Hey guys just a follow up on my earlier thread on pension products. I got the below infor from old mutual.
Our Personal Pension Plan- is Ideal for any person above 18 years with a minimum contribution of Kshs. 500.00 per month. Contributions to the scheme are tax deductible up to 30% of pensionable salary or a maximum of Kshs20, 000 per month which is Kshs240, 000 per annum.
Is that a knock off plan ama that is how pension products are usually structured?
Is there a company that offers a better plan…i am still looking around and any assistance and/or info would be greatly appreciated…ama i just stick with NSSF?
Haiya mzee, uko karibu kuretire.
On a serious note, the window and children pensions scheme in the payslips is a colonial deductions that have been passed by time. Rarely do the people supposed to benefit do. Reason behind, lack of knowledge and the hardship involved before they get their funds.
Don’t know details kabisa but employer does not deduct the max from salary. Hapo inasema upto 30% of pensionable salary. Meaning kama you’re contributing 7% you have 23% left of contribution room.
If you are talking about the wcps in Govt pension then you are so wrong. Coz compared to the deductions made @ 2% of salary and the payment for life to the widow, you can’t get a better deal. It is simple to apply. Just fill a widow declaration form thro the local chief and present to pension department within two months the widow is in payroll for life.