Pension Plans
Pension Plans starting from Kshs.12000 per year
Pension plans are a vital component of financial planning for retirement in Kenya. With various options available tailored to individual needs and circumstances, you can choose a plan that aligns with your long-term financial goals. Start saving today with trusted insurers to secure a comfortable and dignified retirement!
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Key Features
- Personal Pension Plans
- Designed for individuals looking to save for retirement independently.
- Contributions can be made monthly, quarterly, or annually, with flexible payment methods including M-PESA and bank transfers.
- Tax relief benefits are available for contributions up to KES 240,000 per year.
- Occupational Pension Schemes
- Offered by employers to their employees as part of the benefits package.
- Contributions are typically made by both the employer and employee, ensuring a robust retirement fund.
- Defined benefit or defined contribution schemes are available based on the employer’s policy.
- Government Pension Schemes
- Managed by the National Treasury for public servants, providing guaranteed benefits upon retirement.
- Includes various types of pensions such as commuted pension gratuity and dependants’ pensions.
- Investment Options
- Pension funds are invested in a diversified portfolio to maximize returns while minimizing risks.
- Guaranteed investment rates are often provided, ensuring that your accumulated funds grow over time.
- Withdrawal Options
- Upon reaching retirement age, members can opt for periodic income withdrawals or a lump sum payout.
- Flexibility in accessing funds allows retirees to manage their finances according to their needs.
Pricing Plans
- Basic personal pension plans start from approximately KES 12,000 per year (KES 1,000 per month).
- Comprehensive plans with higher contributions can range from KES 36,000 to KES 120,000 per year (KES 3,000 to KES 10,000 per month) depending on the investment goals and benefits selected.
Insurers Offering Pension Plans
Several reputable insurance providers in Kenya offer pension plans:
- Jubilee Insurance
- Sanlam
- Old Mutual
- Heritage Insurance
- Britam
- APA Insurance
- GA Insurance
