What is an Individual Pension Plan?
At Old Mutual, you can open an IPP that provides a comprehensive investment strategy tailored to your unique goals, risk tolerance, and timeline, ensuring diversified investments. Additionally, you can consolidate all your pension benefits from different employers to maximize your retirement savings.
- You have the flexibility to vary your contributions at any time according to your preference.
- The individual retirement plan is not tied to your current employment.
- Upon retirement, you can receive the accumulated savings as a lump sum.
- Alternatively, you have the option to convert part or all of the savings into a stream of regular payments. The fee rate is charged annually and disclosed at registration.
- You can access your interim contribution statement at any time.
- The retirement plan is tax-exempt, and your contributions are exempt up to set limits.
- There are no penalties for withdrawal. You can use up to 60% of your accumulated pension savings as collateral for a mortgage loan.
The Old Mutual individual retirement plan is suitable for individuals aged 18 and above. Contributions to the scheme are tax-deductible, up to 30% of your pensionable salary or a maximum of Kshs 20,000 per month, totaling Kshs 240,000 annually.
- Achieving your dreams through building a fund for you.
- Catering for medical benefits due to ill health and extended periods spent at home.
- Ability to invest your NSSF Tier II contributions as a contracted-out benefit.
- High investment returns that enable fast growth of your retirement fund.
- Cost-efficient retirement planning.
- Exceptional customer service and experience with Old Mutual's competent staff and customer-centric culture.
- Prompt payment of claim benefits within 10 working days.
- Free annual member and financial education.
- Access to a wide range of financial and risk solutions, including free consulting.
- Flexible retirement plan options within the group, allowing smooth switches between guaranteed and segregated options.
Our plan offers a comprehensive range of benefits tailored to meet your needs, including:
Do you have a single view of all your previous employers' benefits funds? Will your family be able to remember all your employers and prevent your assets from becoming unclaimed when you're no longer here?
With Old Mutual Personal Pension Plan, you can consolidate all your funds into one, growing them above market averages.
Why Choose Old Mutual?
Outstanding Performance: Enjoy excellent returns on your investments.
Online Accessibility: Easily view and manage your balances through our user-friendly online platform.
Flexibility and Accessibility: Our provident fund structure grants you 100% cash access to locked benefits at retirement.
Take control of your retirement today and ensure a secure future for you and your family with Old Mutual.
Fees Charged
The fund incurs an annual fee of 1.25% of the funds under management, on a prorated basis. This fee covers collective service providers such as the Fund Custodian, Fund Manager, Fund Administrator, and Scheme Trustee services. The fund is regulated and approved by the Retirement Benefits Authority.
Best Way to Save
Financial planners often state that saving for retirement conventionally, through contributing to an occupational defined contribution (DC) retirement benefits scheme, requires setting aside at least 5% of your salary (plus employer contributions) for 30 years to maintain a similar lifestyle in retirement. For the self-employed, this necessitates even higher contributions over a similar timeframe to maintain their current or desired lifestyle in retirement. To achieve better savings and help you attain financial freedom much faster, it's recommended to save 10% to 30% of your earnings. Automatic deductions from your bank account (savings or current) or salary make these commitments easier and more achievable.
Schedule of Service Providers
The Old Mutual Individual Retirement Benefits Scheme (“the Scheme”) has appointed a team of professional and duly licensed service providers in accordance with the requirements of the Retirement Benefits Act, 1997 and the provisions of the Trust Deed and Rules of the Scheme. These appointments are made to ensure effective governance, transparent administration, and prudent management of members’ retirement savings.
Administrator
Kingsland Court Administration Services Limited
Responsible for day-to-day scheme administration, maintenance of member records, processing of contributions and benefits, and preparation of reports for trustees and members.
Provider
Old Mutual Life Assurance Kenya
“The founder of the Scheme, who is approved by RBA to register the scheme for the purpose of providing a suitable retirement solution for individuals, having qualified as a legal corporate institution exceeding technical capacity, experience, financial stability, and governance.
Custodian
Stanbic Bank Limited
Holds the scheme’s assets in safe custody, ensuring security and separation from the sponsor’s assets in line with statutory requirements.
Fund Manager
Old Mutual Investment Group
Manages the scheme’s investments prudently to deliver competitive returns, in accordance with the investment policy statement and Retirement Benefits Authority (RBA) guidelines.
Auditor
RSM Eastern Africa
Provides independent assurance on the financial statements of the scheme, ensuring accuracy, transparency, and compliance with applicable accounting standards.
Together, these service providers form a strong governance and operational framework that upholds members’ interests and ensures compliance with all regulatory requirements.
Secure your future today!
Get a Personal Pension Plan and enjoy peace of mind in your retirement.- High returns on investment.
- Tax savings.
- Ability to use funds for purchasing a home.
- Post-retirement medical fund.
- Deposit Administration offers irrevocable guarantees against capital depreciation, providing security for your investment.
- Additional specified levels of minimum future earnings, currently set at 2%.
- We assume investment risks from the trustees of the scheme, alleviating their concerns about investment performance and related liability.
- Our pooled fund offers formidable security as it is part of our statutory fund, strictly regulated under the Insurance Act.
- Your accrued benefit will be paid to you as a lump sum (provident fund).
- You have the option to choose between purchasing an annuity or opting for income drawdown, which involves converting the lump sum into a regular income stream.
- You will receive 100% of the contributed employee contribution in cash, or
- The accrued benefit may be left in the scheme until you are ready to utilize it."
- Complete the member application form.
- Fill out the beneficiary nomination form.
- Provide a copy of your Identification Card/Valid Passport along with your KRA PIN.
- Mpesa: Paybill no 600100; Account number 0100002691099
- Electronic transfers/Standing Orders:
- Bank details: CFC Stanbic Bank
- Account Number: 0100002691099
- Payee: “Old Mutual Individual Retirement Benefits Scheme”
- Cash Deposit: Bank:
- CFC Stanbic Bank
- Account Number: 0100002691099
- Payee: “Old Mutual Individual Retirement Benefits Scheme”.
The retirement plan is tax-exempt. Savings contributions are also exempt up to set limits. We also do not penalize you on withdrawal.
The total benefit will be payable to your nominated beneficiaries or personal representatives.
If you leave the service of the employer before reaching the Normal Retirement Date;
This Scheme is separate from the N.S.S.F. You will continue to make the statutory contributions to the N.S.S.F. Upon your retirement you will also be entitled to receive your benefits from the N.S.S.F.
How to Join:
Payment/Banking Options: