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Rank: Elder Joined: 2/8/2013 Posts: 4,068 Location: At Large.
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I need some help on this subject. I am on my 4th employer and in each employment I left behind half my pension contribution as per the law. I have been approached by a Britam employee who has advised me yo consolidate the 3 and invest as 1 in Britam pension scheme. Experts what can you advise?Is it a wise move? How is Britam compared to AON Minet,APA,Alexander Forbes,Enwealth etc. Love is beautiful and so are those who share it.With Love, Marriage is an amazing event in ones life time, the foundation of joy, happiness and success.
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Rank: Elder Joined: 2/16/2007 Posts: 2,114
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So you have an IPP(Individual Pension Plan),i,e your current employer does not have a pension scheme? Bigchick wrote:I need some help on this subject.
I am on my 4th employer and in each employment I left behind half my pension contribution as per the law.
I have been approached by a Britam employee who has advised me yo consolidate the 3 and invest as 1 in Britam pension scheme.
Experts what can you advise?Is it a wise move?
How is Britam compared to AON Minet,APA,Alexander Forbes,Enwealth etc.
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Rank: Elder Joined: 2/8/2013 Posts: 4,068 Location: At Large.
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Chaka wrote:So you have an IPP(Individual Pension Plan),i,e your current employer does not have a pension scheme? Bigchick wrote:I need some help on this subject.
I am on my 4th employer and in each employment I left behind half my pension contribution as per the law.
I have been approached by a Britam employee who has advised me yo consolidate the 3 and invest as 1 in Britam pension scheme.
Experts what can you advise?Is it a wise move?
How is Britam compared to AON Minet,APA,Alexander Forbes,Enwealth etc. They do but I dont want to bring my previous ones where I am at the moment. Love is beautiful and so are those who share it.With Love, Marriage is an amazing event in ones life time, the foundation of joy, happiness and success.
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Rank: Elder Joined: 10/3/2008 Posts: 4,057 Location: Gwitu
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Bigchick wrote:I need some help on this subject.
I am on my 4th employer and in each employment I left behind half my pension contribution as per the law.
I have been approached by a Britam employee who has advised me yo consolidate the 3 and invest as 1 in Britam pension scheme.
Experts what can you advise?Is it a wise move?
How is Britam compared to AON Minet,APA,Alexander Forbes,Enwealth etc. I don't know which of the insurer is the best but consolidating is a very good idea. Truth forever on the scaffold
Wrong forever on the throne
(James Russell Rowell)
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Rank: Elder Joined: 12/4/2009 Posts: 10,701 Location: NAIROBI
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kaka2za wrote:Bigchick wrote:I need some help on this subject.
I am on my 4th employer and in each employment I left behind half my pension contribution as per the law.
I have been approached by a Britam employee who has advised me yo consolidate the 3 and invest as 1 in Britam pension scheme.
Experts what can you advise?Is it a wise move?
How is Britam compared to AON Minet,APA,Alexander Forbes,Enwealth etc. I don't know which of the insurer is the best but consolidating is a very good idea. Bigchick Try ICEALION,CIC,Jubilee and SANLAM. Those are also good and give good returns Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Elder Joined: 2/8/2013 Posts: 4,068 Location: At Large.
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Ericsson wrote:kaka2za wrote:Bigchick wrote:I need some help on this subject.
I am on my 4th employer and in each employment I left behind half my pension contribution as per the law.
I have been approached by a Britam employee who has advised me yo consolidate the 3 and invest as 1 in Britam pension scheme.
Experts what can you advise?Is it a wise move?
How is Britam compared to AON Minet,APA,Alexander Forbes,Enwealth etc. I don't know which of the insurer is the best but consolidating is a very good idea. Bigchick Try ICEALION,CIC,Jubilee and SANLAM. Those are also good and give good returns Thanks. Please advise relative to BRITAM. I have something with SANLAM and so far I dont like what I have seen from them.Its just that am locked in till 2019 otherwise I would have left them. Love is beautiful and so are those who share it.With Love, Marriage is an amazing event in ones life time, the foundation of joy, happiness and success.
