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

The scheme is aimed at smart organizations who do not wish to be entangled in legal, administrative and statutory liabilities applicable to retirement benefits scheme. It is ideal for employers who do not wish to set up their own staff Retirement Scheme, but would be willing to flexibly facilitate contributions, collection and remittances whilst not being bogged down by the rigorous compliance requirements for setting up a scheme.


Legal and Statutory Requirement

The scheme duly registered by Kenya Revenue Authority (KRA) and the Retirement Benefits Authority (RBA) as a Retirement product of Madison Life Assurance.

In this regard, therefore, Madison Life Assurance ensures that all legal, statutory and administration requirements for all the funds operating under the scheme are met.

Key Advantages:

Employers Involvement Simplified so as they focus on their core activity.

This fund is designed in such a way that Madison (and not the customer) is responsible for:

  • Full Administration Service which includes: Installation and maintenance of member and beneficiary records, contribution and fund balance records, processing of withdrawal, death or retirement benefits, member education service, filling of ongoing compliance records to RBA and KRA, arranging for the member’s annual member’s meeting, issuance of member fund statements and scheme statement to the employer etc.
  • Full Trusteeship Service: The scheme has a corporate trustee thus ensuring professional management. The duty of the employer is therefore limited to ensuring monthly contributions are remitted to Madison Insurance (K) Ltd.

Immediate Access to Tax Relief Benefits: The scheme is duly registered by KRA and RBA. Employers and Employees who join the Fund will gain immediate access to all the tax privileges of a registered retirement scheme which include:

  • Tax deductible contributions up to Kshs.20,000.00 (current limit) per month per member.
  • Tax relief on death, withdrawal and/or retirement benefits up to the applicable limit as at the date of payment.
  • Full tax exemption on the investment income.


Madison gives competitive annual returns to its clients. The declared rates for the last 9 years is as follows:

  • 2021 – 11%
  • 2020 – 8%
  • 2019 – 10%
  • 2018 – 10%
  • 2017 – 10%
  • 2016 – 8%

Requirements for commencement of the policy

  • Completion of group proposal form
  • Certificate of incorporation
  • Copy of PIN
  • Individual application forms
  • Payment of the first contribution


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.

It’s time! Get the cover you deserve

Related Products

Personal Pension Plan
Deposit Administration Retirement Benefits Scheme
The Madison Group Investor Financial Plan
Fact Sheet
October 8, 2021

Equity Fund September 2021

The objective of the Madison Equity Fund is to achieve long-term capital growth through investing in a diversified portfolio of various asset classes in the local and international market with…
Fact Sheet
October 8, 2021

Money Market Fund September 2021

The investment objective of the Madison Money Market Fund will be to achieve capital preservation. The fund will invest in short-term money instruments in the local and international markets. The…
Fact Sheet
October 8, 2021

Monthly Economic Highlights – September 2021

Economic Update Kenya’s Covid-19 vax program picks up pace The Monetary Policy Committee (MPC) met on September 28, 2021, against a backdrop of the continuing global COVID-19 (coronavirus) pandemic, the…
Fact Sheet
August 9, 2021

Monthly Economic Highlights – July 2021

The MPC retains the CBR at 7.00% On 28th July 2021, the Monetary Policy Committee (MPC) reconvened against a backdrop of the continuing global COVID-19 (coronavirus) pandemic, the continued rollout…