Looking for a list of pension schemes in Kenya? Find it in this guide (plus their contacts)…..
Pension schemes are a type of investment vehicle that pays you during your retirement.
That way, you’re sure of a decent lifestyle and peace of mind in old age.
Sadly, many Kenyans don’t realize the importance of investing in a pension plan and end up living a miserable life when old age comes knocking.
Now, if you want to secure your future by investing part of your income in one of the registered pension schemes in Kenya, here is a list of pension schemes in Kenya that can help you save for retirement.
List of pension schemes in Kenya registered under the retirement benefits act Kenya
The following are among the best pension schemes in Kenya and can help you save for your basic needs and other expenses in old age.
1. Britam Pension Scheme
Britam offers two kinds of individual pension schemes:
- Pension plan –You receive 1/3 of your accumulated benefits as a lump-sum amount once upon attaining retirement age while the remaining 2/3rds will be paid to you as a regular payment for life (upon retirement). Note that you can withdraw from this fund after contributing for at least 10 years.
- Provident plan –The accumulated sum is paid as one lump-sum upon retirement.
Britam pension scheme contacts: 0703 094000
2. Boresha Maisha Retirement Plan (formerly CFC life individual pension plan)
Run by Liberty Insurance company, Boresha Maisha Retirement scheme lets you plan for your retirement by providing flexible contributions to match your income.
Note that CFC Life rebranded to Liberty Life Assurance-Kenya Ltd. in October 2014
Contact: 0711 076 222
3. Mbao pension scheme Kenya
Started in 2009, this is perhaps the friendliest scheme allowing pension contribution in Kenya for those in the Jua kali sector.
As the name suggests, you contribute just Kshs.20 daily and you can register as long as you are above 18 years.
Those contributing monthly should remit Kshs 500/= (minimum) per month while those contributing annually should contribute Kshs 6,000/= (minimum) per year.
The scheme is owned by Kenya Commercial Bank (KCB) and is administered by Eagle Africa Insurance Broker’s.
Contact: Dial *805*40# (on your phone) for enquiries.
4. Jubilee Kenya Personal Pension Plan
Here are the key benefits of Jubilee Kenya insurance pension scheme:
- No setup fee
- Tax relief benefit
- Minimum guaranteed investment return rate of 4%
- Guaranteed investment income and accumulated capital.
Contact: Use this form to send your questions.
5. KCB pension scheme
KCB also runs individual schemes that allow you to contribute funds towards retirement.
KCB allows even a single lump-sum deposit into the scheme in case you want to boost your savings.
Contact: Fill this form to have a KCB representative contact you.
6. Zimele Personal Pension Plan
Zimele Personal Pension Plan can be amazing for Kenyans who have years of active service remaining before attaining retirement age since they can make the most out of the remaining time to accumulate excellent returns.
- Affordability: Minimum deposit is just Kshs.100 only.
- Flexibility: You can add or reduce the amounts you contribute and even the frequency of contributions.
- Convenience: You can pay through Mpesa Business no. 501100.
- No penalties: There are no penalties for not remitting contributions for some time.
- Online access: You get your pension contribution statement online.
The Plan is best for:
- Self-employed Kenyans·
- Young people seeking to leverage the stocks market to increase their retirement kitty.
Contact: Visit Zimele Asset Managers online via this link.
List of pension schemes in Kenya -Other pension schemes in Kenya
|Amana Personal Pension Plan||313356|
|Apollo Insurance Co. Ltd. Individual Pension Arrangementfirstname.lastname@example.org|
|Benefits At Work Personal Pension Schemeemail@example.com|
|Chancery Personal Pension Planfirstname.lastname@example.org|
|CIC Jipange Pension Planemail@example.com|
|Commercial Bank of Africa Individual Pension Planfirstname.lastname@example.org|
|CPF Individual Pension Scheme||2248408|
|Cytonn Personal Retirement Benefits Scheme||0709 email@example.com|
|Dry Associates Personal Provident Planfirstname.lastname@example.org|
|Enwealth Diaspora & Expatriates Retirement Fundemail@example.com|
|Enwealth Personal Pension Schemefirstname.lastname@example.org|
|Fahari Retirement Plan||4969000|
|GA Life Personal Provident Planemail@example.com|
|GA Life Personal Pension Planfirstname.lastname@example.org|
|Gencap Individual Pension Plan||0709185000||clientrelations@genghis-capital,com|
|ICEA Lion Individual Retirement Benefits Schemeemail@example.com|
|Kenindia Assurance Co. Ltd. Personal Pension Planfirstname.lastname@example.org|
|Kenyan Alliance Insurance Co.Ltd. Individual Retirement Benefits Schemeemail@example.com|
|Madison Insurance Personal Pension Planfirstname.lastname@example.org|
|Mercantile Personal Provident Fund Schemeemail@example.com|
|Minet Individual Pension Planfirstname.lastname@example.org|
|Mwavuli Individual Pension Plan||2220099|
|NTISL Personal Pension Plan||2828356|
|The Heritage AII Company Ltd. Individual Retirement Benefits Schemeemail@example.com|
|The Kenya Orient Individual Pension Planfirstname.lastname@example.org|
|The Monarch Personal Pension Planemail@example.com|
|Octagon Personal Pension Scheme||0708726830/
|Old Mutual Individual Retirement Benefits Schemefirstname.lastname@example.org m|
|Pan Africa Life Personal Pension Plan||247600|
|Pioneer Assurance Individual Retirement Benefits Scheme||2220814|
|Stanlib Individual Pension Plan||3268508|
|UAP Life Assurance Individual Retirement Benefits Plan||2850000|
|Wakili Personal Retirement Benefits Scheme||0709 087000|
|Zamara Vuna Pension Planemail@example.com|
A word on umbrella pension scheme
These schemes are set up by authorized companies to help small or medium businesses who find running their own individual schemes for their employees financially unviable.
