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UON PENSION HOLDS SEMINAR FOR RETIRING NON-TEACHING STAFF

 

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.

 

Speaking at the opening ceremony, the Chairman, Board of Trustees, Mr. Michael Adala, said that with the change in the social and economic set up, most young people do not know about investments and planning. Young people are living in a world of consumption and 'get-it-quick' system. The training will help participants deal with such perspectives. Mr. Adala revealed that The University of Nairobi Pension Scheme will ensure that all employees go through the training to help them in the transition period. Through the training, the participants will have an improved financial planning method and adopt better saving practices.

 

Among the topics to be covered at the the seminar include Investment in retirement,legal aspects in retirement, annuities,stress management and adjusting to the new lifestyle in retirement.

 

 

 

Ms. Fahima Zein,Chief Investment Officer,Genesis Kenya,revealed that only 6% of retirees live comfortably. According to research findings by Retirement Benefits Authority, 94% of retirees either end up depending on their children, or looking for another job. She engaged the participants in a visual imagination exercise and talked about the diverse ways that one can invest in before retiring and what factors to consider in terms of time and returns.

 

The participants were challenged to manage their debts wisely. They were asked take stock of their net worth against the time they have left to work and the time they have left to live. Post retirement medical expenses, which are said to be the highest after retirement posed a big challenge to the participants. The University of Nairobi Pension Scheme assured the participants of a plan to come up with a medical saving plan for retirees.