Liaison Group has launched a new medical cover, dubbed Suluhu Umbrella Scheme, for retirees.
Under the scheme, a member can contribute both for retirement and a medical plan. Upon attaining retirement age, the funds for retirement will be utilized to secure a retirement benefit while the medical fund caters for their medical cover fully on retirement. The scheme aims to allow members to port their benefits from any plan they have into their retirement on the same terms as they had before.
The scheme is registered under the Retirement Benefits Authority (RBA) and Kenya Revenue Authority (KRA). It offers a number of benefits to organizations and individuals: tax exempt contributions, attractive returns, accessibility (through SMS and online), simplified management, cost efficiency and availability to various employers.
Speaking during the launch, Liaison Group Managing Director Tom Mulwa said: “Suluhu Umbrella Scheme ensures that one is not just guaranteed a stable income in retirement, but also has a reliable medical cover. We have designed the scheme with inbuilt flexibility to allow members to port their current plans into retirement at the same terms. Most importantly, we have put in place a highly competent panel of service providers to ensure a high quality of service. The fact that the service providers are not related is also critical for good governance.”
The service providers on the Suluhu Umbrella Scheme are Liaison Financial Services as Scheme Administrator and Founder, KCB Bank as Corporate Trustee, NIC Bank as Custodian and Stanlib Kenya as Investment Manager.
Founded in 1981, Liaison Group is an integrated non-banking financial organization. It provides, under one roof, a diversified suite of financial and risk management solutions, domiciled under four businesses: Risk and Insurance, Healthcare, Pension and Investment Consulting. The Group manages assets in excess of USD2 billion with global service points in at least eight countries and financial centers, including Kenya, Uganda, Tanzania, Rwanda, South Sudan, South Africa, China and United Kingdom.