All staff employed on permanent and pensionable (P&P) terms.
You automatically become a member upon engagement on P&P basis. However, you need to fill a new membership form and return to the pension office together with a copy of your appointment letter.
a) Discipline in Saving: Encourages regular saving for a long-term goal.
b) Financial Security in Retirement: Ensures you have an income stream after you stop working.
c) Tax Benefits: Contributions are tax-deductible up to a defined limit according to the Income tax laws in Kenya. In addition the retirement benefits are tax free upon attainment of 60 years of age or service of 20 years.
d) Compounding Returns: Your savings grow over time through the power of compounding.
e) Professional Management: Your funds are typically managed by professional fund managers.
b) Financial Security in Retirement: Ensures you have an income stream after you stop working.
c) Tax Benefits: Contributions are tax-deductible up to a defined limit according to the Income tax laws in Kenya. In addition the retirement benefits are tax free upon attainment of 60 years of age or service of 20 years.
d) Compounding Returns: Your savings grow over time through the power of compounding.
e) Professional Management: Your funds are typically managed by professional fund managers.
Yes, you only need to issue instructions to finance for the AVC to be executed.
Members are issued with an annual benefit statement showing the monthly contributions as well as interest earned.
You can typically access your retirement benefits upon reaching the retirement age of 60 years for non-teaching staff and 75 years for teaching staff.
You are eligible to access 50% of the pension benefits. The balance can either be transferred to another scheme of your choice or be left in the scheme. However, if you are 50 years and above, you qualify for payment of 1/3 lump sum with the balance being commuted in to annuity or Income draw down.
6. Common options include:
a. Lump Sum Payment. 1/3 of your pension benefits will be paid as lump sum.
b. Annuity/Pension: Monthly periodic payments for life.
c. Income Drawdown: Taking regular withdrawals directly from your investment fund while the remaining balance continues to be invested.
a. Lump Sum Payment. 1/3 of your pension benefits will be paid as lump sum.
b. Annuity/Pension: Monthly periodic payments for life.
c. Income Drawdown: Taking regular withdrawals directly from your investment fund while the remaining balance continues to be invested.
In the event of your death before retirement, your accumulated benefits will typically be paid to your nominated beneficiaries according to the scheme's trust deed and rules.
6. Retirement benefits are paid tax free upon any of the following:-
a) Attainment of the normal retirement age as per the Trust Deed and Rules.
b) Completion of at least 20 years of service
c) Withdrawal before attaining the retirement age on ill health grounds.
d) Payment of monthly annuity and/income draw down.
a) Attainment of the normal retirement age as per the Trust Deed and Rules.
b) Completion of at least 20 years of service
c) Withdrawal before attaining the retirement age on ill health grounds.
d) Payment of monthly annuity and/income draw down.
No. However, you may assign not more than 60% of accumulated benefit as collateral for securing a mortgage loan.
You can pick the beneficiaries nomination form from the pension office or download from the scheme website, fill and return to the pension office.
Statements are sent annually. However, there will be frequent updates posted in the scheme website.
The pension office is located at Moi Library, 1st Floor Rm 18. You can also reach us through email at kupensionscheme@ku.ac.ke or through telephone at 020-8703835/6