NICO Life Insurance Company Limited also administers Managed Funds. Managed funds are segregated funds which are administered on defined contribution arrangement.
Under the Managed Fund concept, NICO Life Insurance Company Limited sets up a specific fund for the Employer. All contributions paid by the employer and employees are credited to the fund. The Trustees of the fund fully participate and are responsible for the investment decisions. NICO Life Insurance Company Limited provides investment expertise to the Trustees. The fund is credited with full investment earnings as realized from the investments while NICO Life makes pre-determined and agreed charges in respect of the fund management, investment duties and secretarial services.
The following payments are made from a Managed Fund:
- Annuities for the members on retirement. .
- The annual lump sum death-in-service benefits, under a separate policy issued by NICO Life.
- Payment of benefits to the members on withdrawal. .
- Administration and investment expenses. .
- Actuarial fees, audit fees and other specialist fees as may be required from time to time.