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.

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: –

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.