Membership and Contribution
MEMBERSHIP
All staff in service on or after 1st January, 2010 became members of the Scheme. All staff subsequently appointed to enter employment of the founder and having satisfactorily completed their probationary period become eligible members.
CONTRIBUTIONS
Member: 7.5% of basic salary less contributions to the National Social Security Fund; Sponsor contributes 12% less contributions to the National Social Security Fund. The Scheme is a Defined Contribution Plan is factorily completed their probationary period become eligible members.
LIMITATION OF MEMBER CONTRIBUTIONS
Under the Income Tax Act the aggregate contribution of a member shall not exceed 30% of pensionable salary subject to a maximum of Kshs. 240,000.00 per annum or Kshs. 20,000.00 per month.
ADDITIONAL VOLUNTARY CONTRIBUTIONS (AVCs)
A member may pay additional voluntary contribution (AVC) and shall be credited to and become part of the member’s portion.The member may only reduce or stop paying such contributions with the consent of the Scheme Trustees in case of exceptional financial hardship, retirement or in the event of earlier withdrawal from membership of the Scheme. Interest on AVC shall be determined by the Trustees on the basis of return on investments. To make Additional Contributions, visit the Media Centre, download area and download the form.
QUOTE OF THE WEEK
"I've got a sizeable nest egg. Its an ostrich egg, and its going to make an omelet so big that i'll produce enough leftover for decades"