Their goal is to have these companies pool resources and provide a retirements benefits scheme for their employees in a cost effective manner.
If you own such a company, consider these umbrella pension plans in Kenya (they are all registered under RBA pension rules):
|No.||Umbrella Scheme||Telephone No.|
|1||Amana Umbrella Pension Scheme||313356|
|2||APA Life Umbrella Retirement Fund||3641000|
|3||British American Insurance Umbrella Retirement Fund||2710927|
|4||CFC Life Assurance Ltd Umbrella Fund||2866000|
|5||CIC Umbrella Retirement Benefits Scheme||2823000|
CICAM Umbrella Retirement Fund
|7||Co-optrust Investment Retirement Benefits Scheme||070 3071000|
|8||County Pension Fund||2046901|
|9||Cytonn Umbrella Retirement Benefits Scheme||0709 101000|
|10||Enwealth Umbrella Fund||020-8160312|
|11||Fusion Umbrella Retirement Benefits Scheme||27101149|
|12||ICEALION Umbrella Retirement Benefits Scheme||2750000|
|13||ICEALION Guaranteed Umbrella Fund||2750000|
|14||Kenindia Umbrella Provident Fund||3310699|
|15||Kenya Orient Umbrella Pension Fund||2728603|
|16||Kivuli Umbrella Fund||2323343|
|17||Madison Umbrella Retirement Benefits Scheme||2864000|
|18||Minet Kenya Umbrella Retirement Fund (AON umbrella retirement fund)||4975000|
|19||Mwavuli Pension Fund||2220099|
|20||Ngao Umbrella Pension Scheme||2710927|
|21||Octagon Umbrella Retirement Benefits Scheme||6001948|
|22||Old Mutual Umbrella Retirement Benefits Scheme||2728881|
|23||Sanlam Umbrella Retirement Fund||2781000|
|24||Pioneer Umbrella Retirement Fund||2220814|
|25||Suluhu Umbrella Scheme||2717137|
|26||Takaful Umbrella Fund||2725134|
|27||The Jubilee Insurance Umbrella Scheme||3281000|
|The Kenyan Alliance Insurance Company Limited
|29||The Monarch Umbrella Retirement Fund||310032|
|30||UAP Umbrella Retirement Benefits Scheme||2850000|
|31||Zamara Fanaka Retirement Fund (Provident & Pension Sections)||4969000|
List of pension schemes in Kenya – frequently asked questions (FAQs)
What is an individual pension plan?
An Individual pension scheme is nothing else but a saving plan usually set-up by registered providers such as insurance companies for you to make regular contributions on your own behalf as a way of saving for your retirement.
What is a registered pension scheme (registered pension scheme meaning)?
A registered pension scheme is a form of trust that releases pension benefits to an employee upon retirement. …
Most RPPs (including public service pension funds) in Kenya are managed by registered administrators and are subject to various legislations as specified in the retirements benefit authority act.
Keep in mind that there are both registered and unregistered pension schemes-An unregistered scheme does not allow you, sponsoring employers, or even scheme administrators to benefit from any tax privileges available to registered schemes such as pension contribution tax relief.
Who offers the best pension rate of return in Kenya?
Rates vary from year to year so it’s not easy to accurately say pension scheme X has the best rates on a year-to-year basis.
What are the pension withdrawal rules in Kenya?
Access to your retirement savings is mainly regulated under two acts: Kenya’s Income Tax Act plus the RBA Act.
The conditions for withdrawal differ from one company to the next but in general, you are allowed to withdraw your pension savings once you’re 50 years old.
The other option is, of course, to wait and let your savings continue growing until you reach the official retirement age (60 years, at the moment).
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