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Pension Plan
Pension Plan
Why Plan For Retirement?
- It is inevitable that as active as we may be today, there comes a time in life when we will retire. Therefore, we will need an income in retirement without working. Hence, saving in a retirement benefits scheme now helps save to create income in retirement. Here is how planning well for retirement will help you.
- To cover living expenses e.g. food, medical, children upbringing & education, housing, etc if we lose our jobs during our working lives as retrenchments are a reality in this day & age.
- Leave a savings kitty behind for dependants should death occur
- Less dependence on children – Are you sure that your children will take care of you when you retire?
- Longevity of life after retirement due to advances in medicine & technology. Hence, we shall need more money in retirement
- Tax benefits, now and in the future, if you contribute towards a retirement plan. The monthly salary is not subjected to PAYE for the amount you contribute upto a max of Kes. 20,000 per month
- Early retirement due to ill health or disability. Where are we going to pay the bills from?
How it works
- As an employee, you contribute either a fixed percentage of your monthly salary through salary deduction or an amount of money at regular intervals, where the amount and interval is agreed between employer & employee.
- As an employer, you contribute either a fixed percentage of employee’s monthly salary or an amount of money at regular intervals, where the amount and interval is agreed between employer & employee.
Other advantages:
- The contributions have a 100% capital guarantee, they are invested in a guaranteed fund
- Income arising out of investing the contributions is also guaranteed
- A member to the scheme is given online access to view how the fund is growing
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