Members of staff are normally given a notice of retirement by the sponsor one year before retirement and a copy of the same sent to the Scheme. Prospective retirees are required to visit insurance companies offering annuities so that they can choose their preferred annuity provider for the 2/3rds of their benefit as per the existing rules.
Once an annuity provider has been chosen, prospective retirees are required to write a letter addressed to the Scheme Administrator requesting for payment of their dues and clearly stating their preferred annuity provider.
Members, whose annuities are less 50% of the minimum wage rate (currently KShs 4,802), have the option of requesting to be paid their entire 2/3rd.
Prospective pensioners are advised to complete the above process at least a month before their retirement dates so that their dues are prepared on time and payment is made one day after the retirement date as appropriate.