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Rank: Elder Joined: 2/16/2007 Posts: 2,114
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I suppose you belong to the scheme where you are at the moment?Who is the provider?As far as I know you cannot be a member of a scheme and also have an IPP?Ideally each time you changed jobs,you should have moved your funds to the new employer's scheme. Bigchick wrote:Chaka wrote:So you have an IPP(Individual Pension Plan),i,e your current employer does not have a pension scheme? Bigchick wrote:I need some help on this subject.
I am on my 4th employer and in each employment I left behind half my pension contribution as per the law.
I have been approached by a Britam employee who has advised me yo consolidate the 3 and invest as 1 in Britam pension scheme.
Experts what can you advise?Is it a wise move?
How is Britam compared to AON Minet,APA,Alexander Forbes,Enwealth etc. They do but I dont want to bring my previous ones where I am at the moment.
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Rank: Member Joined: 1/3/2014 Posts: 257
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Chaka wrote:I suppose you belong to the scheme where you are at the moment?Who is the provider?As far as I know you cannot be a member of a scheme and also have an IPP?Ideally each time you changed jobs,you should have moved your funds to the new employer's scheme. Bigchick wrote:Chaka wrote:So you have an IPP(Individual Pension Plan),i,e your current employer does not have a pension scheme? Bigchick wrote:I need some help on this subject.
I am on my 4th employer and in each employment I left behind half my pension contribution as per the law.
I have been approached by a Britam employee who has advised me yo consolidate the 3 and invest as 1 in Britam pension scheme.
Experts what can you advise?Is it a wise move?
How is Britam compared to AON Minet,APA,Alexander Forbes,Enwealth etc. They do but I dont want to bring my previous ones where I am at the moment. It is in your best interest to consolidate into one scheme. If your current employer has a scheme, transfer the funds from the other three schemes into it. Seconding @chaka's advice.
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Rank: Member Joined: 1/30/2011 Posts: 207
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@BigChick It is true, Individual Pension Plan (IPP) will enable you to consolidate your pension funds - after transferring your locked -in benefits from your previous employers' pension schemes. Through IPP, you will be able to have personal oversight over your funds and control on when to access your funds pension funds within the stipulated law. I can assist you with the consolidation process though I am attached to Sanlam. I wouldn't mind a meet up in person. Perhaps I can be of assistance with the current misgivings you have with Sanlam. 
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Rank: Elder Joined: 12/4/2009 Posts: 10,701 Location: NAIROBI
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Bigchick wrote:Ericsson wrote:kaka2za wrote:Bigchick wrote:I need some help on this subject.
I am on my 4th employer and in each employment I left behind half my pension contribution as per the law.
I have been approached by a Britam employee who has advised me yo consolidate the 3 and invest as 1 in Britam pension scheme.
Experts what can you advise?Is it a wise move?
How is Britam compared to AON Minet,APA,Alexander Forbes,Enwealth etc. I don't know which of the insurer is the best but consolidating is a very good idea. Bigchick Try ICEALION,CIC,Jubilee and SANLAM. Those are also good and give good returns Thanks. Please advise relative to BRITAM. I have something with SANLAM and so far I dont like what I have seen from them.Its just that am locked in till 2019 otherwise I would have left them. Then go for ICEALION or CIC Insurance. Have the IPP on a separate insurance company from the one your employer is using Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Elder Joined: 2/8/2013 Posts: 4,068 Location: At Large.
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Chaka wrote:I suppose you belong to the scheme where you are at the moment?Who is the provider?As far as I know you cannot be a member of a scheme and also have an IPP?Ideally each time you changed jobs,you should have moved your funds to the new employer's scheme. Bigchick wrote:Chaka wrote:So you have an IPP(Individual Pension Plan),i,e your current employer does not have a pension scheme? Bigchick wrote:I need some help on this subject.
I am on my 4th employer and in each employment I left behind half my pension contribution as per the law.
I have been approached by a Britam employee who has advised me yo consolidate the 3 and invest as 1 in Britam pension scheme.
Experts what can you advise?Is it a wise move?
