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Rank: Member Joined: 7/22/2009 Posts: 120 Location: KENYA
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Thanks good people for this healthy discussion. Let me put my 2 cents in it.
Roughly two months ago,i requested for a quotation from UAP Insurance for a personal pension plan.
1. Their minimum contribution is Kshs 3,500/= per month.
2. One realises the benefits upon retirement i.e at 55 years.
3. The contribution has a 5% premium increase clause on an annual basis.
4. The maturity value is compunded at 12%
5. It has an accidental death cover.
6. Lets for instance say,you that your age will be 25 years next birthday and you contribute Kshs 3,500/= per month,then after 30 years you will be eligible to get Kshs 8,555,971/=
This may look enticing (relative) but the catch is here.
If you FAIL to contribute for even one month,you lose out all your CONTRIBUTIONS.
That is the information that was ceded to me upon extensive nagging.
Your take on this will aslo be highly regarded.
Opportunity favours the prepared mind...........
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Rank: Member Joined: 10/17/2008 Posts: 338 Location: Kenya
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@mukiha...does it mean what they call investment scheme- which combines Investment plan and Pension plan is also not good. A little Blindness is necessary when you undertake Risk. Think the unthinkable but wear a dark suit
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Rank: Member Joined: 9/9/2009 Posts: 53
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I will advice you to take the britak ppp coz minimum cont is 2k and the guaranteed returns with minimum of 5% also can withdraw anytime u wish only that if its b4 age 50 you will not get the tax benefits on withdrawal which is a kra issue
Dignityis everything keep it intact
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Rank: Member Joined: 11/13/2008 Posts: 21
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This is the point at which Independent Financial Advisors serve the custoner best.
In general,Jubilee and Britak are the best performers. Jubilee comes top because of consistency in the portfolio and resilience to down-side risk. Britak is second,even though their portfolio at times out-performs Jubilee,BUT is very sensitive to down-side risk. I'm happy they've been addressing this issue.
So I place my clients,particularly highly-mobile professionals,with either Jubilee or Britak,depending on their PREFERENCEs.
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Rank: Member Joined: 11/13/2008 Posts: 21
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Any queries,may be answered through firstliberty.kenya@gmail.com with whom I handle insurance business.
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Rank: Elder Joined: 3/19/2010 Posts: 3,503 Location: Uganda
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i'm thinking of starting contributing to britam individual pension scheme since my employer doesn't have one. just minimal amount for just in case. any wazuan experience with them? looking at 30% tax relief is juicy.so if I sign for 3k I effectively pay 2100/- quite a good return. sio? punda amecheka
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Rank: Elder Joined: 6/8/2013 Posts: 2,517
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1. Free advice I dont mix serious business with gmail addresses  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? 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 corner  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 "😖😡KQ makes money for everyone except the shareholder 😏😏 " overheard in Wazua
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Rank: Elder Joined: 3/18/2011 Posts: 12,069 Location: Kianjokoma
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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
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Rank: Member Joined: 7/8/2013 Posts: 126
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Siringi wrote:1. Free advice I dont mix serious business with gmail addresses 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? 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 corner 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 how about old mutual and their Max investment plans. how good is it.
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Rank: Member Joined: 9/21/2006 Posts: 422 Location: Nairobi
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Litro wrote:Thanks good people for this healthy discussion. Let me put my 2 cents in it.
Roughly two months ago,i requested for a quotation from UAP Insurance for a personal pension plan.
1. Their minimum contribution is Kshs 3,500/= per month.
2. One realises the benefits upon retirement i.e at 55 years.
3. The contribution has a 5% premium increase clause on an annual basis.
4. The maturity value is compunded at 12%
5. It has an accidental death cover.
6. Lets for instance say,you that your age will be 25 years next birthday and you contribute Kshs 3,500/= per month,then after 30 years you will be eligible to get Kshs 8,555,971/=
This may look enticing (relative) but the catch is here.
If you FAIL to contribute for even one month,you lose out all your CONTRIBUTIONS.
That is the information that was ceded to me upon extensive nagging.
Your take on this will aslo be highly regarded.
Opportunity favours the prepared mind........... This was not a quote for PPP. It must have been for some life cover. PPPs are governed by RBA and you cannot lose all your contributions, even if only for two months. However, you may lose a little of it in short run to take care of admnin expenses. Please Google Retirement Benefits Authority (RBA) and have a talk with them. They will give you very give and correct info regarding PPPs.
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Rank: User Joined: 8/15/2013 Posts: 13,236 Location: Vacuum
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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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Rank: User Joined: 8/15/2013 Posts: 13,236 Location: Vacuum
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Siringi wrote:1. Free advice I dont mix serious business with gmail addresses 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 CBAb. 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 corner 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 If Obiero did it, Who Am I?
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Rank: Elder Joined: 8/1/2008 Posts: 1,432 Location: Marsabit
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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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Rank: Elder Joined: 3/19/2010 Posts: 3,503 Location: Uganda
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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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Rank: Veteran Joined: 2/10/2010 Posts: 1,001 Location: River Road
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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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Rank: Elder Joined: 3/18/2011 Posts: 12,069 Location: Kianjokoma
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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
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Rank: Veteran Joined: 4/16/2014 Posts: 1,420 Location: Bohemian Grove
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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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Rank: Elder Joined: 3/18/2011 Posts: 12,069 Location: Kianjokoma
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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
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Rank: Veteran Joined: 11/15/2013 Posts: 1,977 Location: Here
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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 exclusive . would you want your pension fund somewhere not to gain anything? Isn't putting money somewhere to gain an "investment"? however small it may be  Everybody STEALS, a THIEF is one who's CAUGHT stealing something of LITTLE VALUE. !!!
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Rank: New-farer Joined: 4/10/2011 Posts: 27 Location: Nairobi
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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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