Kenya Power Retirement Benefits Scheme

The Kenya Power Retirement Benefits Scheme was established by a Trust Deed as a defined contribution scheme. The Scheme was formed for the employees of the Kenya Power & Lighting Company Limited (KPLC), the Sponsor, as a result of the closure of the Defined Benefits Scheme per the recommendation of the actuarial report of 30th June 2006. Its main purpose is the provision of cash benefits and pensions for employees of the Sponsor upon their retirement from the Sponsor’s service and where applicable, relief for the dependents of deceased members. The affairs of the Scheme are the responsibility of the trustees, who are appointed by the Board of Directors of the KPLC and members of the Scheme. The trustees meet regularly to discuss and decide on the affairs of the Scheme. The Scheme became fully operational following the constitution of the Board of Trustees in accordance with the Retirement Benefits Regulation 2000, with the employer having nominated 50% of the trustees and members having elected 50% of the trustees. The management of the Scheme is required to invest contributions received in areas with high rates of return, low risk and manage the invested funds to attain optimum risk adjusted returns. Read more ⏷