Below is a list of companies with the best individual pension plans in Kenya;

Old mutual Kenya

An Individual Pension Plan (IPP) is a personal savings plan that allows individuals to set aside money for their retirement. Designed to help you accumulate funds for your retirement years, an IPP is established by you, rather than through your employer. It offers various benefits, including tax advantages and a range of investment options.

At Old Mutual, you can open an IPP that provides a comprehensive investment strategy tailored to your unique goals, risk tolerance, and timeline, ensuring diversified investments. Additionally, you can consolidate all your pension benefits from different employers to maximize your retirement savings.

What’s in it for you?

• • You have the flexibility to vary your contributions at any time according to your preference.
  • The individual retirement plan is not tied to your current employment.
  • Upon retirement, you can receive the accumulated savings as a lump sum.
  • Alternatively, you have the option to convert part or all of the savings into a stream of regular payments. The fee rate is charged annually and disclosed at registration.
  • You can access your interim contribution statement at any time.
  • The retirement plan is tax-exempt, and your contributions are exempt up to set limits.
  • There are no penalties for withdrawal. You can use up to 60% of your accumulated pension savings as collateral for a mortgage loan.

How does it work?

The Old Mutual individual retirement plan is suitable for individuals aged 18 and above. Contributions to the scheme are tax-deductible, up to 30% of your pensionable salary or a maximum of Kshs 20,000 per month, totaling Kshs 240,000 annually.

Why choose the Old Mutual Individual Retirement Plan?

Our plan offers a comprehensive range of benefits tailored to meet your needs, including:

• Achieving your dreams through building a fund for you.
• Catering for medical benefits due to ill health and extended periods spent at home.
• Ability to invest your NSSF Tier II contributions as a contracted-out benefit.
• High investment returns that enable fast growth of your retirement fund.
• Cost-efficient retirement planning.
• Exceptional customer service and experience with Old Mutual’s competent staff and customer-centric culture.
• Prompt payment of claim benefits within 10 working days.
• Free annual member and financial education.
• Access to a wide range of financial and risk solutions, including free consulting.
• Flexible retirement plan options within the group, allowing smooth switches between guaranteed and segregated options.

Fees Charged

The fund incurs an annual fee of 1.25% of the funds under management, on a prorated basis. This fee covers collective service providers such as the Fund Custodian, Fund Manager, Fund Administrator, and Scheme Trustee services. The fund is regulated and approved by the Retirement Benefits Authority.

Best Way to Save

Financial planners often state that saving for retirement conventionally, through contributing to an occupational defined contribution (DC) retirement benefits scheme, requires setting aside at least 5% of your salary (plus employer contributions) for 30 years to maintain a similar lifestyle in retirement. For the self-employed, this necessitates even higher contributions over a similar timeframe to maintain their current or desired lifestyle in retirement. To achieve better savings and help you attain financial freedom much faster, it’s recommended to save 10% to 30% of your earnings. Automatic deductions from your bank account (savings or current) or salary make these commitments easier and more achievable.

What are the benefits of having a retirement savings plan?

• High returns on investment.
• Tax savings.
• Ability to use funds for purchasing a home.
• Post-retirement medical fund.
• Deposit Administration offers irrevocable guarantees against capital depreciation, providing security for your investment.
• Additional specified levels of minimum future earnings, currently set at 2%.
• We assume investment risks from the trustees of the scheme, alleviating their concerns about investment performance and related liability.
• Our pooled fund offers formidable security as it is part of our statutory fund, strictly regulated under the Insurance Act.

What happens if I die in service before Normal Retirement Date?

The total benefit will be payable to your nominated beneficiaries or personal representatives.

What do I get at Retirement?

• Your accrued benefit will be paid to you as a lump sum (provident fund).
• You have the option to choose between purchasing an annuity or opting for income drawdown, which involves converting the lump sum into a regular income stream.

What happens if I leave the service of the employer before the Normal Retirement Date?

If you leave the service of the employer before reaching the Normal Retirement Date;

• You will receive 100% of the contributed employee contribution in cash, or
• The accrued benefit may be left in the scheme until you are ready to utilize it.”

What is the relationship of this Scheme with the N.S.S.F?

