NICO Pension is a trusted pension administrator to a number of companies, organizations and statutory corporations in Malawi. The company is owned by NICO Life Insurance Company Limited, a leading provider of Group and Individual Life solutions and a member of NICO Holdings Limited. NICO Holdings Limited provides products and services for general insurance, life insurance and pension administration in the corporate and private sector of Malawi; with interests in banking, asset management and information technology services.
NICO Holdings Limited operates in Malawi, Zambia, Tanzania, Uganda, Mozambique and Zimbabwe. It was established in 1965, and was the first general insurance company to list on the Malawi Stock Exchange.Its general insurance division covers segments that range from personal accident and household insurance to construction, engineering, professional indemnity, marine hull and cargo, fire and loss of profits.
NICO Holdings Limited also offers insurance for individuals and corporate clients which includes endowment assurance and savings protection.The company has a corporate banking division offering standard products and services, as well as solutions for foreign exchange, investment management and women business programs.NICO Holdings Limited has invested in providing technology services to clients, including software and Internet systems and communication solutions, card technology and surveillance systems.NICO Holdings Limited is listed on the Malawi Stock Exchange.
Enterprise Trustees Limited (ETL) is part of the Enterprise Group, a blue chip Financial Services company listed on the Ghana Stock Exchange. ETL is a collaboration between Enterprise Group and Sanlam Group of South Africa and has been established to provide trustee services within the framework of the National Pensions Law, Act 788 of 2008, Ghana. Enterprise Trustees Limited is the leading private pension administrators in Ghana. It is the leader in Ghana pension industry with 28.5% of the market share and assets.
ETL uses FundMaster whose systems architecture, technology and functionality gives it the ability to manage the multi-tier pension environment envisaged by the Act in an efficient and effective manner. They were adjudged the 2019 Corporate Trustee of the Year at the 31st Chartered Institute of Marketing Ghana (CIMG) Annual Marketing Performance Awards in Accra. You can read more on the award here.
Bencon grew out of African Life Financial Services Zambia Limited (Aflife). As the largest privately owned wealth-management company in Zambia, Bencon have always taken their fiduciary responsibilities as a custodian of Zambia’s long-term savings extremely seriously.
They provide best industry practices to the independent management & administration of savings originating from life assurance, pension & provident funds, large corporate & individual savers alike through; Service excellence at all levels; Sound and professional advice; Superior investment performance; Cost efficient delivery and Generation of diversified investment portfolio.
They manage over K304million assets and administer pension schemes for over 162 employers with close to 50,500 individual members. Service excellence is achieved through the FundMaster Pension Administration System integrated platform.
UAP Holdings is one of the leading insurance and financial services companies in East Africa, with its headquarters in Nairobi and a network of branches across Kenya. Regionally, UAP Holdings are now the second largest insurers in Uganda and first foreign underwriter in Southern Sudan. As a third party administrator of pension funds, UAP provides pension products that include;
Individual Pension Plans
This pension products being different and complex require a sophisticated system to configure and manage, a function that FundMaster performs with ease.
Managing both the defined benefits and defined contribution schemes of the Bank of Uganda employees.
Britam is a leading diversified financial services group, listed on the Nairobi Securities Exchange. The group has interests across the Eastern and Southern Africa region, with operations in Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique and Malawi. The group offers a wide range of financial products and services in Insurance and Pension, Asset management, Banking and Property.
Britam’s aggressive growth strategy, including regional expansion involves going into new market segments and product diversification. To execute this strategy, Britam has invested billions of shillings in an IT driven business transformation project whose goal is to automate operations and improve customer experience.
FundMaster Xi is the IT platform of choice for its retirement benefits and pension administration business. When completely installed, the system is expected to make Britam more customer centric, as it focuses on delivering value, advanced analytics and real time systems that make interactions faster and more efficient.
“If we consider the insurance industry in Kenya, historically, it hasn’t been known to be tech-savvy. It hasn’t done well when it comes to leveraging IT or using it innovatively, unlike other players in the financial sector, such as banks. But this is bound to change when this project is fully implemented,” said Maina.
With the increased uptake of technology and mobile penetration across sub-Saharan Africa, Maina believes the online insurance and pension market is going to be the next big thing, offering customers their preferred products at the click of a button.
