Sunday, November 19, 2006

Retirement Benefits Authority (RBA) -Open Day

Yesterday, i went to the RBA event.I've been going for them since last year.
There is a lot of improvment before; there used to be only 2 or so Fund managers and the rest of the exhibitors were Insurance Companies.But yesterday's mix was sort of representative of everyone.

I made by own ranking of the best stands based on two factors; how they presented info to the public and how the staff and the information given(brochures) explained the issues to me/you.
Ladies and Gentlemen...............Drum roll please...The:
Best Exhibitors
AIG Global Investments (East Africa) and Genesis Kenya Investment Managment Ltd.
I couldn't decide on one, both had good people manning the booths.The information they gave was relevant and informative ,not superfluous.I know the basics so i don't need a pamphlet defining what a pension scheme or Trustee is.

Most Improved
ICEA group i.e. they have redefined their Fund Managment and Pension scheme subsidiaries.They now have ICEA Asset Managment Ltd and ICEA Trustees Ltd.I think they will make waves in the next 12 months.

Most Notable Newcomers
Amana Capital Ltd and British American Asset Managers Ltd(BAAM).
With Amana's Personal Pension Product there's no excuse for not having a Pension.They have products with monthly contributions of less than Ksh 2,000

BAAM have similar products(mutual funds) to African Alliance but with better marketing and i would say better execution of the Mutual Fund concept.

Best Concept
ICEA Trustees Ltd.-The Trustee services are worth looking at if you have a high net worth and want to leave something for the next generation(your kids).Alternatively, you could be rich,generous and want to set up a Scholarship fund a' la
Rhodes Scholarship or Rattansi Trust.

Just read the Kenya Gazette- half of it is legal notices relating to Succession cases for Kenyans who died without wills.

What i learned
You cant touch your Pension Funds until you are 50 years old(Last year's Budget made the rule).But you can move it from one scheme to another.


bankelele said...

Nice recap

RBA Act has made the industry more open - and all companies are giving information better and complying now (except NSSF) -
- Amana used to be Royal (ill-fated advisors of Uchumi)
- BAAM is also for high net worth (250k and above)
- Can't touch pension till 55 years (you can access your contribution, but not employers portion which is usualy more than 3/4), but they say tranfering the pension to new manager is a seamless process.

mwasjd said...

Any info as to how pension schemes are reaching out to guys on the other end of the economic scale i.e. the mama mbogas??
At least the seamless transition between pension schemes is good since it means no stress when changing jobs.
@Banks: NSSF is a special case, not quite sure with what it underwent in the hands of the previous govt that there's hope in streamlining it...

pesa tu said...

@Bankelele:Yes, BAAM is high net worth.
You cant touch pension untill 55years or earlier retirement age specified in the scheme e.g 50years in some schemes.
I didn't know AMANA was/is Royal but that was a quick re-branding exercise.Come to think of it they have offices where Royal had theirs.

@Mwasjd:Amana and NSSF are reaching out.All the major insurance co.s havePersonal Pension schemes but they dont market them aggressively to the 'mama mboga' sector.

NSSF is exempt by law from RBA regulations but they are trying to inject some proffessionalism to it.