Who Is A Trustee ?

A trustee, also known as fiduciary, is a person who has an obligation to act for another’s benefit and hold legal (but not beneficial) authority/ownership to the assets in a trust.

A trustee occupies a position of trust and confidence to manage and protect assets (property and/or money) for someone else.

When naming a trustee, it is important to consider:

  • The complexities of the trust
  • Whether the trustee you select has the time, knowledge, expertise, objectivity, and desire to assume the important responsibilities that accompany this role.

A trustee can be an individual or a corporate entity. In Kenya, a corporate Trustee must be a company incorporated under the Companies Act having a subscribed capital of not less than KES 10 Million and is empowered to hold assets in Trust.

ICEA LION, your trusted Corporated Trustee

At ICEA LION, we have a wealth of experience that spans over 30 years in Corporate Trusteeship. We offer our service to:

  1. Private Trust – where we act on behalf of an individual or a family
  2. Retirement Benefits Scheme – where we act on behalf of self-contributing groups or employer-funded schemes where we manage their retirement scheme.

Talk to us about Corporate Trusteeship

Helpful Tips

A trustee occupies a position of trust and confidence to manage and protect your assets (property and/or money) so choose yours wisely.

Corporate-Pages-2

If you would like to talk to us in person, you can call us on +254 719 071 999 or request a call back by clicking here.

Book a call

enter your details so we can schedule  a call for you

What is ICEA LION's Duty As Corporate Trustee To A Private Trust?

Our overall duty is to serve your private trust as a regulated, impartial third-party who has the professional experience and board resource to manage even the most complex situations relating to your property and assets. We act with due care, diligence and good faith to avoid conflict of interest and ensure that the interests of all parties including your beneficiaries(e.g. minors, disabled persons, charities and foundations) are protected at all times.

As Corporate Trustee we perform the role of administration, asset management and custody over your estate and have the following legal responsibilities:

  • Oversee and execute your wishes as the settlor
  • Administer and distribute the assets in your trust according to your Instructions
  • Manage your trust’s assets
  • Act with impartiality in respect of all members and beneficiaries
  • Record keep, account for and initiate transactions
  • File taxes on behalf of the trust
  • Defend the trust against claimants
  • Reassess the objectives of the trust and current market conditions to ensure that the investments match  those objectives

What Do I Need To Consider When Selecting A Corporate Trustee

Reputation:

Select a Corporate Trustee who has demonstrable track record, stable ownership, financial stability and credibility.

Experience:

Your Corporate Trustee should have a wide range of experience as this will enable them to proactively identify and assist you with issues and to offer innovative and timely solutions for your trust or scheme.

Networks:

A networked Corporate Trustee is able to tap into a wider resources within the financial services sector and thereby likely to better address most of he needs of your trust or scheme.

Responsiveness:

Your Corporate Trustee should be flexible, consultative and innovative in their approach to better adapt and improve the way your trust or scheme is run.

Pragmatic

Your Corporate Trustee should have the experience and pragmatism to balance the complexities of running the scheme according to legal regulations but still meet the investment goals of the scheme

What Are The Advantages of Having ICEA LION as a Corporate Trustee

Wealth of Experience

We have wealth of experience honed over several years from working with numerous schemes and private trusts
You Benefit from a wide pool of the expertise and knowledge of our professional team

Focus on Core Competence

We release your employees to concentrate on their core employment duties

Up to Date With Regulation

We have resources available to keep pace with the changing legislation, investment and administration requirements.

Collaborative

We are able to act alone or together with co-trustees nominated by you as the sponsor or your members

Independence

We exercise true independence when making decision related to our role as corporate trustree

Industry Relations

We have excellent relations and lines of communication with the regulatory authorities

Perpetuity

We have perpetual existence of as a corporate trustee company

Training

We offer continuous training to our teams on legislative, investment and administration matters

Liability Insurance

We have Trustee Liability Insurance cover embedded in our offering. Due to our fiduciary responsibilities as trustees, it may require us to have appropriate insurance cover to indemnify us in case a member, sponsor or regulatory body taking legal action against us

We Save You Time & Money

The retirement Benefits Authority (RBA) requires that all trustee undergo a mandatory one week certification program to qualify to be trustee. This is a costly training and also takes away your trustee from their core duties. Due to the fact that This is our core business, we save you the time and money spent pursuing this mandatory certification.

Speak To Our Team

What Is ICEA LION’s Duty As Corporate Trustee To A Retirement Benefits Scheme?

Managing a retirement scheme can be a time-consuming and possibly complex task for a self-funding group of individuals, the organization or the trustees; usually the employer or the nominated staff elected to act on behalf of the members of the scheme. The regulations and legal responsibility bestowed on these members can go beyond their specific resources and capabilities. We, as the Corporate Trustee, relieve the group, organization or trustees from this responsibility by managing the scheme professionally, as required by the regulators and the law.

The main advantage of having a Corporate Trustee is that you are able to transfer this responsibility to us and focus on your core business. We specialize in running and managing retirement schemes and remove the exposure of non-compliance as well as the personal responsibility of anyone acting as a trustee. By engaging us as your Corporate Trustee, you ensure your scheme is managed and run professionally. Further, we share regular updates with the Sponsor of the Scheme so that we carry the wishes of the employer and the members of the retirement scheme.

ICEA LION’s Duty As Corporate Trustee To A Retirement Benefits Scheme Our duties include:

  • Administering the scheme in accordance with the provisions of the Retirement Benefits Act and regulations, the Income Tax Act and any other legislation relating to the administration and management of the Fund as well the scheme rules
  • Ensuring that the management of scheme is carried out in the best interests of the members and sponsors of the scheme
  • Keeping proper books and records of account and ensuring timely filing and reporting
  • Computing and preparing statements of payments of benefits to members and nominated beneficiaries
  • Liaising with the Retirement Benefit Authority, sponsors, members and scheme’s service providers
  • Maintenance of individual membership records
  • Updating the sponsor at least quarterly during the financial year on all matters regarding the scheme
  • Ensuring the scheme assets are prudently managed to meet the objectives of the scheme whilst minimizing the risk
  • Acting with due care, diligence and good faith
  • Avoiding conflict of interest
  • Acting with impartiality in respect of all members and beneficiaries
  • Complying with the provisions of the Retirement Benefits Act 
  • Appointing all scheme service providers
  • Convening Trustee/Annual General Meetings (AGMs)
  • Ensuring timely contributions are remitted
  • Ensuring documents binding the scheme are professionally prepared
  • Paying member benefits as claimed within 30 days and transfer to another scheme within 60 days
  • Ensuring scheme funds are invested in accordance with the Act and the Investment Policy Statement
  • Delegating any of their powers (save for discretionary and fiduciary responsibility)

What Other Types Insurance Does ICEA LION Have?

Investment done
right

For a little as Kes 500/- and with the right partner to back you up, the only way for your investments is up

Need Help?

I’m Here To Assist You

Something isn’t Clear?
If you would like to talk to us in person, you can call us on +254 719 071 999 or request a call back by clicking here.

Kindly note that client login is only available to existing ICEA LION customers
Click here to proceed to the Self Service Portal if you are already a client of ICEA LION.
Otherwise, see products available to buy online