Madison Money Market Fund: Daily Yield: 9.02% Effective Annual Yield: 9.44%

What is Personal Pension Plan?

This is a specially designed savings plan to make provision for retirement to individuals. It enables one to build up funds by making periodic contributions into a high yielding retirement fund to provide retirement, savings and/or investment benefits.

The product is ideal for individuals and occupational schemes, as it gives maximized returns.

What interest has been declared in the last few years?

This is a guaranteed plan and our minimum guaranteed interest is 5%. The declared rates for the last 5 years are as follows: –

Year Declared Interest Rate
2021 11%
2020 8%
2019 10%
2018 10%
2017 10%

What are the modes of premium payment?

Remittances to the plan can be made either through M-pesa, cheque, Bank Transfers or check-offs for regular contributions

What are the benefits of having a Personal Pension Plan?

  1. Enables one to save funds towards one’s retirement ensuring a decent standard of living.
  2. Contributions up to Kshs. 20,000.00 are tax deductible; one can contribute up to 30% of their income to registered pension scheme.
  3. The retirement benefit scheme can now facilitate members to assign up to 60% of their accrued benefits as additional security for mortgages from approved Institutions.
  4. Upon death of a member, all the accumulated fund is paid to the beneficiaries immediately. The dependants qualify for tax-exemption.
  5. The schemes will be run under the RBA act which gives security of the fund and also continuous benefits which the Government may give to schemes from time to time.
  6. Single lump sum contribution is allowed.
  7. Members have an option of buying annuity at retirement which Madison offers
  8. Allows one to take an additional cover on life, critical illness and last expense.
  9. Additional riders pay a lump sum to the member in case of critical illness and to widows and children in case of untimely demise of the member.

How do I enroll?

  • By filling a proposal form
  • Copies of ID and PIN
  • Payment of initial contribution or
  • Transfer request letter for pension fund transfers

Why should I invest with Madison?

  • A strong reputable company, with a strong asset base and share capital.
  • Owned 100% by indigenous Kenyans.
  • We have qualified and experienced personnel well trained to efficiently and effectively administer your fund and other insurances.
  • We have an excellent track record in pension/provident schemes administration
  • Madison Insurance has invested heavily in Information Technology to ensure that we provide you with effective and efficient customer service.
  • Guarantee of capital against investment losses.
  • Good claims settlement reputation.
  • We are going to offer additional benefits at discounted rates

FAQs

When does one retire?

The normal retirement age is 60 years; however early retirement is allowed at 50 years.

Will I access full benefits at retirement?

Yes, this is a provident fund that allows you to access 100% of your own contribution and 100% of employer’s contribution at retirement or early retirement at 50 years.

Can I access my funds before retirement?

Where a member leaves employment before attaining the specified early retirement age, that member may opt for payment of not more than fifty per cent of his total accrued benefits and the investment income that has accrued in respect of those contributions.

How much should I contribute?

The minimum contribution per month is Kshs. 500 per month. Quarterly, half yearly, annual or single contributions are also allowed. Members can also transfer funds from other schemes and consolidate them under one policy.

What happens if contributions stop?

The fund shall continue to earn interest without any penalty.

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