangement into an annuity, if they so desire.
- Return on Investment: The fund attracts investment income as its invested by a professional investments manager. In addition, compounding of the investment income leads to accelerated growth of the contributions.
- Inheritance: With income drawdown, one can leave an inheritance to their dependents in case of demise as opposed to annuities.
Download Available: Why you should join the GenCap Income Drawdown Fund
Want to know how much you’ll have at retirement? Compute your drawdown amounts: Use the GenCap IDD Calculator