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Personal Pension Plan
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Swenani
#31 Posted : Wednesday, October 09, 2013 9:55:00 AM
Rank: User

Joined: 8/15/2013
Posts: 13,237
Location: Vacuum
mukiha wrote:
First; if you are only an Individual Pension (IPP) Scheme,there is no mandatory retirement age. You decide for yourself at the time of joining...it can 80yrs or 40yrs or anything that suits YOU.

Second,returns from pensions schemes are nothing to write home about; you will be lucky to get above 10%pa. However,don't forget the tax exemption benefit....but you lose it if you withdraw the money before your declared retirement age.

@Leona; I used to have an IPP at CFC Life; one nice afternoon I passed by there to find out why they hadn't been sending me satements for three years. I found out that the scheme had been earning about 6% during the 3yr period!

I closed the account immediately and withdrew ALL the cash....veterans will remember my thread about 'a million bob sitting in a dormant pension account'

In short...CFC Life is not very good...administratively and in terms of returns.

My wife has an IPP at ICEA; returns are quite good (compared with the joke at CFC) and they keep her informed regularly.

A final word on IPPs: treat them like ordinary pensions for employed people. Don't put more that abou 5% of your gross income...remember,NSSF take only abour 400bob!!

A pension is NOT you main investment scheme.


Behind the gardens...Behind the wall...Under the tree (Including: Red...Dark Blue...Yellow)


I have been also thinking of closing my account with CFC and having the NSE as my personal pension plan
If Obiero did it, Who Am I?
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Swenani
#32 Posted : Wednesday, October 09, 2013 9:59:26 AM
Rank: User

Joined: 8/15/2013
Posts: 13,237
Location: Vacuum
Siringi wrote:
1. Free advice I dont mix serious business with gmail addressesShame on you Shame on you Shame on you
get a corporate address with the gmail on as back up.

2. Kwani there are no other insurance persons in wazua? Apart from personal pension plans, there are several other insurance matters we would like to discuss e.g

a. Who offers the best motor vehicle insurance? I need to save mony on my current premiums? I get 4
% from CBA
b. What about education policies are they worthy it ? What has been wazuans expeience on this?

C. Why are kenyans generally averse to insurance? My colleagues see agents come round they get busy or beat cornerSad

d. Took my tax exemptions certs from Britak and Jubilee to the accounts guys to effect PAYE exemptions and the guys were like what please give us your contacts with your insurers

e. Wapi old mutual na CFC . Pan africa etc na wengine wajitete? Admin send them an e-mail wajitetee especially on the business of unit trusts and personal life

lets share and wazua

Mwekahazina wrote:
Any queries,may be answered through firstliberty.kenya@gmail.com with whom I handle insurance business.


If Obiero did it, Who Am I?
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leona
#33 Posted : Wednesday, October 09, 2013 9:59:49 PM
Rank: Elder

Joined: 8/1/2008
Posts: 1,432
Location: Marsabit
Interesting old thread.. Had even forgotten all about it
Anyway, with time i realized that these agents who sell the policies are very very misinformed. Yaani i was approached by 3 people from CFC and they all had their own version of the same product! I gave up & invested my cash elsewhere. Who ever trains these people??
Nevermind what haters say, ignore them til they fade away - Just live your life
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newfarer
#34 Posted : Tuesday, April 15, 2014 7:19:30 AM
Rank: Elder

Joined: 3/19/2010
Posts: 3,505
Location: Uganda
Lolest! wrote:
interesting old topic. What that britam lady was selling is an endowment insurance policy not a pension. Insurance policies enable you to get 15pc of the premium as insurance relief while pensions enable you to get 20k max as defined contribution deductible for tax purposes



i am really pertubed by lack of product knowledge by insurance agent.i wanted a pension but a certain agent kept on insisting i take a life policy almost forcefully demonstrating the millions i will make.was left disgusted.
punda amecheka
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mkonomtupu
#35 Posted : Tuesday, April 15, 2014 12:26:49 PM
Rank: Veteran

Joined: 2/10/2010
Posts: 1,001
Location: River Road
For personal pension I would say Jubilee insurance returns are good 2012 returns 12.75% and last year 14%.

Their customer service has greatly improved.
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Lolest!
#36 Posted : Saturday, February 14, 2015 6:37:46 PM
Rank: Elder

Joined: 3/18/2011
Posts: 12,069
Location: Kianjokoma
newfarer wrote:
Lolest! wrote:
interesting old topic. What that britam lady was selling is an endowment insurance policy not a pension. Insurance policies enable you to get 15pc of the premium as insurance relief while pensions enable you to get 20k max as defined contribution deductible for tax purposes



i am really pertubed by lack of product knowledge by insurance agent.i wanted a pension but a certain agent kept on insisting i take a life policy almost forcefully demonstrating the millions i will make.was left disgusted.
that's where they make money. No money in pension
Laughing out loudly smile Applause d'oh! Sad Drool Liar Shame on you Pray
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whiteowl
#37 Posted : Sunday, February 15, 2015 1:30:28 AM
Rank: Veteran

Joined: 4/16/2014
Posts: 1,420
Location: Bohemian Grove
Everybody should be the architect of his/her own pension plan. Thinking that someone other than ourselves has a great pension plan template for us and all we have to do is fit in is a grave mistake.
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Lolest!
#38 Posted : Sunday, February 15, 2015 7:31:00 AM
Rank: Elder

Joined: 3/18/2011
Posts: 12,069
Location: Kianjokoma
whiteowl wrote:
Everybody should be the architect of his/her own pension plan. Thinking that someone other than ourselves has a great pension plan template for us and all we have to do is fit in is a grave mistake.

Pension is not an investment! Put a low amount aside like 5% then invest the rest wherever you want
Laughing out loudly smile Applause d'oh! Sad Drool Liar Shame on you Pray
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Boris Boyka
#39 Posted : Sunday, February 15, 2015 8:41:38 AM
Rank: Veteran

Joined: 11/15/2013
Posts: 1,977
Location: Here
Lolest! wrote:
whiteowl wrote:
Everybody should be the architect of his/her own pension plan. Thinking that someone other than ourselves has a great pension plan template for us and all we have to do is fit in is a grave mistake.

Pension is not an investment! Put a low amount aside like 5% then invest the rest wherever you want

When you are doing it yourself (personal), the two terms (investment & pension) are NOT mutually exclusiveShame on you. would you want your pension fund somewhere not to gain anything? Isn't putting money somewhere to gain an "investment"? however small it may bePray
Everybody STEALS, a THIEF is one who's CAUGHT stealing something of LITTLE VALUE. !!!
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  | | Edit by user: Sunday, February 15, 2015 8:45 AM | Reason: Not specified
kerich
#40 Posted : Sunday, February 15, 2015 11:27:46 AM
Rank: New-farer

Joined: 4/10/2011
Posts: 27
Location: Nairobi
I understand that the discussion is about personal pension plan.

Nonetheless, I would like to be brought upto speed on what the law says in regard to employers role in employees pension scheme.

Is it mandatory by law for private sector employers to put their staff on a pension scheme over and above the monthly NSSF provident contribution of Ksh 200?

In this case whatever amount the employee contributes, the employer also contributes similar amount towards the employees pension.

Or is the employer at liberty not to get involved in any way over the employees pension arrangements private or otherwise?

Someone please shed some light.
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