This Scheme is separate from the N.S.S.F. You will continue to make the statutory contributions to the N.S.S.F. Upon your retirement you will also be entitled to receive your benefits from the N.S.S.F.

How Do I Join and Make Payments?

How to Join:

1. Complete the member application form.
2. Fill out the beneficiary nomination form.
3. Provide a copy of your Identification Card/Valid Passport along with your KRA PIN.

Payment/Banking Options:

1. Mpesa: Paybill no 600100; Account number 0100002691099
2. Electronic transfers/Standing Orders:
   1. • Bank details: CFC Stanbic Bank
      • Account Number: 0100002691099
      • Payee: “Old Mutual Individual Retirement Benefits Scheme”
3. Cash Deposit: Bank:
   1. • CFC Stanbic Bank
      • Account Number: 0100002691099
      • Payee: “Old Mutual Individual Retirement Benefits Scheme”.

APA Insurance

Individual Pension Plan (IPP)

We’ll help you think differently about retirement – more optimistic about tomorrow and confident about taking control. You may see yourself traveling, volunteering or simply spoiling your grand kids. Whatever your plans, we are in your corner.

Our individual pension product is a long-term investment plan that allows you to build a sizeable retirement fund. Your monthly contributions grow exponentially with competitive interest rates.

The plan allows you to first build your retirement income by making regular contributions during your working life. On attainment of your selected retirement age, APA Life will pay your accumulated retirement benefits in accordance with the option selected at the inception of the policy.

Why the Individual Pension Plan cover?

• Member’s contributions and accumulated earnings are guaranteed against impairment by investment loss at a Minimum guaranteed interest of 4%.
• Offers Bonus returns in addition to guaranteed interest.
• Investments risk borne by APA thus no risk to member.
• Flexibility of contribution and withdrawal.
• Collateral for mortgage on up to 60% of member’s fund.
• Offers no costs of joining or administering the fund.

The power of Compounding with APA

APA has averaged 10% net investment returns over the last 10 years. The competitive historical returns are primarily driven by our value investments that guarantee preservation of member’s benefits. At the 10% return, a savings of Ksh 1,000 during a member’s active work life of 35 years compounded monthly will grow by more than eight (8) folds under the APA Individual guaranteed Savings Plan.

The table below illustrates the projected benefits at retirement based on the guaranteed returns and average investments returns

Current Age	Years of scheme membership	Monthly contribution	Accumulated contribution at retirement	APA projected average return	Retirement benefits at guaranteed returns (4%)	Retirement benefits average returns (10%)
25	35	1,000.00	420,000.00	10.00 %	916,776	3,828,276
25	35	2,000.00	840,000.00	10.00 %	1,833,553	7,656,553
25	35	4,000.00	1,680,000.00	10.00 %	3,667,106	15,313,106
25	35	5,000.00	2,100,000.00	10.00 %	4,583,883	19,141,383
25	35	6,000.00	2,520,000.00	10.00 %	6,417,436	22,969,660
25	35	8,000.00	3,360,000.00	10.00 %	7,334,213	30,626,213
25	35	10,000.00	4,200,000.00	10.00 %	9,167,767	38,282,767
25	35	20,000.00	8,400,000.00	10.00 %	9,167,767	38,282,767
25	35	20,000.00	8,400,000.00	10.00 %	18,335,534	76,565,534

 

Reporting

All members will receive an annual benefit statement that updates on the accumulated value of their retirement savings The statement will include the members opening balance, contributions for the year, investment returns, and Closing balance of the fund.

Withdrawals

All withdrawals are processed as provided for in the Retirement Benefits Act.
On exit from the scheme, current legislation allows a member to;

• Transfer accumulated benefits to another individual pension plan.
• Transfer accumulated benefits to new employer’s retirement benefits plan scheme.
• Access his/her entire accumulated benefits and fifty percent of the employer’s accumulated benefits (if any) with the remaining 50% employer benefits deferred until retirement.

Governance

A professional independent corporate board of trustees ensures good governance in the management of the Scheme
Members’ interest is protected through compliance with all existing legislation with regards to the schemes.

