In the event that an organization would like to set-up their own retirement benefits plan, Dry Associates Pensions Department can assist the corporate entity through the entire process as well as act as the Fund Manager - giving your organization the benefit of over 27 years of investment experience in Kenya. This typically becomes feasible for organizations with at least 20 to 30 employees. For those corporates with less staff members, they can simply join our Dry Associates Personal Provident Plan (DAPPP) and start enjoying award winning services and returns. To date, we have set up several segregated retirements benefits schemes that are performing well and to the organization’s complete satisfaction.
A retirement benefits plan can be set-up within a reasonable time frame and the process is highlighted below:
Establishing a Retirement Benefit Plan – Step one
Following a board resolution to set up a retirement benefit plan, Dry Associates will prepare a Trust Deed and Rules that will form the basis of the agreement between the organization and the Trustees of the plan. Dry Associates will further assist the organization to come up with the plan’s design and benefit structure based on the organization’s particular needs and requirements.
Registering a Retirement Benefit Plan – Step two
Next, we will guide the client in the implementation of the Retirement Benefit Plan to be in compliance with the RBA and the Kenya Revenue Authority (KRA). Registration with the RBA and the KRA must be sought prior to the commencement of the plan, to take advantage of tax exemptions. This benefits both the employer (savings on corporate tax among other benefits) and employee (P.A.Y.E – tax free up to KES 20,000 per month).
We look forward to meeting with you to discuss setting up your own retirement benefits plan.
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