What is ICEA LION's Umbrella Retirement Benefits Scheme?

An Umbrella Retirement Benefits Scheme (Umbrella Pension Scheme) is an arrangement where an independent company (mostly a regulated financial company like a Fund Manager), provides retirement benefits, death benefits, etc. to members of different participating companies.

In an Umbrella Pension Scheme, an employer joins the scheme together with other participating employers for the benefit of their employees. These multiple employers invest collectively as one fund thereby enjoying the benefits of a large (pooled) fund.

The Umbrella Retirement Benefits Scheme provides a practical solution for organizations that are too small to set up and efficiently operate their own occupational retirement benefit schemes. It has a set of standard rules (Trust Deed and Rules – TDR) which all joining members must comply with. With the ‘ICEA LION Teleka Umbrella Fund’, these employers can have their employees join the pre-existing scheme thereby enjoying a flexible, cost-effective and efficient way of saving towards retirement.

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As the sponsor of the scheme, employers have the right to choose the type of fund structure i.e. Provident Fund or Pension Fund. A provident fund allows retiring members to access a lump sum payment upon their retirement while a pension fund will require a retiring member to purchase an annuity so that she/he receives monthly pension for a specified period of time.

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What Are The Benefits Of The ICEA LION Umbrella Retirement Benefits Scheme To the Employer?

Set-Up Costs

You as the employer joins an already established scheme, you do not need to incur the hefty costs associated with setting up a segregated scheme.

Running Costs

Our scheme has a common pool of service providers whose costs are shared amongst the various schemes thereby maintaining costs at a minimum.

Job Specialization

You as an employer are relieved from managing your employees’ retirement benefits allowing you to concentrate on your core business activities.

Enhanced Staff Loyalty & Retention

By offering employees essential benefits, you as the employer are able to retain productive and competent employees, while offering a competitive package to attract new talent.

Reduced Exposure

There are no heavy fiduciary responsibilities assumed by you as an employer because the ICEA LION is well-known, has an experienced board of trustees and is managed by respected industry professionals.

Professional Service

Pooling of resources enables your scheme to engage the services of highly professional service providers who would have been out of financial reach for you as a stand-alone occupational scheme


Secure Your Employee’s Future

According to the proposed NSSF Act, all employers must contribute (6%) to the National Social Security Fund (NSSF). With an Umbrella Scheme, Tier II contributions can be retained in a registered scheme

What other important information should I know about ICEA LION’s Umbrella Retirement Benefits Scheme?

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What Are The Benefits Of The Umbrella Retirement Benefits Scheme To Your Employees?

Higher Returns

From participating in a larger pool, your employee’s costs are kept at a minimum allowing them as members, to enjoy cost savings and economies of scale which translate into improved investment returns

Diversified Portfolio

Because of our scheme’s size, your employees get the added advantage of accessing a wider spread of investments in various financial instruments

Peace of Mind

Member retirement funds are managed by our independent retirement fund professionals who are accountable and are tasked with ensuring that the umbrella fund is compliant with all relevant legislation. We also commit to delivering value to our members

Regular Updates

As our member, we regularly update your employees on the status and performance of their retirement benefits

Connectivity via ICT

Our robust ICT administration platform ensures that your employees receive communication in a regular and effective manner


Our fund is supported by a stable, financially sound and well managed organization with over 35+ years of experience

How Does An Organization Join ICEA LION’s Umbrella Retirement Benefits Scheme?

  1. An employer wishing to join the scheme will first need to familiarize themselves with the Trust Deed and Rules (TDR) which sets all the terms and conditions for the member sponsors (employers)

  2. The employer then joins the ICEA LION Umbrella Retirement Benefits Scheme by duly completing the Deed of Adherence. At a minimum the Deed of Adherence shall define:

      • Normal retirement age
      • Additional benefits set out in the General Rules of the Umbrella Scheme
      • Access to the employers’ portion of the benefits by way of lump sum or purchase of annuity i.e. provident fund or pension fund.


Thereafter, they will be expected to remit monthly employee and employer contributions to the scheme’s custodian. 

Who Is Eligible To Join The ICEA LION Umbrella Retirement Benefits Scheme?

  • Our ICEA LION Umbrella Retirement Benefits Scheme is open to any employer:
    With at least two employees looking to set up a retirement scheme for their employees
  • With an existing scheme looking to enjoy economies of scale by pooling resources when they join an umbrella scheme
  • With an existing scheme looking to move from a guaranteed arrangement to a segregated arrangement
  • Seeking to relinquish management of their scheme to professional managers

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