Britam

Individual Retirement Plan

Creating a retirement strategy is vitally important. You need to start saving for retirement as soon as you start earning income. The sooner you start, the more you’ll accumulate.  Our pension plans will ensure that you will have a consistent source of income and allow you to maintain your lifestyle in the future.

Types of Individual Retirement Plans

We have two retirement savings options that will make sure that you’ll have the income you need as you head into retirement.  The key difference between the two is the mode of payment at retirement.

• Pension plan –A third of the accumulated benefit will be paid as a single lump sum amount and the remaining two-thirds.

1. Paid as a regular income for life upon retirement.
2. Can be withdrawn from the fund in a minimum of 10 years.

• Provident plan –The accumulated amount will be paid in one single lump sum upon retirement

Your savings will grow exponentially over time while earning interest. On attainment of your selected retirement age, Britam will pay your accumulated retirement benefits in accordance with the option selected at the inception of the policy.

Benefits

• Monthly contributions are tax deductible. The monthly contribution is tax deductible at source i.e. your contribution will be deducted from your gross pay before P.A.Y.E is computed. The current maximum tax-deductible contribution is Kshs. 20,000.00 per month or a third (1/3) of monthly income whichever is lower.
• Tax-exempt investment income: The interest earned is exempted from tax in full.
• Compound interest: Compound interest accrues on the contributions received, leading to a faster accumulation of your fund.
• Investment income: Contributions are prudently invested to ensure high returns with a guaranteed minimum compounded rate of 5% per annum.
• Portability: The plan is portable and is not affected by changes in employment.
• Flexibility: You can vary the contribution made to the plan from time to time subject to a minimum of Kshs. 2,000 for every payment. You can also vary the frequency of making contributions to suit your financial.
• Pension-backed mortgage: A member can assign up to 60% of the accumulated fund towards financing the purchase or construction of a house.
• Guaranteed Capital and Interest: Capital (accumulated benefits) is guaranteed against any form of reduction. And Interest rate is guaranteed not to fall below 5.00% p.a.
• Variety: A choice between a Pension and a Provident Fund. Pension Fund pays a maximum of a third (1/3) of accumulated benefits as a single lump sum and the remaining two thirds (2/3) purchases a pension annuity which pays a guaranteed regular income for life or a Provident Fund pays the accumulated amount in one single lump sum.
• In case of death prior to retirement age, the total accumulated amount becomes payable to appointed beneficiaries.

Policy Features

• Flexible contributions: Contributions can be fixed or varying; made monthly, quarterly, semiannually or annually.
• The minimum contribution under the policy is Kes 500. There is no upper limit on contributions.
• Britam will provide you with a personalized individual retirement plan account and keep track of your savings and interest earned.
• A personalized statement of savings will be sent to you at the end of each financial year or any other time on request.
• A member can access accumulated funds at any time subject to the prevailing regulations

Madison Group

MADISON LIFE ASSURANCE PERSONAL PENSION PLAN (MLAPPP)

What is Personal Pension Plan?

This is a specially designed savings plan to make provision for retirement to individuals. It enables one to build up funds by making periodic contributions into a high yielding retirement fund to provide retirement, savings and/or investment benefits.

The product is ideal for individuals and occupational schemes, as it gives maximized returns.

What interest has been declared in the last few years?

This is a guaranteed plan and our minimum guaranteed interest is 5%. The declared rates for the last 5 years are as follows: –

Year	Declared Interest Rate
2021	11%
2020	8%
2019	10%
2018	10%
2017	10%

What are the modes of premium payment?

Remittances to the plan can be made either through M-pesa, cheque, Bank Transfers or check-offs for regular contributions

What are the benefits of having a Personal Pension Plan?

1. Enables one to save funds towards one’s retirement ensuring a decent standard of living.
2. Contributions up to Kshs. 20,000.00 are tax deductible; one can contribute up to 30% of their income to registered pension scheme.
3. The retirement benefit scheme can now facilitate members to assign up to 60% of their accrued benefits as additional security for mortgages from approved Institutions.
4. Upon death of a member, all the accumulated fund is paid to the beneficiaries immediately. The dependants qualify for tax-exemption.
5. The schemes will be run under the RBA act which gives security of the fund and also continuous benefits which the Government may give to schemes from time to time.
6. Single lump sum contribution is allowed.
7. Members have an option of buying annuity at retirement which Madison offers
8. Allows one to take an additional cover on life, critical illness and last expense.
9. Additional riders pay a lump sum to the member in case of critical illness and to widows and children in case of untimely demise of the member.

