The Single Premium Immediate Annuity is specially designed to guarantee you with a secure income for the rest of your life

The Single Premium Immediate Annuity is specially designed to guarantee you with a secure income for the rest of your life ensuring that you never outlive your investments. At retirement, you pay a single premium from your accumulated retirement savings which guarantees you a stream of payments over your lifetime after retirement.

Benefits

• Takes care of the longevity risk by guaranteed stream of income for life

• Financial security and independence after retirement

• Takes over the investment risk (no worries on market movements)

• Tailor made to suit each individual (frequency, guaranteed period, single/joint, level or escalating and with or without death cover)

• Tax free allowance on the pension paid

• Pension paid to retirees over age 65 years is not subject to tax

How do I join the SPIA?

To join the SPIA , complete the SPIA application form and forward it to Jubilee together with a copy of your national identity card/passport and the first contribution

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FAQs

• What is an annuity?

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/pension. Details on the various options available and the type of annuity/pension options can be made available on request.

• What payment options do I have?

You can customize the annuity payments to best fit your lifestyle and income needs. Some of the options include:

1. Frequency of payment.

You can choose the frequency. The payments can be made monthly, quarterly, half-yearly or once a year, payable in the manner of your choice.

2. Providing for your spouse (Joint Life annuity/pension).

You can also arrange for the annuity to be paid to your spouse on your death.

3. A guaranteed payment period.

You can arrange for the annuity to be paid for a guaranteed period determined by you.

4. Level or Escalating.

You can arrange to receive a fixed annuity amount each year or an increasing amount.

• Why should I choose to purchase SPIA instead of investing in a Bank?

SPIA is only available from Insurance Companies. The tax favoured treatment on the income stream allows you to receive a greater benefit.

• What is the tax treatment of my income payments?

In any one year, the Income Tax Act (2007) allows an annuity payment up to Kshs.180,000 tax free per annum. No tax is payable for pensioners aged 65 years and above.

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