Managing both the defined benefits and defined contribution schemes of the Central Bank of Kenya employees. The entire pension office operations including accounting and investments also managed through FundMaster.
The Mukuba Pension Scheme is the leader and the oldest occupational pension scheme in Zambia having been created in April 1982 primarily to serve the occupational pension needs of the then Zambia Consolidated Copper Mines (ZCCM) employees.
Mukuba Pension administers two Schemes; Defined Benefit and Defined Contribution schemes. Over the years, the Scheme has been rebranded and opened up to carter for all mining and related sectors.
With their experience in the industry, Mukuba Pension Scheme has become the Pensioner’s most preferred scheme administrator. Mukuba Pension is resilient, buoyant and prudent in pension administration.
By employing FundMaster, Mukuba brings a fresh and innovative approach to pension services. Their GOAL is to exceed the expectations of every client by offering outstanding customer service, increased flexibility and greater value, thus improving operational efficiency in the way they process pension.
The Kenya Railways Staff Retirement Benefit Scheme (“Scheme”) was established in July 2006. Previously the Kenya Railways Corporation (‘the KRC’) operated an unfunded pension plan which was governed under Regulations made under the Kenya Railways Corporation Act. The establishment of the Scheme was accompanied with a concession to transfer property assets previously held by the Kenya Railways Corporation to form a portfolio of property-based assets for the purposes of funding the newly established Scheme.
The Schemes’ vision is to be a model retirement benefit scheme providing comfort and dignity to members with its to efficiently manage the resources of the scheme to enable it to optimally discharge its obligations to its members.
Since its establishment, the Scheme has operated as a closed Scheme with no active contributing members. Currently (as at 1st October 2020), the Scheme has a total membership of 8,720 comprising of 7,788 Active pensioners, and 932 differed pensioners who are still employed at KRC, RTI and MGR who upon retirement from service receives a one off lumpsum benefit from the Scheme and are subsequently admitted into the monthly pension payroll of the Scheme in accordance with the Scheme Rules. The Scheme also offers a relief to the dependents of the deceased pensioners for a period of five years.
The National Social Security and Insurance Trust is a Statutory Public Trust, charged with the responsibility of administering Sierra Leone’s National Pension Scheme by the National Social Security and Insurance Trust Act. No. 5 of 20th July 2001. The National Social Security and Insurance Trust was established “to provide retirement and other benefits to meet the contingency needs of workers and their dependents and to provide other related matters”
After the declaration of the end of the decade-long civil war (1991-2002), the President, Alhaji Dr. Ahmad Tejan Kabbah, expressed his desire to establish a social security scheme as part of the process of rehabilitation, reconstruction and resettlement geared towards sustainable peace, good governance, socio-economic development and political advancement. In order to achieve his dream, the President included Social Security within the mandate of the Ministry of Labour and Industrial Relations, in 1999, with the responsibility of establishing the Scheme for all categories of workers, and the Social Safety Net for the aged and needy throughout Sierra Leone.
The Trust is autonomous and belongs to the state.
Core Functions of the Trust
Registration of employers and employees
Collection of contributions
Processing and payment of benefits
The maintenance of records on contributions and Insured earnings
Compliance and enforcement procedures
Management of the funds of the scheme
Characteristics of the Scheme
t is a defined benefit social insurance scheme
It is partially funded and financed on a scaled premium basis
It is compulsory for all employees and voluntary for the self-employed
It is portable i.e. one can move from one job to another without loss of pensions
Benefits are indexed to maintain the real value of pensions
Financing of the Scheme comes primarily from contributions and investment earnings. The portion of funds not used to pay current benefits are accumulated and invested to pay for future benefits since the Scheme is partially financed from contributions of employers and employees. There is no subsidy from the Government.
The URA SRBS was set up in July 2007 to cater for the retirement needs of all Uganda Revenue Authority employees.
The Scheme was set up as a defined contribution retirement benefit scheme, with contributions from the employer and the employees. The membership of the scheme consists of all staff of Uganda Revenue Authority, with exception of those whose contracts of employment prohibit them from being members.
The day-to-day administration of the Scheme is carried out in house by a Principal Officer assisted by hired professional service providers, namely the Fund Managers and the Custodian.
The current membership of the Scheme is approximately 2,600 staff and asset portfolio value of approximately 170 billion Ugandan shillings.