How do I enroll?

• By filling a proposal form
• Copies of ID and PIN
• Payment of initial contribution or
• Transfer request letter for pension fund transfers

Why should I invest with Madison?

• A strong reputable company, with a strong asset base and share capital.
• Owned 100% by indigenous Kenyans.
• We have qualified and experienced personnel well trained to efficiently and effectively administer your fund and other insurances.
• We have an excellent track record in pension/provident schemes administration
• Madison Insurance has invested heavily in Information Technology to ensure that we provide you with effective and efficient customer service.
• Guarantee of capital against investment losses.
• Good claims settlement reputation.
• We are going to offer additional benefits at discounted rates

How much should I contribute?

The minimum contribution per month is Kshs. 500 per month. Quarterly, half yearly, annual or single contributions are also allowed. Members can also transfer funds from other schemes and consolidate them under one policy.

Prudential Insurance

PRUPension

Product Features

Invest for your retirement in a safe and secure growing fund – The Prudential Life Assurance Kenya Guaranteed Fund

The retirement benefits funds and contributions received are invested in the Prudential Life Assurance Kenya guaranteed fund which provides:

Features

• A guaranteed amount of annual income to investors in form of a guaranteed minimum rate of return/interest.
• Should market trend downward, your income remains unaffected. When the market performance is good, the value of your investment also increases and so you continue to enjoy this increased level of income due to compounding of interest.
• You will be able to easily access your accumulated benefits upon retirement, since the fund is easy to liquidate.

Benefits of a Guarantee Fund Investment

1. Minimum guaranteed rate of annual return.
2. Prudential bears all the investments risks on your behalf.
3. Prudential is responsible for investment of the funds.
4. The guaranteed fund ensures that the capital value of your funds and contributions is guaranteed, and that there is a consistent smooth growth of your investment over time.
5. It is a cost effective solution due to achieved economies of scale.

Prudential Life Assurance Kenya Guaranteed Fund Returns

Financial Year	2019	2020	2021	2022	2023	2024
Annual rate of return	8.00%(6 months)	12.00%	12.00%	10.00%	10.5%	11.0%

Jubilee Insurance

Personal Pension Plan

Why choose the Personal Pension Plan?

• It is 100% convenient, contributions can be paid through M-PESA, cheques, bank standing order, or cash.
• We take a prudent approach in investing your funds, with security and sustainable long term returns as a priority – providing a guarantee on your accumulated fund.
• We provide a statement of account at the end of each financial year showing contributions and interest earned on funds.

Key Benefits

• Guaranteed accumulated capital and investment income
• No set up fee
• Guaranteed investment rate of 4%
• Accumulated contribution may be used as collateral against mortgage loan
• Tax relief benefit for contributions below KES 240,000 per annum
• Guaranteed accumulated capital and investment income
• No set up fee
• Guaranteed investment rate of 4%

Liberty Insurance

Boresha Maisha Pension Plan

8 reasons to choose Boresha Maisha Individual Pension Plan

• Your Retirement, Your Age: Decide when you want to retire, giving you control over your life’s timeline.
• Contribute on Your Terms: Not restricted by employment, make contributions that fit your financial flow.
• Stay with Us, No Matter Where You Go: Change employers without affecting your plan membership.
• Expert Money Management: Rest easy knowing professionals are overseeing your portfolio.
• Access Funds at 50: Start drawing from your funds once you reach 50.
• Safety and Security: Your funds are shielded from creditors, ensuring they’re there when needed.
• Simplicity in Consolidation: Manage all your funds under one umbrella for ease and convenience.
• Tax Perks: Registered by KRA, our plan allows you to enjoy tax concessions.

Why is this cover perfect for you?

