A safety net for your later years
What is Personal Pension Plan?
The Geminia Personal Pension Plan (PPP) is a product designed to offer you a platform to save up for retirement by making regular contributions during your active working life. The company invests the pension fund to generate an income that is added to your contribution to make it grow in readiness for when you retire.
To get Geminia Personal Pension Plan (PPP) click GET STARTED.
Who is the Policy For?
- Self employed or business owners
- Employees working on contract or seasonal employees
- Employees working in companies without occupational schemes or those wishing to boost their retirement outside their occupational schemes.
- Diaspora Market
- Age limit: Minimum entry age is 18, with a maximum of xxx
- Amount: Initial amount of Kes 1,000 and a minimum monthly contribution of any amount
- Interest: The fund earns a minimum guaranteed interest of 4%
- Scope: A personal retirement plan can be set up for individuals or individuals within a group such as a chama
Yes, you may opt for early retirement or transfers as per Retirement Benefits Authority (RBA) guidelines.
- The available plan options are;
- Provident plan: You will be paid the accumulated savings in one single lump sum upon retirement.
- Pension plan: You will be paid a third of the accumulated savings as a single lump sum amount and opt to use the remaining two thirds as follows: –
- Purchase an annuity, a contract for life that guarantees a Monthly income stream (pension) for the rest of your life.
- Income Drawdown: An investment fund from which retirement benefits payments are drawn, locked for 10 years.
The pension plan continues and participates in the annual declared interest
One can assign 40% of their fund towards purchase of a residential house provided the amount does not exceed 7M shillings.