How is Britam compared to AON Minet,APA,Alexander Forbes,Enwealth etc. They do but I dont want to bring my previous ones where I am at the moment. Unless am missing something,this is my situation. I have been employed by 3 different employers who have all had SPF schemes. Upon leaving I have been refunded 50%and 50% has remained in that scheme (so I have 3 50%s out there with 3 different schemes) At the point of leaving those employers I was given the choice to move the funds to a scheme of my choice or let them remain there. I chose to them stay. Now after a talk from the Britam officer,I wish to consolidate the 3 and move them to Britam but I seek your advise first on such a move. And yes I am currently employed and we have a scheme but I do not wish to move my funds where I am currently. I dont get about that IPP. Love is beautiful and so are those who share it.With Love, Marriage is an amazing event in ones life time, the foundation of joy, happiness and success.
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Rank: Elder Joined: 9/20/2015 Posts: 2,811 Location: Mombasa
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Bigchick wrote:Chaka wrote:I suppose you belong to the scheme where you are at the moment?Who is the provider?As far as I know you cannot be a member of a scheme and also have an IPP?Ideally each time you changed jobs,you should have moved your funds to the new employer's scheme. Bigchick wrote:Chaka wrote:So you have an IPP(Individual Pension Plan),i,e your current employer does not have a pension scheme? Bigchick wrote:I need some help on this subject.
I am on my 4th employer and in each employment I left behind half my pension contribution as per the law.
I have been approached by a Britam employee who has advised me yo consolidate the 3 and invest as 1 in Britam pension scheme.
Experts what can you advise?Is it a wise move?
How is Britam compared to AON Minet,APA,Alexander Forbes,Enwealth etc. They do but I dont want to bring my previous ones where I am at the moment. Unless am missing something,this is my situation. I have been employed by 3 different employers who have all had SPF schemes. Upon leaving I have been refunded 50%and 50% has remained in that scheme (so I have 3 50%s out there with 3 different schemes) At the point of leaving those employers I was given the choice to move the funds to a scheme of my choice or let them remain there. I chose to them stay. Now after a talk from the Britam officer,I wish to consolidate the 3 and move them to Britam but I seek your advise first on such a move. And yes I am currently employed and we have a scheme but I do not wish to move my funds where I am currently. I dont get about that IPP. I am working with Britam si ulete hiyo pesa nikule. John 5:17 But Jesus replied, “My Father is always working, and so am I.”
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Rank: Elder Joined: 10/3/2008 Posts: 4,057 Location: Gwitu
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Bigchick wrote:Chaka wrote:I suppose you belong to the scheme where you are at the moment?Who is the provider?As far as I know you cannot be a member of a scheme and also have an IPP?Ideally each time you changed jobs,you should have moved your funds to the new employer's scheme. Bigchick wrote:Chaka wrote:So you have an IPP(Individual Pension Plan),i,e your current employer does not have a pension scheme? Bigchick wrote:I need some help on this subject.
I am on my 4th employer and in each employment I left behind half my pension contribution as per the law.
I have been approached by a Britam employee who has advised me yo consolidate the 3 and invest as 1 in Britam pension scheme.
Experts what can you advise?Is it a wise move?
How is Britam compared to AON Minet,APA,Alexander Forbes,Enwealth etc. They do but I dont want to bring my previous ones where I am at the moment. Unless am missing something,this is my situation. I have been employed by 3 different employers who have all had SPF schemes. Upon leaving I have been refunded 50%and 50% has remained in that scheme (so I have 3 50%s out there with 3 different schemes) At the point of leaving those employers I was given the choice to move the funds to a scheme of my choice or let them remain there. I chose to them stay. Now after a talk from the Britam officer,I wish to consolidate the 3 and move them to Britam but I seek your advise first on such a move. And yes I am currently employed and we have a scheme but I do not wish to move my funds where I am currently. I dont get about that IPP. Actually you don't have any IPP and you should open one and transfer funds from all other schemes except that of your present employer. I transferred mine to Jubilee. Truth forever on the scaffold
Wrong forever on the throne
(James Russell Rowell)
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Rank: Member Joined: 1/30/2011 Posts: 207
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Bigchick wrote:Chaka wrote:I suppose you belong to the scheme where you are at the moment?Who is the provider?As far as I know you cannot be a member of a scheme and also have an IPP?Ideally each time you changed jobs,you should have moved your funds to the new employer's scheme. Bigchick wrote:Chaka wrote:So you have an IPP(Individual Pension Plan),i,e your current employer does not have a pension scheme? Bigchick wrote:I need some help on this subject.
