The Enwealth Umbrella Fund is an arrangement whereby many employers decide to participate in a guaranteed/segregated fund arrangement together as a pool for cost cutting/sharing.
What is Enwealth Umbrella Fund?
Fund Administration services
In accordance to the provisions of Uganda Retirement Benefits Regulatory Authority Act the Fund governance structure provides for separation of roles in custody, investments, day-to-day administrative roles, book keeping and records management
The joining procedure into the Enwealth Umbrella Fund is simple, convenient and involves no start-up costs for the employer or the employees.The joining procedure is outlined as follows:
The Employer will sign a Deed of Adherence undertaking to abide by the rules of the Fund.
The members will individually complete and sign Joining Forms and Nomination of Beneficiary Forms providing Enwealth with the member particulars .
We shall open individual accounts for each member allowing members to view their contribution history and balances through our online portal and access to the Enwealth Mobile App for convenient member access.
- The funds are invested in accordance to the investment policy statement that is prepared by an independent financial advisor and reviewed every 3 years.
- Investments are done by the appointed fund manager who is licensed by the Uganda Retirement Benefits Regulatory Authority (URBRA). Investments are guided by an IPS
- The scheme assets are held by the appointed custodian (Bank) and separated from the assets of any organization thus enhancing the security of your retirement ‘nest egg’.
- The scheme has an appointed Corporate Trustee who is independent from Enwealth Financial Services Ltd and watches over the operations of the scheme on behalf of the members
- Members are able to benefit from economies of scale so that costs have a reduced impact on returns declared to members.
- The ability to diversify more effectively. Evidence shows that a large well-diversified investment portfolio outperforms smaller, less diversified portfolios.
- The management of all aspects of the fund are outsourced. Therefore, the Employer does not need to be involved in complex governance, trusteeship, investment, custody & administration.
- Members can use up to 50% of their accrued savings for the purpose of securing a mortgage.
- Pensions form an important fallback position for contributors at retirement or earlier in the event of job loss.
- The scheme is regulated by URBRA. URBRA is responsible for the protection of members rights.
- Member Education Services from the Enwealth Training Team which covers personal financial management, pre-retirement training and Change Management among others.
- Access to our online portal that allows individual members with secure web-based access to their scheme data including records on their Nominated Beneficiaries, contributions history, benefits projections and benefits statements.
- Access to our innovative products that include the, Income Drawdown Fund, pension backed mortgages.
Frequently Asked Questions
The umbrella fund is a solution for employers as a benefit to the employees, hence a member cannot join as an individual but under the cover of the employer.
This means that when an employee leaves the services of a participating employer, they cease to be members.
- Benefits to secure my retirement income.
- Member educational sessions that cover financial wellbeing.
- Access to other innovative products e.g. IDD
- It is one of the most secure form of savings