Co-optrust Investment Provident Fund (CIPF)

This is a super-scheme where all small to medium-sized retirement benefits schemes that cannot be established on a stand-alone basis because of increasing costs come together under a single corporate scheme and share costs of its management.
Currently any scheme being formed on an independent basis is required to contract the services of a fund manager, a custodian, an administrator, and an auditor.
These tend to be too expensive for small schemes hence the need to team up with other similar scheme and share these services.
The Co-optrust Retirement Benefits Scheme has been designed to include a single corporate trustee, a single manager, a single custodian, a single auditor and a single Administrator. As a result of this the scheme is managed on a cost-sharing basis for all services provided. This minimizes the amount each scheme is required to pay and enhances their returns.

Benefit of joining CIPF
  1. Reduced costs to the respective scheme as all services are co-shared in the pool on a pro rata basis.
  2. Improved returns to the scheme given that the funds are pooled hence enjoy the economies of scale;
  3. Ability to put in place a form of long term savings;
  4. Contributors to the scheme will enjoy a tax relief on their contributions 
  5. Reduced burden on the trustees as the scheme will be managed by a corporate trustee.
  6. Employee and Employer contributions towards the scheme are tax deductible, subject to the applicable limits.
  7. The investment income under the Umbrella Retirement Fund is exempt from withholding tax in full. Funds therefore grow faster.
  8. Optional additional Benefits: members of the CIPF can opt to purchase Group Life &   Last Expense Insurance Cover.

Who is eligible?
  1. Any Employer with a minimum of 1 Employees
  2. Self-employed Professionals such as Doctors, Lawyers and Architects etc
  3. Self-employed businessmen/women and Jua Kali Artisans;
  4. Individuals whose employers have no formal retirement benefits schemes;
  5. Kenyans living abroad.

Registration Status:
CIPF is registered by the Retirement Benefits Authority and the Kenya Revenue Authority

Joining Procedure
  • Employer to complete application form to join CIPF
  • Complete a deed of adherence.
  • Complete a Nomination on Beneficiary Form
  • Provide records of employees (Date of Birth,Contribution Schedule etc)