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Personal Pension Products

The Jubilee Personal Pension Plan is a specially designed savings plan for you to make provisions for your retirement and is characterized by the following features:





  • Individuals that are not in group schemes can save for retirement
  • Flexible contributions (may stop, suspend or defer depending on financial circumstances)
  • The Employer can contribute on behalf of the member
  • Normal Retirement Age is 60 years (early/late retirement possible)
  • Funds are invested in a Guaranteed Fund such that

a. Capital and past investment income guaranteed
b. Return to the fund guaranteed not to be less than the minimum guaranteed rate

  • Members can withdraw from the Plan before retirement age subject to legislation
  • Individuals can purchase a pension/annuity at retirement

The Personal Pension Plan is:

Registered with the Retirement Benefits Authority (RBA) which monitors schemes and service providers administered by Jubilee, and registered with the Income Tax Authority for:


  • Tax free allowance on contributions.
  • Investment income not taxed.
  • Tax free allowances at time of withdrawal.
  • Tax free allowance on pension.



How do I join the PPP?


 To join the PPP , complete the simple PPP Application Form and forward it to Jubilee together with a copy of your national identity card/passport and the first contribution.

How can I make my contribution payments?

Based on your circumstances and convenience, you may pay your contributions by cheque, banker's standing order, salary stock 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 or 30% of your salary whichever is less.


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 call 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 50 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 dependants. 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 taxes payable and locking-in of the benefit arising from the employer’s contributions.


Is there life assurance cover under this Plan?

Subject to you fulfilling our underwriting requirements, you have the option to purchase life cover. Details of this are available to you on request from Jubilee Insurance or your Financial Planner.



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