Pension: Trust fund to boost orphans’ welfare

Left: Kenindia Life Assurance General Manager Life Division, Uthup Joseph and Enwealth Managing Director, Simon Wafubwa during the launch of the Uzima Trust Fund (PHOTO: James Wanzala)

Enwealth Financial Services has partnered with Kenindia Life Assurance Company to launch the Uzima Trust Fund.

The fund will safeguard and invest benefits due to dependants such as orphans, who are faced with the challenge of financial sustainability after the demise of a parent or guardian.

Enwealth Financial Services Managing Director Simon Wafubwa said this would safeguard beneficiaries’ funds from cannibalism by guardians who leave the beneficiaries, especially children, exposed.

“Often when a principal member passes on, the dependants are faced with hopelessness in terms of financial wellbeing and sustainability,” said Mr Wafubwa. Kenindia received a cheque of Sh51 million from Enwealth.

Speaking at the event, Kenindia Life Assurance Managing Dircetor Mr Bhawani Sharma said as partners in the Fund, Kenindia Life Assurance will provide value addition to children.

“We will safeguard and grow the funds by obtaining the best investment rates on behalf of beneficiaries and to ensure safety and stability of the invested fund and guarantee that the children’s well-being remains properly maintained,” said Sharma.

There are multi-faceted approaches towards handling of trust funds according to Wafubwa, who gave the assurance that as fund administrators, they have expertise in different sectors and can handle the requisite due diligence for the trust fund, offer psychosocial support to the families and provide reliable and transparent handling of the money.

"We will pre-qualify suppliers and provide close to 20 per cent discount on school textbooks and stationery and also partner with highly discounted medical schemes, on behalf of the beneficiaries to make funds more efficient," concluded Wafubwa.