Pioneer Insurance is one of the insurance companies where you will save money for your retirement in Kenya. Below is a list of pension schemes offered by the company:

Pioneer Annuities

Annuities allows you to save and when they mature,you will earn lumpsum amount.

Benefits of the annuities

• Purchased by a one-off premium.
• Regular payment lasts for a life time.
• The Regular payments begin immediately and in arrears upon receipt of the lump sum.
• Payments can be made monthly, quarterly, semiannually or annually.
• The Plan has guaranteed period between 5 to 20 years. During this period, the amounts are guaranteed to be paid whether the annuitant is alive or not.
• The plan has an escalation option of 3% or 5 %
• Single or Joint life (Spouse and/children) option is provided.
• The regular payments are considered for taxation with an exemption on the first KES 25,000 per month. Annuitant who has attained age 65 is exempted from taxation.

If you want to live comfortably after retirement, invest in annuities. Most people never enjoy retirement, they even die early because they lack money to survive on.

Individual pension plan

What is offered

• Kilele allows you to save for retirement hassle free!
• This is available in two types: Provident fund and Pension Fund.
• The Provident fund pays off the accumulated benefit as a lump sum at retirement.
• Pension Fund on the other hand Pays 1/3rd of the accumulated benefit as a lump sum and the remaining 2/3rds is considered for the purchase of an annuity or income draw down

Occupation Retirement Scheme

What is offered

• The Scheme is registered in the name of the employer.
• The Employer choses whether the scheme is Pension scheme or Provident Fund.
• The employer appoints the trustee who become the legal owners of the scheme. This can be individual trustees or corporate Trustee
• Where the trustees are individual trustees, the sponsor nominates 50% and the members elect 50% to represent the is interests in the scheme
• The trustees appoint the scheme administrator, Fund manager or Approved issuer, Custodian
• As Pioneer Assurance, we offer Administration services to occupational schemes, Investment of scheme funds and also custodial services.

Main benefits

• Sponsor remains in control of the scheme through the Trustees.
• The employer can include death in service to the scheme.
• Frequent updates on scheme performance via trustee meetings.
• Employer enjoys customized training sessions
• The Employer is fully in control of Compliance checks of the scheme.

Pioneer Umbrella Retirement Fund

What is offered

• The Scheme is sponsored by Pioneer Assurance company.
• The scheme has both Pension and Provident option.
• The Pension option pays a 1/3rd of accumulated benefit as a lump sum whereas the remaining 2/3rd is considered for the purchase of an annuity or income draw down
• The Provident option pays the full accumulated benefit as a lump sum.
• This is the easier option for employers with no intention of registering own schemes.

Benefits at Glance

• The sponsor meets all compliance requirements on behalf of participating employers.
• The participating employer is not required to appoint a custodian, Fund manager or Administrator. This is done by the sponsor.
• Each employer retains unique identity in the scheme.
• Each employer may choose own contribution rates, retirement age
• The employer enjoys economies of scale in terms of cost management, investment in various asset classes
• Tax privileges as provided in the income tax act.

NSSF Tier II

Pioneer Assurance Company Limited is a registered insurance provider in Kenya, licensed by the Insurance Regulatory Authority (IRA) and the Retirement Benefits Authority (RBA) to administer retirement benefits schemes. We are an approved issuer with the mandate to hold and invest retirement benefits funds. Additionally, Pioneer Assurance is a recognized service provider authorized to receive and manage NSSF Tier II contributions under the NSSF Act No. 45 of 2013.

Retirement Plan

Retirement plan is the best and it allows you to safeguard your future. If you save like Ksh10 million for 20 years, you will not suffer during retirement. You can invest as little as ksh2,000 monthly. The money will earn interest monthly.