In a competitive work environment, employee retention and satisfaction go hand in hand with benefits that truly add value. While salaries and benefits play a crucial role, one of the most impactful ways to secure employee loyalty is through a well-structured retirement plan. However, many businesses, especially small and medium-sized enterprises, struggle with the complexities of setting up occupational pension schemes. Additionally, setting up and managing an in-house occupational pension scheme can be costly, time-consuming and administratively demanding. This is where umbrella retirement schemes, such as the Cytonn Umbrella Retirement Benefits Scheme (CURBS) come in.
An umbrella scheme is a retirement fund that pools multiple employers under one professionally managed structure. It is fully compliant with the Retirement Benefits Authority (RBA) regulations and offers the same tax advantages and protections as individual retirement benefits schemes. Umbrella schemes offer a streamlined solution by allowing multiple employers to participate in a single, professionally managed pension plan. This eliminates the hassle of administration and compliance, making it easier for companies to provide retirement benefits without the burden of setting up their own independent schemes. CURBS simplifies this process further, as it is approved to accept and manage NSSF Tier 2 contributions, ensuring that businesses remain compliant with national retirement regulations while securing their employees’ futures.
Additionally, CURBS presents compelling financial advantages for both employers and employees. Businesses benefit from tax relief on contributions, while employees enjoy attractive interest rates and tax benefits on their pension savings. This dual advantage enhances overall financial wellness, making pension contributions an investment in long-term stability rather than just an expense.
Cost-effectiveness is another key advantage of umbrella schemes. CURBS requires a minimum contribution of just 2.5% of an employee’s gross salary, with employers matching this amount. This affordable and scalable structure allows businesses to participate without straining their finances. Employers can provide meaningful financial security without the administrative burden that often accompanies standalone occupational schemes. Moreover, CURBS provides flexibility in retirement payouts, allowing employers to decide whether employees will access their savings as a lump sum or receive structured pension payments upon retirement. This adaptability ensures that employees have options tailored to their financial needs when they reach retirement age.
By enrolling in CURBS, employers can create a workplace culture that prioritizes financial security while benefiting from simplified pension management, tax advantages and enhanced employee retention. With its accessible setup, flexible contributions and structured retirement benefits, CURBS offers a smart, sustainable way for companies to ensure their employees’ well-being