Upon attaining retirement a member is entitled to receive 1/3rd of his her accumulated pension. The 2/3rds balance would be utilized to pay a pension for the remaining life the member.
2. Death Benefits
A member is insured under a life assurance cover where death benefits are paid to dependents and beneficiaries of the deceased member by the insurance company through the scheme. The annual premium is paid for by the employer. These Benefits are based on 36 months of the last basic salary of the deceased member. For example if the basic salary of the deceased is Kshs. 100,000 the resultant fee is Kshs.100,000 x 36 months.
3. Medical benefits
To extract form Alexander Forbes
4. Benefits of a deceased member
The accumulated pension benefits of a member who dies before attainment of the retirement age. The benefits are paid to surviving spouse, children or nominated beneficiaries
5. Lump sum payments
This is the 1/3rd of the accumulated pension paid to a member upon retirement