MBAO PENSION PLAN 6TH AGM ON 27TH JULY 2018 ADMINISTRATORS’ REPORT

ABOUT EAGLE AFRICA One of the Leading Provider of Financial & Risk Services in Kenya; Over 63 years managing Insurance and Pension Products; Our client base includes Small, Medium and large corporations, specialist groups & individuals; Significant partnerships that ensures we deliver outstanding level of service to clients internationally. We provide one stop shop for Life and Pensions services to our clients

JUA KALI IPP SET UP AND REGULATION . JUA KALI IPP SET UP AND REGULATION Formed under Trust (irrevocable). Assets of the sponsor (Jua Kali National Association) are separated from those of the Plan. A Corporate Trustee is appointed to hold the funds in Trust on behalf of the members and their beneficiaries. The Plan is registered and regulated by the RBA and KRA.  

MBAO GOVERNANCE STRUCTURE THE AUTHORITIES (RBA & KRA) SPONSOR (Jua Kali Association) MEMBERS (Association Members &Public) BOARD OF TRUSTEES (KCB) ADMINISTRATOR (Eagle Africa) CUSTODIANS (KCB) FUND MANAGER (Co-opTrust Investments)

PLAN BENEFITS On withdrawal, members access the accumulated contributions plus interest. On death, a refund of accumulated contributions plus interest is paid to the nominated beneficiaries On retirement, members access the accumulated contributions in the scheme. Members may use the cash lump sums to purchase an annuity (payable monthly for life)

ROLE OF ADMINISTRATOR Maintenance of member data. Processing and validation of contributions. Distribution to member accounts of net investment income. Calculation and payment of benefits as they fall due. Management of member relations for actives and non-actives. Regular reporting to trustees and regulatory authorities on compliance etc. Pre-retirement counseling. Facilitation of member annual general meetings. Maintenance of scheme books of accounts by recording the assets, income and expenditure based on reports received from service providers. Ensure scheme audit meets the RBA and KRA deadlines. Prepare and submit to KRA and RBA all the required financial returns. Prepare and submit quarterly detailed financial reports to the trustees. Prepare and submit schemes financial statements to the auditors for audit.

MEMBER STATISTICS JOINERS/NEW SUBSCRIBERS-2017 3,389MEMBERS LEAVERS-2016 744 MEMBERS COMMENT There was a larger population joining as compared to those withdrawing.

REASON FOR INCREASED NEED FOR PENSION Improved Health Provision/Longevity. Industrialization/Labor Advocacy. Urbanization. Globalization. Government Policy

ANY QUESTION??