I am on my 4th employer and in each employment I left behind half my pension contribution as per the law.
I have been approached by a Britam employee who has advised me yo consolidate the 3 and invest as 1 in Britam pension scheme.
Experts what can you advise?Is it a wise move?
How is Britam compared to AON Minet,APA,Alexander Forbes,Enwealth etc. They do but I dont want to bring my previous ones where I am at the moment. Unless am missing something,this is my situation. I have been employed by 3 different employers who have all had SPF schemes. Upon leaving I have been refunded 50%and 50% has remained in that scheme (so I have 3 50%s out there with 3 different schemes) At the point of leaving those employers I was given the choice to move the funds to a scheme of my choice or let them remain there. I chose to them stay. Now after a talk from the Britam officer,I wish to consolidate the 3 and move them to Britam but I seek your advise first on such a move. And yes I am currently employed and we have a scheme but I do not wish to move my funds where I am currently. I dont get about that IPP. @Bigchick, kindly allow me to explain how the IPP works in person... Also you can refer my post #9 about how it works ... Thank you beforehand
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Rank: Elder Joined: 2/16/2007 Posts: 2,114
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The question is this.Can @BigChick belong to the current SPF and at the same time also join an IPP? @BigChick,I suppose the investment at Sanlam is a unit linked insurance product? Wororo wrote:@BigChick It is true, Individual Pension Plan (IPP) will enable you to consolidate your pension funds - after transferring your locked -in benefits from your previous employers' pension schemes. Through IPP, you will be able to have personal oversight over your funds and control on when to access your funds pension funds within the stipulated law. I can assist you with the consolidation process though I am attached to Sanlam. I wouldn't mind a meet up in person. Perhaps I can be of assistance with the current misgivings you have with Sanlam.
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Rank: Member Joined: 1/30/2011 Posts: 207
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Chaka wrote:The question is this.Can @BigChick belong to the current SPF and at the same time also join an IPP? @BigChick,I suppose the investment at Sanlam is a unit linked insurance product? Wororo wrote:@BigChick It is true, Individual Pension Plan (IPP) will enable you to consolidate your pension funds - after transferring your locked -in benefits from your previous employers' pension schemes. Through IPP, you will be able to have personal oversight over your funds and control on when to access your funds pension funds within the stipulated law. I can assist you with the consolidation process though I am attached to Sanlam. I wouldn't mind a meet up in person. Perhaps I can be of assistance with the current misgivings you have with Sanlam. @Chaka It is very much possible under the law to be a member of Staff Pension Scheme and at the same time have an IPP account. So Bigchick will continue being a member of his current employer's Group Independent Pension Plan (GIPP) and at the same time aggregate her past remaining employers 50% contributions in an IPP account. An IPP is self-sponsored while a GIPP is employer-sponsored. An IPP harmonizes the time one will receive his/her retirement funds after consolidation - as opposed to varying retirement ages as prescribed in the various staff pension trustee deeds. In a nutshell one dictates the time but within the stipulated law. Kindly note that the Sanlam Life Insurance Pension Scheme isn't unit linked. The funds/contributions are pooled together and invested. The safety of an individual funds/contributions is Sanlam's priority - by ensuring statutory, legal and voluntary restrictions compliance. The pooled funds are invested in: 1) Government Securities i.e. Bonds, Treasury Bills 2) Equity Stock – NSE 3) Money Markets Securities 4) Offshore equity investments The Sanlam Life Pension Scheme is registered and regulated by the RBA. So as a member one is legally protected through the RBA.
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Rank: Veteran Joined: 11/13/2015 Posts: 1,595
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@Bigchick, the fact that you took out your 50% shows a bad saving culture. pension contributions is just 10% of earnings. The fact that you have the remaining 50% scattered in 3 funds also shows you can't concentrate your capital.