• Flexible, Managed Income: Adapt your income based on your changing needs. Enjoy the flexibility to choose your income each year and how you want your money invested.
• Legacy Building: Should anything happen to you, your nominated beneficiaries will benefit from the remaining funds, ensuring your legacy lives on.
• Potential for Growth: Benefit from higher income returns due to underlying assets that generate substantial yields.
• Active Monitoring: Stay in the loop. Regularly assess the policy to know your investment’s value, helping you plan your regular income.

Benefits of this policy

• Transparent Investments: Understand where your money is going and how it’s growing.
• Flexible Payouts: Adjust your income drawdown based on your circumstances and the performance of your investments.
• Last Expense Coverage: In the unfortunate event of your passing, we provide a KSH 100,000 payout to assist with last expenses, ensuring peace during challenging times.
• Choice to Transfer: After a minimum of 10 years with the Income Drawdown plan, you can transfer to another provider, offering you flexibility and control.

What Documentation do I require to open Boresha IPP?

• Dully Filled application form
• Copy of your ID
• copy of your PIN
• Passport-size colored photo
• Copies of identification for beneficiary (s)

How do I transfer my pension fund to Boresha IPP?

• Complete the Boresha IPP application form and attach all required documentation and a policy number will be allocated to you.
• Fill in a claim/exit transfer form and indicate a policy number, following which we submit to your trustees to start the transfer process.
• Once the funds are received at Liberty Life, we issue you with a policy document for your safekeeping and which you would present to us in case of a claim

CIC Group

Jipange plus

A smart present equals a smart future. Planning for retirement is a crucial aspect of everybody’s lives as we all work towards a future that’s peaceful and comfortable. CIC Jipange Pension Plan provides a solution that will help you achieve financial stability after retirement.

This is a pension plan for individuals who wish to diversify their saving options and also for those organizations that wish to set up a staff pension scheme for their employees without going through the hassles of registering a brand new pension scheme.

POLICY LIMITS

• Contribution into a pension fund which is already registered with IRA, KRA and RBA
  (No need to set up/ register a separate pension fund)
• A minimum return of 5%
• Competitive returns
• Tax exemption of pension contributions since the fund is registered with KRA
• Reduced costs due to economies of scale and consolidation of services (administration, fund management, trusteeship and custody)

Equity Bank

Golden Life Retirement

Golden Life is an Individual Pension Plan (IPP) offered by Equity Insurance Agency in partnership with Britam, giving customers an affordable means of saving for their retirement. This product is available to both local and diaspora customers.

The policy presents the customer with two options:

1. Pension Fund-This plan allows a customer to receive 1/3^rd of the accumulated benefits upon retirement in lump sum, and the rest paid out as an annuity for life.
2. Provident Fund-This plan allows a customer to receive 100% of the accumulated amount as a lump sum at retirement

The Contribution Options for the Golden Life Retirement

Customers on this plan can contribute through the following ways: –

1. Unregistered funds – These are funds assumed to have been taxed prior to contribution into the fund, for instance, funds from your savings or other investments.
2. Unregistered Funds – These funds can be withdrawn at any time without a penalty.Interest earned is subject to an annual 30% statutory tax in the year it is earned.

Note:

Several enhancements – upgrades that increases the value of the product – are available:

1. Guarantee Period – A period in which payment is assured whether the principal is dead or alive. After expiry of the guarantee period, if the principal is alive, the payments continue till death. If the principal passes on before expiry of guarantee period, the beneficiary is paid till the period of guarantee is exhausted.
2. Single Life/Joint Life –If the client dies, the spouse gets the rest of the annuity till death.
3. Escalation –The client decides if they want a fixed payment for the rest of their life or an escalation each year. The three available options are increases of 0%, 3% and 5% per year.

How To get started with this product

1. Click the button below to sign up.
2. Fill in your details.
3. Submit the details. A representative from our team will give you a call.

Get started

• Benefits

Benefits for this cover
1.	Benefits	Accumulated benefits are guaranteed against any form of reduction
2.	Rates	The rate of return is guaranteed not to fall below 5% per annum.
3.	Contribution	The minimum starting contribution is KSh 20,000.
4.	Schemes	Contributions to the scheme can be both on a regular frequency such as monthly or quarterly, or on a sporadic basis of any amount.
5.	Penalties	There are no penalties for non-payment
6.	Retirement	The minimum retirement age is 50 years while the maximum is 75 years.
7.	Growth	Your portfolio grows on a compounded basis until retirement.

