Main menu
   




Jubilee Umbrella Scheme

pensions products 01The Jubilee Insurance Umbrella Scheme is a flexible arrangement that employers utilize to realize a retirement saving objective for their employees. Such employers join as participating employers and are bound by the general rules of the Umbrella Scheme, except where special provisions (below) are outlined:

 

 

  • Basic Salary definition and contributions rates for the employer, employees and any additional voluntary;
  • Definitions on employee eligibility and service, early retirement and normal retirement age; 
  • Date of commencement of participation in the scheme, vesting scale, contribution rates.

Payment of Pensions benefits

Benefits are payable to employees upon:

  • Termination of employment services 
  • Retirement from service 
  • To dependants in the event of loss of life

Tax benefits
For the year 2013, the Pension/ retirement scheme provides a maximum tax exemption of KShs.240,000 per annum (Kshs.20,000 per month) or 30% of pensionable salary per member whichever is lower. Investment income on tax exempted amount is tax exempt.

Assumed Monthly Salary

Assumed Monthly Contribution (employee + employer contribution)

Taxable Monthly Salary

50,000

5,000

45,000

70,000

7,000

63,000

100,000

10,000

90,000

200,000

25,000

180,000

 

Popular Products

Receive our latest news and product updates