individual Pension Plan

Individual Pension

About the Scheme and the Service Providers

The MBAO Pension Scheme was established by the Kenya Jua Kali Co-operative Society Ltd (The Founder), as a voluntary retirement savings scheme. The scheme gives you an opportunity to save regularly for a secure and long-term retirement income. The MBAO Pension scheme was registered by the Retirement Benefits Authority (RBA) and Kenya Revenue Authority (KRA) on 29th October 2009.

The service providers under your scheme are Kenya Commercial Bank Ltd (Custodian), Kenya Commercial Bank Ltd (Corporate Trustee), CO-OPtrust Investment Services Ltd (Fund Manager) and Eagle Africa Insurance Brokers Ltd (Scheme Administrator).

About Eagle Africa- Scheme Administrator

Eagle Africa is registered by RBA as a Scheme Administrator. Eagle Africa pension system is linked M-Pesa & ZAP and we keep records of your contributions. Eagle Africa is a leading Scheme Administrator in Kenya, with 60 years of experience. Our Head office is located at Eagle Africa Centre, Longonot Road, Upper Hill, Nairobi, with branch offices at Chester House, Nairobi and Eagle Africa House along Links Road, Nyali in Mombasa.

About KCB Ltd – Custodian & Corporate Trustee

KCB Ltd is registered by RBA as a Custodian. KCB holds custody your contributions plus interest. The Mbao pension scheme bank account is held by KCB Ltd and is linked with the M-Pesa & ZAP. Custodial and Trustee offices are located at Piedmont Plaza, 3rd Floor, Opposite Kenya Science.

About CO-OPTRUST Investment Services Ltd – Fund Manager

CO-Optrust is registered by RBA as a Fund Manager. CO-Optrust advises the Corporate Trustee on investment of the Scheme Funds. CO-Optrust is a subsidiary of the Co-operative Bank of Kenya Ltd.
How to Activate your Membership & confirm personal details & make contributions message for Safaricom users

You are a registered member of the Mbao pension scheme. Your membership has been activated at Eagle Africa & KCB Custodial Services. To confirm your membership details send an sms starting with the word "Member" followed by your ID number to 8132.

How to save with M-PESA
1. Go to Menu
2. Go to Pay Bill
3. Enter business no: 710710
4. Enter account no: Your ID No
5. Enter amount
6. Enter your own M-Pesa Pin
7. Ok
8. Wait for M-Pesa Reply

How to Activate your Membership & confirm personal details & make contributions message Airtel users

You are a registered member of the Mbao pension scheme. Your membership has been activated at Eagle Africa & KCB Trustees To confirm your membership details send an sms starting with the word "Member" followed by your ID number to 8132.

How to Save With ZAP

1. Go to menu on your phone
2. Select Money
3. Go to Nick Name
4. Enter “MBAO”
5. Key in the amount you wish to remit
6. Enter ZAP password
7. Enter Account no: Your ID No
8. Click send/ok

How to confirm other details

To check your balance, send an sms to 8132 starting with the word “Balance “followed by your ID number. To confirm your beneficiaries, an sms to 8132 starting with the word “Beneficiary “ followed by your ID number.

 

What is Mbao Pension Plan?

The Mbao Pension Plan is a voluntary savings program to help people save for retirement. Is is called ‘Mbao’ to refer to the Kshs.20/= which is the minimum daily contribution that members will be making

 

Who is involved in Mbao?

Mbao Pension Plan was started for medium and Small Micro Enterprises (MSMEs) Sector to help its members of different Jua Kali Associations to save regularly towards a long-term and reliable income when they retire from their jobs or business.

 

How does Mbao work?

Mbao is registered by both the Kenya Revenue Authority (KRA) and the Retirement Benefits Authority (RBA) by the official name Blue MSMEs Jua Kali Individual Retirement Benefit Scheme. This registration allows the scheme to run retirement plans for individual members. Members join and pay Ksh.100/= per week. The payments can be made by M-PESA and AIRTEL MONEY. Other modes of payments will be introduced with time. The funds so raised will be managed and invested on behalf of members by service providers appointed by Mbao Trustees and approved by RBA.

Current service providers include the following:

• Corporate Trustee – KCB Group
• Investment Managers – Co-op Trust Investment Service Limited
• Custodians – KCB Group
• Administrators – Eagle Africa Insurance Brokers Limited

What benefits do I stand to get if I join?

• You get the opportunity to save for a comfortable retirement in an easy, affordable and convenient way.
• If you remain a member for one full year, you will not pay any charges should you choose to withdraw from the scheme.
• You will not pay any penalties in case you fail to make your contributions.
• Your savings will grow as they will be invested carefully to ensure they earn the best possible return while still remaining secure.
• You benefit from tax relief as long as you are a member.
• You can use your retirement savings to secure a mortgage
• If you choose to withdraw from the plan, you get back your accumulated contributions plus interest.
• When you retire, you get back the accumulated contributions plus interest is paid to your nominated beneficiaries.
• You get the chance to learn a lot about savings and retirement planning from regular education and training offered to Mbao members in collaboration with service providers.
• You get to track your savings as you will be receiving a member statement once a year indicating how much contribution you have made and income earned by the contributions.

How do I join Mbao?

• To join Mbao, you need to fill in the Application Form available at Chapter offices of MBAO countrywide.
• Pay Kshs. For the application form to the Financial Advisor who got in touch with you.
• Attach a copy of your ID and two passport photos.
• Ensure the mobile telephone number used for registration is registered for money transfer.

How much do I save?

• Save Kshs. 20 per day; or
• Save Kshs. 100 per week; or
• Minimum Kshs. 500 per month

 

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