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Individual Retirement Benefit Schemes in Kenya

If you are self employed or work in the informal sector, you are probably wondering, how can I plan for my retirement? Your option is to choose one of the available Personal Pension Plans. PPPs are private pension schemes offered mostly by financial institutions such as banks and insurance companies. Since they are very many, before you make your choice, consider the following factors:

  • How is your personal situation now and what are your plans for the future?
  • What is the reputation of the company? Its directors and shareholders?
  • What is the technical capability of the company?
  • Observe their customer care and services. Do they offer personalized services?
  • Their track in record keeping
  • Look at the past results of their performance. Success? Failure? What were the causes of failure?
  • What are the administrative costs?
  • What penalties and charges are imposed when one is not able to make regular contributions due to, for example, loss of employment, illness or career break?
  • Contribution payments - whether regular amount of contributions are to be paid for a given number of years or one has the flexibility to change the amount and whether it is at a cost.
  • Can a member participate in selecting investments of the funds?
  • Do they have extra benefits like; educational programs?

Below you will find examples of financial institutions with branches in several towns in Kenya that offer individual retirement benefits. You can also walk into any bank or insurance company in your area and inquire if they have the scheme.

  • UAP Provincial Insurance Company Limited - Individual Retirement Benefits Schemes
  • Cannon Personal Pension Plan Insurance
  • Co-op Trust Limited Individual Pension Plan Bank
  • Jubilee Insurance Company Ltd Personal Pension Plan Insurance
  • Amana Personal Pension Plan Fund Manager
  • ICEA Individual Retirement Benefits Scheme Insurance
  • Madison Insurance Personal Pension Plan Insurance

This is a flexible scheme meaning that you can change jobs without losing your benefits and your savings have tax relief.

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