CIC Jipange Pension Plan is a registered individual pension scheme as per the requirements by the Retirement Benefits Act (Kenya).
The requirement of the new NSSF Act 2013 that every organization with at least one employee contribute into a registered pension fund, makes CIC Jipange Fund an ideal solution for most SMEs who do not have a registered fund for their employees.
Through the CIC Jipange Fund, we cover the following benefits:
• Contribution into a pension fund which is already registered with IRA, KRA and RBA (No need to set up/ register a separate pension fund).
• Principal guarantee
• Guaranteed return of 5% (2015).
• Competitive returns
• Tax exemption of pension contributions since the fund is registered with KRA
• Reduced costs due to economies of scale and consolidation of services (administration, fund management, trusteeship and custody).
• Opting out of Tier 11 contribution once the NSSF Act becomes operational
COMPETITIVE NET RETURN
We have been able to declare competitive rates above average market rate from 2009 to date.
THE JOINING PROCESS IS VERY SIMPLE
The client should fill in the CIC Jipange Group Proposal form, each member fills in the CIC Jipange individual form and the client attach a schedule of the members plus the contribution cheque, and copy of PIN certificate. Individual members should fill in an individual proposal form and attach copy of PIN certificate and ID.
The cheque should be payable to: CIC PENSION PLAN A/c details are as per below:
|A/C NAME||BANK||BRANCH||A/C No.||CODE|
|CIC PENSION PLAN||Kenya Commercial Bank||KCB Custody Services||1112206736||0113|
Upon acceptance of the cover, CIC will prepare a service level agreement to be signed by both parties. A Relationship Manager will be assigned to you as a point of contact for all enquires to ensure the smooth running of the scheme.
In the event of resignation, deferment or death, CIC should be noticed promptly in writing not later than one month from the date of the event-giving rise to the claim.
• A letter of withdrawal notification to the Fund Trustees must be filled
• Certified copy of the National I/D card
• In case of death, a death certificate must be produced
• Beneficiaries to the fund must provide proof of identity
Withdrawal notifications will be settled within 7 working days, upon receipt of all the requisite documents
CIC Jipange Pension Annual General Meetings
- 6th AGM – 23rd July 2015