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Madison Umbrella Retirement Benefit Scheme (MURBS)


Madison Umbrella Retirement Benefits Scheme is a sort of hybrid between Occupational Retirement Benefits and the Individual retirement Benefits Scheme. It is an innovative product designed to focus on small to medium enterprises (SME’s) as well as larger Organizations willing to set up retirement benefits scheme but do not wish to be entangled in legal, administrative and statutory liabilities applicable to occupational retirement benefits schemes. They are, however, willing to contribute, facilitate collection and remittances of their employees/members’ contributions, maintain some level of control and enjoy the tax advantages applicable to registered schemes.


  1. The Umbrella fund is a Provident fund that will pay the contributions plus earned interest on retirement or death
  2. The contributions can be a percentage of Salary or a flat amount
  3. The sponsor of the scheme may be an Employer or Non-Employer, eg a Society
  4. Other optional benefits that can be bought alongside the Umbrella fund are:
  • Life cover
  • Funeral Expenses
  • Critical Illness
  • Permanent Disability Benefit


  • Madison shall undertake Administrative services.
  • Costs of running the scheme will be minimal as they are shared with other members in the Umbrella fund.
  • Compliance with the RBA retirement benefit scheme rules and regulations is assured.
  • Both the employer and the members enjoy the tax advantage enjoyed by occupational schemes.
  • Employers involvement is minimal, hence they are able to focus on their core activities
  • Contributions attract interest every year from our high yielding investment tools.
  • The client will have a choice to stay with own scheme or migrate to the Umbrella Fund.
  • The client will have a choice to invest either in a guaranteed or segregated fund


1. What are the claim payment procedures?
a)    Retirement Benefits
-    Claim Notification & Copy of National Identity Card
b)    Retirement & Optional benefits
-    Claim Notification & Copy of National Identity Card
-    Original Burial Permit for processing of Funeral Cash Benefits
-    Original Death Certificate for processing of Funeral Cash Benefits & Life Assurance Benefits
-    Medical Certificate for payment for processing of Critical Illness & Disability Benefits

How do I get Started

  • Client completes a Group Proposal Form
  • Madison prepares a deed of adherence for the client.
  • Individual members complete an Application Form authorizing deduction on their salaries,
  • Madison prepares a Participation Certificate for the individual member.