You’ll hear lots about the money mistakes people make after they’ve retired, like spending too much or cashing out pensions too early, but what about the mistakes people make before they retire? Sure enough, mistakes happen but people can recover from poor investment choices or shocks in the market. These 6 mistakes, however, are harder to correct—and, sadly, cost a lot of people a lot of money.
When you’re 22 you make a few mistakes, the greatest of them all is thinking you’ll never grow old. Thinking that time is on your side, that somehow it will never run out.
So you end up wasting time and money chasing your tail, having a good time. You forget to plan your family, your relationships, your money and your future.
ELECTION FOR TEACHING MEMBER REPRESENTATIVE TRUSTEE
INVITATION FOR NOMINATIONS
The second and final term for Prof. P.G.O. Weke, teaching member representative Trustee will be expiring on 5th May 2016.
The Board of Trustees hereby invites nominations for teaching member representative Trustee.
This circular is a formal invitation for interested eligible members to present their candidature.
TO: ALL UON PENSION TEACHING MEMBERS WITH 7&8 YEARS OR LESS TO RETIRE INVITATION TO RETIREMENT PLANNING SEMINAR: 22ND & 23RD MAR 2016. The Trustees of the University of Nairobi Pension Scheme 2007 have organised a Planning for Retirement Seminar for pensionable teaching members of staff with seven (7) and eight (8) years or less to retirement to be held on 22nd and 23rd March 2016 at the Nairobi Safari Club, Lilian Towers, Nairobi from 8.30 a.m. to 4.00 p.m. on both days and NOT on 11th and 12th March 2016 as HAD EARLIER BEEN ANTICIPATED.
The University of Nairobi Pension Scheme 2007 held a seminar at the Nairobi Safari Club for non-teaching staff members who are set to retire within 9 years bracket. The two-day seminar kicked off Thursday, 10th september, 2015 at the Nairobi Safari club.
The Board of Trustees of the University of Nairobi has scheduled the annual members education for the months of June and July 2015. The confirmed dates are as shown below: -
Prof. Lucy W. Irungu the Deputy Vice Chancellor (RPE) who is also a Trustee of the UNPS 2007 was unanimously appointed as the interim Chair of the Board of Trustees following the stepping down of Prof. P. M. F. Mbithi after his appointment as the Vice Chancellor of the University of Nairobi (the Sponsor).
Rule 8 (e) of the Retirement Benefits Act provide that “the Administrator of the Scheme or Chief Executive Officer of the Sponsor or the Chairman of the Council shall not be eligible to be appointed as Chairman of the Board of Trustees”.
Prof. P.M.F. Mbithi has been the Chairman of the Board since 2008. After assuming the position of the Chief Executive Officer of the Sponsor in January 2015 he had to relinquish his position of the Chairman of the Board of Trustees in line with the requirements of the Retirement Benefits Act.
The Trustees were then required to appoint another Chairman as provided for under Clause 12 of the Scheme’s Trust Deed and Rules which state that “The Trustees shall appoint a Chairman of the Board from amongst their number as they shall determine Provided Always That neither the Chief Executive Officer of the Sponsor not the Administrator shall be eligible for appointment as Chairman.”
The University Council is in the process of nominating a Trustee to represent it in the Board to replace the former Vice Chancellor, Prof. G.A.O. Magoha.
It was therefore prudent for the Trustees to appoint an interim Chairman awaiting nomination of the Council representative Trustee who would replace Prof. Magoha.
Thereafter the Trustees will formerly appoint one amongst themselves as the tentative Chair of the Board of Trustees.
The Trustees have continually worked with the service providers and have adopted best practice in running the affairs of the Scheme. Because of the prudent investment strategies and favourable investment environment the Trustees have been able to declare rates of return of 20% for the financial year ending 30th June 2012, 23% for the year ending 30th June 2013 and 20% for the year ending 30th June 2014.