Maseno University Retirement Benefits Scheme
The Maseno University Retirement Benefits Scheme. Details of Maseno University Retirement Benefits Scheme Services and Contact Address.
Each month a member contributes a percentage of his pensionable salary into the scheme. Over the period until retirement (or until he leaves the scheme if earlier) the contributions along with the contributions paid by the university on a members behalf, are invested in the member account. Maseno University Address
Maseno University Retirement Benefits Scheme Services
BENEFITS ON RETIREMENT
The Normal Retirement age for teaching members of staff is age 70(seventy) years and the Non-Teaching staff is age 60(sixty). A member may opt, with the consent of the Sponsor, to retire early (5 years before the Normal Retirement age for non-teaching staff and 10 years for teaching staff).
The benefits a member will receive at retirement will depend on the size of their Member Account at the time of retirement subject to the minimum guaranteed benefit.
One-third of the Member Account will be given as an optional cash lump sum, and two-thirds are commuted towards purchasing an annuity. If the monthly annuities will constitute a trivial amount, the member may elect to be given the whole amount as a lump sum.
A member may choose to have the value of his accumulated credit at the time of retirement applied in providing an income drawdown subject to a minimum drawdown period of 10 years.
BENEFITS ON ILL-HEALTH RETIREMENT
A member may, with the consent of the Sponsor, and with the recommendation of a qualified medical practitioner, retire early as a result of ill-health.
The pension paid will depend on the value of a member account at the date of retirement.
One-third of the Member Account will be given as an optional cash lump sum, and two-thirds are commuted towards purchasing an annuity.
A member may choose to have the value of his accumulated credit at the time of retirement applied in providing an income drawdown subject to a minimum drawdown period of 10 years.
BENEFITS ON RESIGNATION
If a member opts to leave the service of the Sponsor before attaining Early Retirement Age, they will have the following options in which to draw their benefits:
- That the full value of their accumulated credit remain in the Scheme until they become eligible to retire
- To take a cash lump sum equal to their member contributions plus interest and the employers contributions are retained in the Scheme until they become eligible to retire or elect to take a maximum of half of the Employer’s portion as well as interest along with the Full Member’s Portion. The other half of the Employer’s portion remains ‘preserved’ until the member becomes eligible to retire.
- To transfer the value of their benefit entitlement to another registered retirement benefits scheme; which includes schemes operated by another employer or an individual pension plan operated by insurance companies.
A member does not have to make an immediate decision as to what option to choose. If at the time of leaving a member has not decided which option they prefer, the member may request the Trustees to retain their benefits in the Scheme. These amounts will continue to earn interest on the same basis as the Member Accounts of Active Members.
DEATH BENEFITS
Beneficiaries of a contributing member who passes on will get the following benefits which will be payable as provided in a members Death Nomination of Beneficiaries form;
- An insurance lump sum payment equal to three times a members annual pensionable salary
- A cash lump sum payment is equivalent to the deceased members accumulated credit at the time of death.
- A last expense amount of ksh. 100,000 payable immediately to cater for funeral expenses.
Members are encouraged to complete the Death Benefits Nomination of Beneficiary Form which provides details of the chosen beneficiaries. The Scheme Trustees will have to take into consideration (but are not bound by) a member wishes when arranging payment of benefits to beneficiaries.
Maseno University Retirement Benefits Scheme Contacts
Maseno University Retirement Benefits Scheme | MURBS Building, 3rd Floor Makasembo Road, off Oginga Odinga Street | P. O. Box 9268-40141 | 254 701 095 900, +254 734 788 888 |~info@masenorbs.or.ke
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