GA Insurance

Personal Pension Plan

About Personal Pension Plans

Personal Pension  Plan is a long-term investment that aims to help you build up a pot of money that you can use for your retirement.

 

Who Forms The Scheme?

GA Life Assurance Limited has established the scheme, under an irrevocable trust, duly registered by the Retirement Benefits Authority and Kenya Revenue Authority.

Who Can Join The Plan?

Employed individuals and their employers, self-employed individuals and SMEs/groups.

How Do You Join The Plan?

By completing a simple application form

Who Contributes To The Plan?

You: contribute a fixed percentage/amount from your monthly salary through your salary deduction if you are employed or a regular amount if you are self-employed If you are employed, your employer contributes a fixed percentage/amount of your monthly salary.

Any Tax benefits?

Your monthly salary is not subjected to PAYE for the amount you contribute (up to a maximum of KShs. 20,000 Per month) into the Plan.

 Simple Example:

Your monthly salary: KShs. 50,000 Your monthly contribution to the scheme: KShs. 5,000 Amount subject to PAYE: KShs. 45,000

Any Employer tax benefits?

Your employer is allowed to treat his contributions towards the Plan as a tax allowable expense in his books of accounts.

Do The Contributions To The Plan Earn Any Income?

Yes. The contributions are invested in accordance with Section 50 of the Insurance Act and start earning income from the day the contributions are received by GA Life.

Are The Contributions And Income Arising From It Guaranteed?

Yes for both. The contributions have a 100% capital guarantee as they are invested in a guaranteed fund issued by GA Life. The income arising out of investing the contributions is also guaranteed, by GA Life, for a minimum return of 4%.

How Do You Know How Much Your Employer And You Have Contributed To The Plan And What Income Has It Earned??

By every 10th of every month, GA Life will send to you your monthly fund value statement showing your fund status at the end of the previous month. At the end of every year, GA Life will send a statement to you clearly reflecting the contributions made by you and your employer and the investment income earned on these respective contributions.

What Happens If You Leave Your Job Or Move Jobs?

100% of your contributions plus accrued interest is paid to you in cash (less applicable taxes)

Your employer’s contributions is locked till you reach age 50 and in the meantime you can choose to either:

1. Leave it in the scheme and it shall earn income as usual or;
2. Move it the retirement scheme of your new employer or;
3. Move it to an individual retirement benefits plan with an insurance company of your choice

What Happens If You Die?

100% of your contributions plus accrued interest is paid to your nominated beneficiary immediately (less applicable taxes)

100% of your employer’s contributions plus accrued interest is paid to your nominated beneficiary immediately (less applicable taxes)

What Happens If You Become Incapacitated Whilst Working Or After Leaving Work Or Retire On Grounds Of Ill-Health?

100% of your contributions plus accrued interest is paid to you (less applicable taxes)

100% of your employer’s contributions plus accrued interest is paid to you (less applicable taxes)

What Happens If You Wish To Retire Early?

By law, the earliest you can retire is at age 50.

You can take 1/3rd of the Total Retirement Fund as cash (less applicable taxes)

The remaining 2/3rd of your Total Retirement Fund is converted into a fixed monthly pension which shall be paid to you at the end of every month till you die.

What Happens When You Retire?

You can take 1/3rd of the Total Retirement Fund as cash (less applicable taxes)

The remaining 2/3rd of your Total Retirement Fund is converted into a fixed monthly pension which shall be paid to you at the end of every month till you die.

If You Are A Member Of Another Occupational Or Individual Retirement Benefits Scheme, can you Transfer Your Balance There To This Scheme?

Yes.

National Bank

Natbank Personal Pension Plan

Our Individual Pension Plan helps individuals build retirement savings that will provide income upon retirement.

It is Designed for:

• Self-employed individuals who would like to contribute towards their own retirement
• Employed individuals where the employer does not have a pension scheme
• Occupational scheme members withdrawing from an employer’s retirement benefit scheme.
• Employers with few employees who would like to set up a pension scheme for their employees.

