Personal Pension Plan
The Zimele Personal Pension Plan, also called the growth fund, works on the pooling of funds concept. Your contributions and any additional contributions from a third party, such as an employer, are combined and invested in interest earning assets, including as Treasury bill and Treasury Bonds, and shares of companies listed at the Nairobi Securities Exchange (NSE) on your behalf through the scheme with the objective of ensuring you end up with sufficient pension benefits upon retirement.
It is recommended for people who have a longer period before they attain retirement age since they can take advantage of time for their investments to accumulate attractive returns.
The fund is licensed and regulated by the Retirement Benefits Authority (RBA).
Features and Benefits:
- Affordability: Minimum deposit of Kshs. 100 only.
- Flexibility: you can vary the amount you contribute and the frequency of your contributions.
- Convenience: You can deposit through M-pesa Business number 501100.
- There is no penalty for not contributing for a period of time.
- Your pension contribution is tax exempt up to Kshs. 20,000 per month or 240,000/- per year.
- Once you retire you can withdraw a lump sum amount of Kshs. 600,000 tax free.
- Online Statement
The Zimele Personal Pension Plan is ideal for:
- Self-employed individuals·
- Young people looking to take advantage of the stock market to grow their retirement savings
Safety of Your Money:
The Zimele Personal Pension Plan has NatBank as its Trustee and KCB Bank as its Custodians. The role of the trustee is to safeguard the interests of the members of the Plan. The role of the custodian, who must be affiliated to a commercial bank, is to keep all investment certificates and money safely on behalf of members.