PERSONAL PENSION PLAN
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Pension Products
The Jubilee Personal Pension Plan is a savings plan tailor-made to allow individuals to secure their retirement.By making regular contributions into an interest bearing fund, you build your retirement fund while taking advantage of the tax-deductible benefits on your contributions and your investment income. Benefits
How do I join the PPP? Fill application form, attach copy of ID and pay your first contribution to set up your account. For more information Kindly contact us: This e-mail address is being protected from spambots. You need JavaScript enabled to view it FAQsHow can I make my contribution payments? Based on your circumstances and convenience, you may pay your contributions by cheque, banker’s standing order, salary-stop order or cash. You may contribute at your own pace whether it is monthly, quarterly, half-yearly or even annually. How much is tax-deductible? Currently the Kenya Revenue Authority allows tax relief on Kshs.240,000 per annum (KShs.20,000 per month) contributed towards the plan. Does the fund belong to me? Yes. It is entirely yours and is available to you at your retirement or to your nominated beneficiaries upon earlier death. It is completely portable and is not affected by any change in your employment. Can I increase or decrease my contributions? After the first policy year of the Plan, you may increase, decrease or suspend your contributions as your situation permits. How are my funds invested? We take a prudent approach to investing your retirement fund. Security and sustainable long-term returns are foremost on our minds. We aim to maximize returns on your contributions while providing you a guarantee on your accumulated fund. What happens if I stop contributing? If after the first policy year you suspend contributing towards the plan, the accumulated fund will continue to earn interest. You may resume your contributions at any time. How can I monitor my fund? At the end of each year we will send you a statement of account showing how your fund has performed during the year and the interest earned on the fund. Should you wish to know the current value of your fund at any time, you may contact us at Jubilee Insurance and we will provide it to you within 24 hours. At what age can I retire? The normal retirement age is set at 60 years. However, you may retire as early as age 55 or even later than age 60 depending on your circumstances. How much will I get at retirement? The accumulated fund is available to you at retirement to purchase an annuity. The fund may also be taken as a lump sum subject to Income Tax deductions and approval from the Retirement Benefits Authority. What is an annuity/pension? An annuity/pension is the after-retirement income you receive and is a series of periodic payments payable throughout your life. The accumulated fund at retirement is used to purchase the annuity. Details on the various options available on the type of annuity options can be made available on request. What if I die before retirement? The total fund accumulated at the date of your death will be payable to your dependents. Interest will continue to be credited to the fund from the date of your death to the date of actual payment. What will happen if I am disabled? In case of early retirement due to ill health or disablement the accumulated fund at the date of early retirement is payable. Interest will continue to be credited to the fund from the date of ill health or disablement to the date of actual payment. Can I withdraw my fund from Jubilee Insurance before retirement? You may terminate the contract and withdraw the fund at any time. However, the fund will be subject to the relevant termination charges, any taxes payable and locking-in of the benefit arising from the employer’s contributions. Schedule a free appointment with us to learn more. Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it Jubilee Insurance. LIVE FREE. |
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