Withdrawal benefits
A member who leaves service before attaining 50 years of age may opt for:-
- Deferred pension payable on attainment of retirement age, 60 years.
- Transfer of accrued pension to another registered scheme.
Upto 50% of the accrued benefits as determined by the Trustees in consultation with the Actuary. The preserved benefit (the remaining balance of the accrued benefits) shall be deferred until the member attains retirement age. The member may however, on attainment of fifty (50) years request Trustees to be allowed to access the remaining benefits.
Death benefits
(a) DEATH IN SERVICE:
Dependant(s) of a member who has completed one year service shall be entitled to:-
– Four (4) times annual basic salary.
– Dependant’s pension for 5 years.
– Dependant’s of a member who has not completed one year will receive Two (2) times annual basic salary.
(b) DEATH WHILE IN RETIREMENT:
Dependant(s) pension is payable for 5 years from the date of death of the pensioner.
( c) DEATH WHILE ON DEFERMENT:
Gratuity equal to the Actuarial value of the benefit that is being preserved in the Scheme.
(d) DEATH WHILE ON OFFICIAL DUTY:
In addition to the death in service benefits indicated above an additional benefit at the rate of 10/50 of pensionable salary or Kshs.2,400 p.a. whichever is the greater.
Retirement benefits
All the benefits from contributions by a member vest in a member immediately and the retirement benefits accrued from membership shall fully vest in a member within one year of joining membership of the Scheme.
CIRCUMSTANCES UNDER WHICH RETIREMENT BENEFITS ARE PAYABLE
(i) on or after attaining the Normal Retirement Date; currently age 60 years
(ii) On or after attaining age 50 with the consent of the Founder.
(iii) On medical evidence to the satisfaction of the Scheme Trustees and the Founder that the member is incapable by reason of any infirmity of mind or body of discharging
the duties of his office and that the infirmity is likely to be permanent.
RETIREMENT BENEFITS
A member who leaves service after attaining the voluntary retirement age of fifty (50) years and above shall be entitled to:-
Payment of upto 1/3rd of the total benefits i.e. employee and employer balance together with investment income.
The remaining 2/3rd of the benefits shall be used to purchase an annuity from an Insurance Company of member’s Choice. However, a member may if the amount is trivial request the Trustees to be allowed to access the full amount as a lumpsum.
Commutation of pension
Members who retire on or after attainment of fifty (50) years will be paid as follows:-
(i) Payment of a proportion of Pension that may be commuted for cash upto 1/3 of accrued benefit.
(ii) For Pension commuted upto 27,000/= per annum, the commutation terms remain at Kshs. 20:1.
(iii) For the balance of accrued Pension commutation is restricted to an actuarially neutral factor.
(iv) Monthly pension is based on two third (2/3) of accrued Pension.
Withdrawal benefits
All the benefits from contributions by a member vest in a member immediately and the retirement benefits accrued from membership shall fully vest in a member within one year of joining membership of the Scheme.
CIRCUMSTANCES UNDER WHICH RETIREMENT BENEFITS ARE PAYABLE
(i) on or after attaining the Normal Retirement Date; currently age 60 years
(ii) On or after attaining age 50 with the consent of the Founder.
(iii) On medical evidence to the satisfaction of the Scheme Trustees and the Founder that the member is incapable by reason of any infirmity of mind or body of dischargin the duties of his office and that the infirmity is likely to be permanent.
WITHDRAWAL BENEFITS
A member who leaves service before attaining 50 years of age may opt for:-
→Payment of upto 50% of employee contribution and upto 50% of employer balance. The balance shall be deferred and shall continue to accrue investment income until a member attains retirement age.
Death Benefits
All the benefits from contributions by a member vest in a member immediately and the retirement benefits accrued from membership shall fully vest in a member within one year of joining membership of the Scheme.
CIRCUMSTANCES UNDER WHICH RETIREMENT BENEFITS ARE PAYABLE
(i) on or after attaining the Normal Retirement Date; currently age 60 years
(ii) On or after attaining age 50 with the consent of the Founder.
(iii) On medical evidence to the satisfaction of the Scheme Trustees and the Founder that the member is incapable by reason of any infirmity of mind or body of discharging the duties of his office and that the infirmity is likely to be permanent.
DEATH BENEFITS
☻If a member dies while in service a benefit equal to the total Scheme Credit at the date of his death will be payable to his/her beneficiary/beneficiaries.
☻Notwithstanding the provisions of sub-paragraph (i) above, the Scheme Trustees may in their discretion refuse to pay a nominated beneficiary or beneficiaries PROVIDED THAT the reasons for such refusal shall be recorded in writing by the Scheme Trustees.
☻Notwithstanding anything to the contrary contained in any contract or document, any benefit payable by the scheme upon the death of a member shall not form part of the assets in the estate of such member, but shall be dealt with in terms of the rules.
Retirement Benefits
All the benefits from contributions by a member vest in a member immediately and the retirement benefits accrued from membership shall fully vest in a member within one year of joining membership of the Scheme.
CIRCUMSTANCES UNDER WHICH RETIREMENT BENEFITS ARE PAYABLE
(i) on or after attaining the Normal Retirement Date; currently age 60 years
(ii) On or after attaining age 50 with the consent of the Founder.
(iii) On medical evidence to the satisfaction of the Scheme Trustees and the Founder that the member is incapable by reason of any infirmity of mind or body of discharging
the duties of his office and that the infirmity is likely to be permanent.
RETIREMENT BENEFITS
A member who leaves service after attaining the voluntary retirement age of fifty (50) years and above shall be entitled to:-
Payment of upto 1/3rd of the total benefits i.e. employee and employer balance together with investment income.
The remaining 2/3rd of the benefits shall be used to purchase an annuity from an Insurance Company of member’s Choice. However, a member may if the amount is trivial request the Trustees to be allowed to access the full amount as a lumpsum.
Annuity Benefits
An annuity is the promise to provide the policyholder (annuitant) an income for life, no matter how long you live, by converting a sum of money ( retirement savings) into a series of periodic payments (such as monthly/quarterly, annually)
The amount paid out depends on the length of time desired and the Initial purchase price/amount saved for purchase of the annuity.