Dear Member,   You can view your member statements and estimate your benefits projections from your portal by signing up on https://members.kpapension.co.ke.

info@kpapension.co.ke

0768777444

The following covers the Frequently Asked Questions (FAQ’s)

  1. Who is the sponsor of the KPA Pension schemes?
  • Retirement Benefits Authority
  • Kenya Ports Authority
  • The Employees of Kenya Ports Authority
  • The National Treasury
  1. Who qualifies to be a member of the scheme?
  • An employee who is on contract
  • An employee who is on Probation Period
  • An employee who is confirmed to permanent and pensionable.
  • All the Above
  1. What is the primary benefit of being a member of a pension scheme?
    • To get tax reliefs on contributions.
    • To benefit from the employer contributions.
    • To secure your financial security in retirement
    • To comply with KPA Human Resource Policy.
  2. What’s percentage of your basic salary do you contribute to your pension in DB Scheme(OLD)?
  • 20%
  • 7.5%
  • 10%
  • 14.7%
  1. What percentage of your basic salary does your employer contribute to your pension in DB Scheme (OLD)?
  • 20%
  • 7.5%
  • 10%
  • 14.7%
  1. What’s percentage of your basic salary do you contribute to your DC Pension scheme (NEW)?
  • 20%
  • 7.5%
  • 10%
  • 14.7%
  1. What percentage of your basic salary does your employer contribute to your DC Pension Scheme (NEW)?
  • 20%
  • 7.5%
  • 10%
  • 14.7%
  1. What is the earliest age you can retire from a pension scheme??
  • 60 Years
  • 50 Years
  • 55 Years
  • 45 Years
  1. What is the mandatory retirement age of your scheme?
  • 50 Years
  • 60 Years
  • 65 Years
  • 55 Years
  1. Can a member who is above 50 years retire voluntarily from the service of the Authority before the age of 60 years?
  • No
  • Yes

Day 2

  1. How can members access their pension funds when they retire?
  • Through KPA Finance office
  • Through Human Resource Benefits Office
  • Through the Head of Department
  • Through Pension Office
  1. What portion of your benefits in DC Scheme do you take home as lumpsum upon retirement?
  • One-third(1/3)
  • Two-Third-(2/3)
  • Half the amount(1/2)
  • Full amount
  1. What portion of your benefits in DC Scheme do you convert to monthly pension through an Annuity or Income drawdown?
  • One-third (1/3)
  • Two-Third (2/3)
  • Half amount (1/2)
  • Full amount
  1. What portion in DB Scheme do you take home as lumpsum on retirement?
  • Half the Amount (1/2)
  • Full Amount
  • A quarter of the amount (1/4)
  • Three- Quarter of the amount (3/4)
  1. Upon retirement in DC Scheme what are the only options under law that a member can utilise on the two-third (2/3) Portion?
  • Take it home as cash lumpsum.
  • Transfer to the Sacco
  • Purchase an Annuity or Income drawdown.
  • Continue Investing in the Scheme
  1. How can you estimate or project your retirement benefits to know how much you will get on retirement as lumpsum and monthly pension?
  • Inquiring from a workmate who has retired before you.
  • Inquiring from the department administrator.
  • Paying a consultant to calculate for you.
  • Through the pension member portal or inquiring directly from pension office.
  1. How can you access your member statement to check your accumulated pension?
  • Through the Department Administrator
  • Through the Human Resource office
  • Through the Member Portal or Pension office
  • Through the Payroll department
  1. Under DB Scheme in case of death who are the eligible beneficiaries to receive the monthly pension of the deceased member?
  • Nominated Beneficiaries
  • Spouse or child below 21 years
  • Parents
  • All the Children
  1. Under DC scheme in case of death in service how are benefits paid out?
  • Lumpsum is paid out to nominated beneficiaries.
  • Lumpsum is paid out to the Next of Kin
  • Family of the deceased are required to go to court for succession.
  • Lumpsum is paid out to the Spouse.
  1. What is the advantage of Additional Voluntary Contribution?
  • To increase the interest earned on contribution.
  • To enjoy more contribution from the employer
  • To boost retirement benefits savings
  • You can withdraw it before retirement date.

Day 3

  1. Who is a nominated beneficiary?
  • Your next of Kin
  • Your Spouse
  • Your Children
  • Any person you choose to receive your pension benefits in an event of death.
  1. Which of the below is not the purpose of nominating your beneficiary in the DC Pension Scheme?
  • It is required by law.
  • Pension Benefits is not part of the estate of a member.
  • To prevent loss of my Pension
  • Assists Trustees in decision making and to avoid unnecessary delays in paying out benefits in an event of death.
  1. What is an Annuity Plan?
  • A financial product that provides a steady monthly income stream typically for the rest of the life of a member on retirement.
  • An investment plan to earn more money.
  • An insurance plan like any other general insurance.
  • An insurance product that pays a lump sum to the policyholder upon maturity
  1. What is an Income drawdown Plan?
  • A type of retirement savings account.
  • A method for withdrawing your accumulated pension savings a while it remains invested for a minimum period of 10 years.
  • An insurance policy that provides regular income in retirement.
  • A government-sponsored retirement benefit program.
  1. What is the purpose of a Post-retirement Medical Fund?
  • Provide financial support for medical expenses in retirement.
  • Invest funds for future withdrawal needs.
  • Ensure a comfortable retirement lifestyle.
  • Secure additional income during retirement.
  1. Who can join the post-retirement medical fund?
  • Retirees
  • Active members in service
  • Former KPA Employees
  • All the above
  1. Which of the following is not one of the ways to start saving for Post retirement Medical Fund?
  • Writing to HR payroll to request for monthly deduction from your salary.
  • Transferring up to a maximum of 10% from retirement lumpsum for those who are almost retiring.
  • Transferring funds form your previous post-retirement medical fund if you were working for a different organization before joining KPA.
  • Bringing in a lumpsum from any business deal.
  1. What is the Purpose of a child trust fund in the Scheme?
  • To protect the benefits of the children below 18 years in an event of death of a member.
  • To save money for children school fees while in service
  • To invest money to gain more returns while in service.
  • To educate the children of a member of the scheme who is still in service.

