Income Drawdown Fund (IDD)
This is for retirees who are looking at earing a regular income from their pension savings. The premiums are invested and continue to earn an income and the retirees drawdown a maximum of 12% per annum of the opening balance at the start of the year.
Great features
- Once in every 5 years, you can transfer to another IDD or use the balance to buy an annuity
- Minimum investment period of 10 years after which you can cash out, purchase another plan or purchase an annuity
- Flexible withdrawal frequencies, i.e. monthly, quarterly or annually
- Flexible withdrawal amounts – adjustable once a year
- Flexible withdrawals up to a maximum of 12% of fund balance per annum
- Appropriate advisory on the income drawdown structure that would best meet your risk profile
- Advisory on options available after 10 years (end of 10 years)
- Ability to enjoy tax benefits – You access your monthly drawdown amount tax free after the age of 50 years
- Your benefits continue to earn income as you drawdown
- You can bequeath the balance of your IDD Benefits to your nominated beneficiaries in case of death
- We bundle your income drawdown with life assurance covers based on your needs at cost effective premiums
- You can defer your withdrawal/payments to a later date
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Eligibility Criteria
- The funds must come from a registered retirement benefits scheme
- The member must be 50 years and above
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Sign up Process
- National ID Card/Passport.
- KRA PIN Certificate.
- Bank Account Confirmation (image of the front face of your ATM card / Crossed Cheque/a page of your Bank Statement showing your name and account number)
- Retirement benefits calculation worksheet
- Send the completed Member Joining Form and KYC to idd@equityinsurance.co.ke
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