CIC Jipange Pension Plan

CIC JIPANGE PENSION

CIC Jipange Pension Plan is a registered individual pension scheme as per the requirements by the Retirement Benefits Act (Kenya).

Why establish the Jipange?
The market penetration on retirement benefits products is very low (15%) of the workforce. This reflects employees who are catered for via the occupational retirement schemes set up by the employer. The gap of 85% of the workforce is represented by those individuals who are in self-employment or employees in small & medium sized organisations whereby the employer is constrained by the regulatory requirements of setting up an occupational scheme, but is interested in extending the benefits of savings for pensions to the workforce.
CIC Pension Plan (Jipange) is tailor made to suit people in various demographics such as:

  • Individuals in the informal sector or self-employment i.e. the micro- sector
  • Employees in small & medium enterprises whereby the employer does not have an established retirement scheme for the existing workers.
  • The members of registered schemes who may want voluntarily top up their contributions in an independent arrangement.
  • Members leaving employment and wish to transfer their accrued benefits from an occupational scheme
Product Features:
  • It is simple and secure. Each member is allocated an account to which contributions are credited.
  • Savings plan that earns attractive annual interest depending on the performance of the various defined investment instruments.
  • One can join any time after 18 years by signing a proposal form
  • The amount that one contributes depends on how much the contributor wishes to accumulate at retirement date. (Minimum Kshs 500/= per month.).
  • Lump sum contributions are acceptable.
  • Contributions can be made monthly, quarterly, semi-annually or annually.
  • The product allows for flexible mode of payments including transfers from mobile phones and direct debits.
  • Transfers from other registered Pension Plans are allowed
  • Retirement age ranging from 50 -75 years.
  • At retirement one may receive the entire accumulated fund in lump sum or convert it to monthly pension(annuity) that is payable throughout one’s life .
How can one register?
  • Fill in a form from any of our branches
  • Make the payments either by paying cash at any of our offices, paying through M-PESA Account (600113), standing order, cheques or salary deduction (check-off).