Benefits:

• Interest income: Contributions are invested to generate high returns.
• Tax Incentives: Contributions by members are tax deductible up to a maximum of KES 20,000.00 per month or KES 240,000.00 per annum.
• Transferrable: Pension is not affected by change of employer
• Flexible:  Individual can choose retirement frequency of payment and amount

Requirements:

• Duly completed application form
• Copy of National ID
• Copy of KRA PIN
• Passport photo

ICEA Lion

What are the Key Features of the ICEA LION Personal Retirement Scheme?

Affordability

From as low as Kes 1,000 per month, you can set up your Personal Retirement Scheme or pension plan.

Tax Benefits

Pensions are also governed by the Income Tax Act (Cap

• and valuable tax advantages are provided for in the act. Subject to certain limits, your contributions, investment growth and benefits will all be tax-free. Any contribution exceeding the tax-exemption limit is invested separately, in a taxable fund.

Flexibility

You can make your contributions monthly, quarterly, half-yearly or annually depending on your plans. You may change the frequency and amount of contribution at any time so long as it is not less than Kes 1,000 per month. You can make contributions through salary deductions, M-Pesa payments or direct debits with your financial institution.

Tax-Exempt Single Lump-Sum Transfers Between Schemes

You can make such a transfer from other registered funds to ICEA LION’s Personal Retirement Scheme tax free.

You Can Top Up To Keep Up With Inflation

You may increase your periodical contribution in order to keep up with inflation. The rate of escalation in your periodical contribution can be set out at the beginning of your plan with us, or you can let us know when you wish to have the increase come into effect.

Your Contributions Belong To You

The contributions to your Personal Retirement Scheme remain yours whether they are self-funded or employer-funded, even if you change your job or are no longer in employment for any reason.

Mortgage Security

60% of your accumulated pension savings can be used as additional security by a lender for your mortgage.

Retirement Age

The minimum allowed retirement age range by Kenyan law is 50 -75 years and ICEA LION’s Personal Retirement Scheme aligns to this. . This means that although withdrawal terms are flexible, if you wait to claim your retirement contributions in this bracket, you will receive them tax free.

Growth of Your Contributions

The contributions you make are invested in various financial instruments with a minimum guaranteed interest of 4% per annum. This interest is earned on a daily basis and ensures that small, regular contributions grow into significant retirement savings over time.

We Pay Balance of Interest to Leavers

This means that if you leave the scheme before the declaration earned for that year, you will still receive the interest on your contributions earned up to the point of withdrawal when it is finally declared.

Why Invest with ICEA LION’s Personal Retirement Scheme?

• Despite the minimum guaranteed interest of 4% per annum plus a bonus, ICEA LION has offered competitive returns against the market average.
• Your retirement or pension fund will be professionally managed by seasoned experts.
• You will have access to an account manager for your scheme who is available to address your queries and requests.
• We offer facilitation for member trainings if you are part of a larger group.
• We offer regular industry updates as well as pre-retirement training.
• Your member statements and fund balances are updated monthly guaranteeing the accuracy of records.
• You can view and manage your account via our self-service portal.
• We endeavour to settle claims quickly with a 5 day turnaround time from receipt of all required documentation.
• You can buy your Personal Retirement Scheme from as low as Kes 1,000/- at the click of a button by visiting prs.ICEALION.com.
• We have a heritage of stability: ICEA LION is the largest fund manager in the region with a Total Asset Base of Kes 90 Billion and managing a Total Pension Fund of Kes 63 Billion as at 31st December 2019.

What else do I need to know about ICEA LION’s Personal Retirement Scheme?

Treatment of Fund in Unfortunate Case of Demise

In the unfortunate event of the demise of the retirement scheme member, their nominated beneficiaries will receive your accumulated pension benefits.

Illustration of Estimated Earnings

Assuming you make contributions for 15, 20 and 25 years at Kes. 2,000 and Kes. 15,000 per month, the following will be the growth assuming a 10%* per annum rate.

TOTAL CONTRIBUTION		RETIREMENT FUND
@2,000 p.m.	@15,000 p.m.	@2,000 p.m.	@15,000 p.m.
360,000	2,700,000	838,793	6,290,951
480,000	3,600,000	1,512,060	11,340,450
600,000	4,500,000	2,596,362	19,472,718