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Individual Pension plan

Our individual pension product is a long term investment plan that allows you to build a sizeable retirement fund. Your monthly contributions grow exponentially with competitive interest rates.

The plan allows you to first build your retirement income by making regular contributions during your working life. This allows your savings to grow exponentially over time while earning interest. On attainment of your selected retirement age, Britam will pay your accumulated retirement benefits in accordance to the option selected at the inception of the policy.

How Does The Plan Work?
The plan allows you to first build your retirement income by making regular contributions during your working life. This allows your savings to grow exponentially over time while earning interest.

On attainment of your selected retirement age, Britam will pay your accumulated retirement benefits in accordance to the option selected at the inception of the policy.

What Options Do You Have?
a. Pension plan- A third of accumulated benefit will be paid as a single lump sum amount and
the remaining two thirds –

1) Paid as a regular income for life upon retirement.
2) Can be withdrawn from the fund in a minimum of 10 years.

b. Provident plan-The accumulated amount will be paid in one single lump sum upon retirement.

What Are The Key Features Of This Plan?

  • Flexible contributions: Contributions can be fixed or varying; made monthly, quarterly, semiannually or annually.
  • An employer can contribute an equal or higher amount as an employment incentive.
  • The minimum contribution under the policy is Kes 500. There is no upper limit on contributions.
  • Britam will provide you with a personalized individual retirement plan account and keep track of your savings and interest earned.
  • A personalized statement of savings will be sent to you at the end of each financial year or any other time on request.
  • A member can access accumulated fund at any time subject to the prevailing regulations.

What are the key benefits of the individual retirement plan from Britam?

  • Monthly contributions are tax deductible. The current tax exempted amount is Kes 20,000 per month or 30% of pensionable income, whichever is lower.
  • Investment income: Contributions are prudently invested to ensure high returns with a guaranteed minimum compounded rate of 5% per annum.
  • The capital is guaranteed against market volatility, therefore securing the fund.
  • Portability: The plan is portable and is not affected by changes in employment.
  • Flexibility: One can select retirement age, amount and frequency of contributions, change/nominate beneficiaries etc.
  • Availability of pension backed mortgage: A member can assign up to 60% of the accumulated fund towards financing the purchase or construction of a house.
  • In case of death prior to retirement age, the total accumulated amount becomes payable to appointed beneficiaries.

Other Value added services:

  1. Britam will keep you informed of the changes occurring in the pensions industry.
  2. Britam Individual Pension Scheme is approved to receive NSSF Tier II contributions.

How do you join?

  • Download the application form here;
  • Provide a copy of ID/Passport.
  • Provide a copy of PIN certificate.

How do I pay?

  • M-pesa – Paybill Number 541400
  • Check-off
  • Direct Debit Authority

For more information on this product, kindly get in touch with us or visit any one of our branches.