Is Retirement Only for the Employed?
This question came up during a conversation with a client who had long believed that saving for retirement was only for people earning a salary through formal employment.It was a belief shaped by the traditional understanding of a “pension” — often linked to employers setting up retirement schemes for their employees.
Aging is a journey we all hope to experience, and it is one that requires preparation. Retirement planning is therefore not only for those in formal employment. In fact, in Kenya, anyone above the age of 18 is eligible to start a retirement saving plan.
People outside of employment can take advantage of an Individual Retirement Benefits Scheme (also called a Personal Pension Plan) which is a personal savings plan that allows individuals to save on their own rather than through an employer. Anyone can join an individual retirement benefits scheme, such as ours. Our Personal Pension Plan offers various benefits:
1. Tax Benefits– The contributions you make are exempted from tax up to a limit of Kes 30,000 per month or Kes 360,000 per year.
2. Competitive Returns–Your contributions earn interest, helping your fund grow.(12.25 % in 2025)
3. Guaranteed Minimum Return– The fund provides a guaranteed minimum compounded rate of return of 4% per annum.
4. Affordability– With an initial Kes 2,000 and a minimum monthly contribution of the same amount you can set up and run a Personal Pension Plan account. 5. Flexibility – One can contribute monthly, quarterly, half-yearly, or yearly depending on the pattern of your income.
6. Portability– You keep your retirement savings even when you change employers. If you change jobs, your fund remains with you, and you can continue to contribute to it. You can even consolidate pension benefits from previous employers into a single fund.
7. Security – Our Personal Pension Plan is regulated by the Retirement Benefits Authority (RBA). Meaning your money is held in a separate trust, ensuring it’s secure and professionally managed according to strict guidelines. Choose the right retirement partner, choose Geminia Life Insurance.
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