ICEA LION Group prides itself in having delivered several innovative solutions to the market over the years. Building on our long heritage, innovative spirit and our strong record of serving the East African industry and consumers, our company is now the first and only company outside South Africa to offer the Qualifying Recognized Overseas Pension Scheme (QROPS) that enables you to move your pension funds (tax free) from the United Kingdom to Kenya. This is a true first for the industry.
QROPS, or Qualifying Recognised Overseas Pension Scheme, is a way to transfer UK pension funds overseas without incurring a UK tax charge. To accept a pension fund transfer from the UK, the pension scheme has to qualify and be recognized by HMRC (Her Majesty’s Revenue & Customs) and be included in their QROPS list.
PRE-APPROVED – ICEA LION is the only Kenyan provider to be pre-approved by the UK government, making us the safest option for transferring your pension.
TAX EFFICIENCY– You can move your funds to a more favourable pension environment in Kenya.
Here, there are no death duties and no taxes on income on pensions.
FAMILY PROTECTION – In the event of death, the entire pension pot is passed on to your nearest and dearest. You will therefore avoid the 55% UK death duty.
HIGHER INVESTMENT RETURNS – The returns are guaranteed at a minimum rate of 4% per annum. However, our average of the last 3 years is 10% and above.
SECURITY– Your pension fund is protected from creditors.
CONVENIENCE – Since the funds will be closer to home, you will be able to monitor growth and manage the funds easily.
MORTGAGE FACILITIES – You can use your benefits to secure a mortgage facility.
EARLIER RETIREMENT AGE – The potential retirement age in Kenya is from 55 years.
DYNAMIC ACCESS TO YOUR FUNDS – At retirement, you have the option of accessing the funds in lump sum, income drawdown or annuity.
NO LIFE TIME ALLOWANCE (LTA) – The LTA is a limit on the value of payouts from your pension schemes – whether lump sums or retirement income – that can be made without triggering an extra tax charge.
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