FAQ

Who can join the Scheme?

Any full-time permanent employee of Moi Teaching & Referral Hospital or other employees of the Hospital as the Hospital and Trustees may determine.

What do I have to pay as a member of the Scheme?

You will be required to pay 7% of your Pensionable Salary. This will be deducted from your salary or wage each month and paid into your own account under the Scheme. Your contributions currently are tax deductible. Your contributions in excess of the tax limit will be allocated to the Non-exempt Account of the Scheme

Can I make contributions after leaving the Hospital?

No. You can only make contributions if you are a full time employee of the Hospital.

Can I retire later than my Normal Retirement Age?

Yes. If, for any reason you are asked by the Trustees subject to the Employer’s consent to remain in Pensionable Service beyond your Normal Retirement Age, you will continue to pay contributions during this period. The Hospital will also continue paying contributions on your behalf as well. When you do actually retire, then you will be eligible to receive one third cash lump sum benefit from the Scheme and the two thirds used to purchase an annuity from an insurance company of your choice.

Can I request to retire early?

You may request the Hospital to retire early, provided you have attained the age of 50 years. If the Hospital agrees, you will be eligible to receive one third cash lump sum and the remaining two thirds shall be used to purchase an annuity in an insurance company.

What if I leave and join another Organisation which has a pension scheme?

As long as the other organisation’s pension scheme is registered by the Retirement Benefits Authority and approved by the Commissioner of Income Tax under the requirements of prevailing legislation, you may elect to transfer your entitlement to your new employer’s pension scheme.

What happens if I die whilst in Pensionable Service?

A lump sum cash benefit, equal to the balance of your Accumulated Credit in your account at the date of your death will become payable from the Scheme to your nominated beneficiaries.

Further, once you are in pensionable service of the Hospital, Trustees maintain a life insurance cover with a reputable insurance company whose benefit your nominated beneficiaries are entitled to. Upon your demise, a cash lump sum which is equivalent to three (3) times the life insurance cover/policy received by the Trustees from the Insurance Company is payable to the nominated beneficiaries.

What if I go to live in a village or some place where communication is difficult?

If, for some reason you have not claimed your benefits from the Scheme, and the Trustees have not been able to trace your whereabouts, they shall only be accountable for your benefits for a three year period. It is your responsibility to keep the Trustees informed of your whereabouts if you have not claimed your benefit entitlement from the Scheme.

Can I transfer money from another retirement benefits scheme to the Scheme?

If you were a member of any approved retirement benefit scheme operated by another employer before you joined the Hospital, you may be able to transfer your accrued benefits across into the Scheme.

Please contact the Human Resources – Pension Office if you would like further information about your particular case.

How do I plan ahead for retirement?

The Trustees are committed to helping you achieve a secure retirement, but this can only happen if you spend time thinking about the future and planning ahead for the day you retire. To assist you with your planning, you will be provided with an annual benefit statement, which will show the build up of your benefits.

Will my benefits be taxed?

Your benefits will be given tax relief upto a certain maximum and thereafter will be taxed. If you have benefits under the Non-exempt Account those benefits are not taxed at payment.

Can I assign my benefits to someone else, or use them as collateral for a loan, mortgage etc?

Yes, you can assign upto 60% of your accrued benefits to the Scheme for a consideration for the purpose of furnishing a guarantee by the Scheme, in favour of an Institution, in respect of a loan to be granted by the Institution to enable you to:

  1. Acquire immovable property in which a house has been erected.
  2. Erect a house on immovable property which you own together with your spouse.
  3. Add, alter or carry out repairs to a house that you or your spouse own.
  4. Secure financing or a waiver of deposits, stamp duty, valuation fees and legal fees, but excluding arrangement and commitment fees and any other transaction cost required in the course of acquisition of the immoveable property on which the house has been erected.

However under no circumstances will you be allowed to assign your benefits to anyone else or use them as security for a loan except as provided for under this head.

Under what circumstances will I be able to receive all my Accumulated Credit?

You will be paid the full amount of your Accumulated Credit under the following circumstances:

  1. If you immigrate out of Kenya to another country as a permanent resident. Evidence of immigration will be required.
  2. If you are retired on grounds of ill-health, early retirement or normal retirement.

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Can I pay more?

Yes. If you wish to do so, you can pay further contributions into your account on a monthly basis, provided that the amount is set as a percentage of your Pensionable Salary. Once you start to pay additional contributions, you will NOT be able to stop or reduce the payments until the next start of the Scheme’s financial year. You will need to inform the Trustees in writing of your wish to take up this option of paying further contributions.

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Who can change the Rules and when?

The Trustees may change the provisions of the Trust Deed & Rules governing the Scheme, but only with the consent of the Hospital and with the prior approval of the Retirement Benefits Authority and Commissioner of Income Tax.

Can I transfer money from another retirement benefits scheme to the Scheme?

If you were a member of any approved retirement benefit scheme operated by another employer before you joined the Hospital, you may be able to transfer your accrued benefits across into the Scheme.

Please contact the Human Resources – Pension Office if you would like further information about your particular case.

How do I plan ahead for retirement?

The Trustees are committed to helping you achieve a secure retirement, but this can only happen if you spend time thinking about the future and planning ahead for the day you retire. To assist you with your planning, you will be provided with an annual benefit statement, which will show the build up of your benefits.

Will I receive information about benefits once I leave the Hospital?

If you leave the Scheme with an entitlement to deferred benefit you will continue to receive an annual benefit statement. This will be sent to your last known address, so it is important you let the Trustees know of any change in your address or family circumstances.

Can I obtain any further information about the Scheme?

On written request to the Trustees, you will be provided with a copy of the Rules and all amendments. You can also request that a copy of the annual accounts of the Scheme be made available at some convenient time to review.

What if I wish to make a complaint regarding my benefit entitlement?

You should put your complaint in writing for the Trustees’ consideration. The Trustees will then look into the facts of your dispute and after considering the representations of other interested parties, will make their decision. Such decision will be final and binding on all persons. However if you feel your problem has not been fully addressed you are free to contact the Retirement Benefits Authority which is the retirement benefits regulator.