 

  1. Which of the following is not your member right and Obligation?
  • Receive benefits within 30days of exit.
  • Nominate beneficiaries.
  • Participate in electing Trustees.
  • To determine what portion of pension is paid to you on exit.
  1. How do members raise concerns if they have any to the Pension scheme?
  • Look for a lawyer to raise concern on behalf of the member.
  • Tell a friend to look for someone who knows someone in Pension office.
  • Calling former workmates to find out if they can address the concern.
  • Visit the pension office at Cannon towers or call the office line to raise the concern.

Day 4

  1. Who is a Trustee?
  • A lawyer who provides legal advice to the scheme beneficiaries.
  • An individual responsible for managing and investing the assets of a pension scheme.
  • A government agency that regulates pension schemes.
  • A financial institution that offers loans to scheme beneficiaries.
  1. Which of the following is not the role of a Trustee in the Scheme?
  • Ensuring compliance with legal and regulatory requirements.
  • Investing and managing the assets of the scheme.
  • Providing financial advice to scheme beneficiaries.
  • Administering benefit payments to eligible beneficiaries.
  • None of the above
  1. How many Trustees does the DB Scheme have?
  • 6
    • 9
    • 3
    • 10
  1. How many Trustees does the DC Scheme have?
  • 6
    • 9
    • 3
    • 10
  1. How many Trustees are members required to elect in the DB Scheme?
  • 6
    • 9
    • 3
    • 10
  1. Who is the regulator of the Pension Schemes in Kenya?
  • Retirement Benefits Authority
  • Kenya Revenue Authority
  • The National Treasury
  • The government of Kenya
  1. What is a main purpose of a Trust Deed and Rules in the Scheme?
  • To specify the pension benefit amounts
  • To outline the investment strategy of the pension fund
  • To establish the legal structure of the scheme and its rules
  • To collect contributions from scheme members
  1. Which of the following is not the role of Retirements Benefits Authority (RBA)?
  • Dispute Resolution between Members and Pension Schemes
  • Regulation and Oversight of the Pension Schemes
  • Providing Direct Financial Assistance to Retirees of the Scheme
  • Educational Initiatives to promote members awareness in Retirement Planning.
  1. Who makes decisions in the Pension Scheme on behalf of the members?
  • Managing Director
  • Union Secretary General
  • Trustees
  • Pension Employees
  1. Which of the following is not the Purpose of the Members Annual General Meeting (AGM)?
  • To provide members with a platform to ask questions, voice concerns, and offer suggestions related to the pension scheme’s operations and policies.
  • To present and discuss the financial status of the pension scheme such as investment returns, assets, liabilities, and funding levels, allowing members to understand the financial health of their pension plan.
  • To provide members with updates on the performance and management of the pension scheme, promoting transparency and accountability.
  • To be paid the transport allowances and any other benefit available during the AGM.

Day 5

  1. Where are your pension funds Invested?
  • In various Investment options such as Government bonds, Equity market, real estate, guaranteed funds, offshore or properties.
  • Financial institution such as Saccos
  • Construction of roads
  • As loans to members of the scheme
  1. Who makes Investment decision for the Pension Scheme?
  • The Finance Manager
  • Scheme Administrator
  • Scheme Trustees
  • Members of the Scheme
  1. Which of the following is not the primary purpose of investing Pension funds?
  • To pay members dividends before retirement.
  • Preserving the purchasing power of retirement savings.
  • Generating income to pay retirees.
  • Diversifying investments to manage risk.
  1. Where can the members obtain Scheme Audited books of Accounts?
  • Scheme website.
  • Pension office.
  • During AGM.
  • All the above.
  1. When is the investment returns distributed to members accounts?
  • Annually after the scheme Audit
  • Semi annually
  • Monthly
  • Not distributed
  1. Which of the following is not the key factors to consider when planning for retirement?
  • Age of Retirement and income sources.
  • Expenses and Lifestyle.
  • Debt Management and healthcare costs.
  • Expected future salary increments and promotions.
  1. Which of the following is an advantage of planning your retirement early?
  • To enjoy a comfortable retirement lifestyle.
  • Ability to retire early and live the life that you want.
  • Ability to achieve financial stability.
  • All the above
  1. Which of the following is a disadvantage of failure to plan for your retirement early?
  • Increased financial stress in retirement.
  • High Dependency of Family Members or other people on retirement.
  • Inability to achieve desired retirement goals.
  • All the above
  1. What product in the Scheme can help you manage healthcare costs in retirement?
  • Income Drawdown Fund
  • Post Retirement Medical Fund
  • National Hospital Insurance Fund
  • National Social Security Fund.
  1. What initiatives have the Scheme introduced to enhance member satisfaction this year?
  • Development of Pension Member Portal
  • Pre-retirement Trainings Programs
  • Development of Income drawdown product.
  • All the above

If you have any further questions or suggestions, please do not hesitate to reach out to our customer service team. We are always here to assist you.

 

Warm regards,

KPA  DB & DC PENSION SCHEME

Contact 0768 777 444

Email: info@kpapension.co.ke

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