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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Wororo wrote:Chaka wrote:The question is this.Can @BigChick belong to the current SPF and at the same time also join an IPP? @BigChick,I suppose the investment at Sanlam is a unit linked insurance product? Wororo wrote:@BigChick It is true, Individual Pension Plan (IPP) will enable you to consolidate your pension funds - after transferring your locked -in benefits from your previous employers' pension schemes. Through IPP, you will be able to have personal oversight over your funds and control on when to access your funds pension funds within the stipulated law. I can assist you with the consolidation process though I am attached to Sanlam. I wouldn't mind a meet up in person. Perhaps I can be of assistance with the current misgivings you have with Sanlam. @Chaka It is very much possible under the law to be a member of Staff Pension Scheme and at the same time have an IPP account. So Bigchick will continue being a member of his current employer's Group Independent Pension Plan (GIPP) and at the same time aggregate her past remaining employers 50% contributions in an IPP account. An IPP is self-sponsored while a GIPP is employer-sponsored. An IPP harmonizes the time one will receive his/her retirement funds after consolidation - as opposed to varying retirement ages as prescribed in the various staff pension trustee deeds. In a nutshell one dictates the time but within the stipulated law. Kindly note that the Sanlam Life Insurance Pension Scheme isn't unit linked. The funds/contributions are pooled together and invested. The safety of an individual funds/contributions is Sanlam's priority - by ensuring statutory, legal and voluntary restrictions compliance. The pooled funds are invested in: 1) Government Securities i.e. Bonds, Treasury Bills 2) Equity Stock – NSE 3) Money Markets Securities 4) Offshore equity investments The Sanlam Life Pension Scheme is registered and regulated by the RBA. So as a member one is legally protected through the RBA. Good stuff...improve on your 8 posts surely...usiwe mchoyo with info. possunt quia posse videntur
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Rank: Elder Joined: 2/16/2007 Posts: 2,114
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@Wororo, Thanks for the info regarding belonging to two pension plans at the same time.I didn't know that... About the unit linked investment I was referring to what @BigChick had said regarding the investment at Sanlam... quote I have something with SANLAM and so far I dont like what I have seen from them.Its just that am locked in till 2019 otherwise I would have left them. unquote Wororo wrote:
@Chaka
It is very much possible under the law to be a member of Staff Pension Scheme and at the same time have an IPP account.
So Bigchick will continue being a member of his current employer's Group Independent Pension Plan (GIPP) and at the same time aggregate her past remaining employers 50% contributions in an IPP account.
An IPP is self-sponsored while a GIPP is employer-sponsored.
An IPP harmonizes the time one will receive his/her retirement funds after consolidation - as opposed to varying retirement ages as prescribed in the various staff pension trustee deeds.
In a nutshell one dictates the time but within the stipulated law.
Kindly note that the Sanlam Life Insurance Pension Scheme isn't unit linked.
The funds/contributions are pooled together and invested.
The safety of an individual funds/contributions is Sanlam's priority - by ensuring statutory, legal and voluntary restrictions compliance.
The pooled funds are invested in:
1) Government Securities i.e. Bonds, Treasury Bills
2) Equity Stock – NSE
3) Money Markets Securities
4) Offshore equity investments
The Sanlam Life Pension Scheme is registered and regulated by the RBA.
So as a member one is legally protected through the RBA.
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Rank: Elder Joined: 2/8/2013 Posts: 4,068 Location: At Large.
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Chaka wrote:The question is this.Can @BigChick belong to the current SPF and at the same time also join an IPP? @BigChick,I suppose the investment at Sanlam is a unit linked insurance product? Wororo wrote:@BigChick It is true, Individual Pension Plan (IPP) will enable you to consolidate your pension funds - after transferring your locked -in benefits from your previous employers' pension schemes. Through IPP, you will be able to have personal oversight over your funds and control on when to access your funds pension funds within the stipulated law. I can assist you with the consolidation process though I am attached to Sanlam. I wouldn't mind a meet up in person. Perhaps I can be of assistance with the current misgivings you have with Sanlam. Confirmed its a unit linked product.I guess I signed up without full knowledge.But its crap all the same. Love is beautiful and so are those who share it.With Love, Marriage is an amazing event in ones life time, the foundation of joy, happiness and success.
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