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Staff Pension Funds
Rank: Elder Joined: 2/16/2007 Posts: 2,114
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@BigChick, Out of curiosity,what was the performance(return) of this "investment" in the year ending 31st Dec 2016?Are the earnings taxed? Bigchick wrote:
Confirmed its a unit linked product.I guess I signed up without full knowledge.But its crap all the same.
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Rank: Member Joined: 1/30/2011 Posts: 207
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maka wrote:Wororo wrote:Chaka wrote:The question is this.Can @BigChick belong to the current SPF and at the same time also join an IPP? @BigChick,I suppose the investment at Sanlam is a unit linked insurance product? Wororo wrote:@BigChick It is true, Individual Pension Plan (IPP) will enable you to consolidate your pension funds - after transferring your locked -in benefits from your previous employers' pension schemes. Through IPP, you will be able to have personal oversight over your funds and control on when to access your funds pension funds within the stipulated law. I can assist you with the consolidation process though I am attached to Sanlam. I wouldn't mind a meet up in person. Perhaps I can be of assistance with the current misgivings you have with Sanlam.  @Chaka It is very much possible under the law to be a member of Staff Pension Scheme and at the same time have an IPP account. So Bigchick will continue being a member of his current employer's Group Independent Pension Plan (GIPP) and at the same time aggregate her past remaining employers 50% contributions in an IPP account. An IPP is self-sponsored while a GIPP is employer-sponsored. An IPP harmonizes the time one will receive his/her retirement funds after consolidation - as opposed to varying retirement ages as prescribed in the various staff pension trustee deeds. In a nutshell one dictates the time but within the stipulated law. Kindly note that the Sanlam Life Insurance Pension Scheme isn't unit linked. The funds/contributions are pooled together and invested. The safety of an individual funds/contributions is Sanlam's priority - by ensuring statutory, legal and voluntary restrictions compliance. The pooled funds are invested in: 1) Government Securities i.e. Bonds, Treasury Bills 2) Equity Stock – NSE 3) Money Markets Securities 4) Offshore equity investments The Sanlam Life Pension Scheme is registered and regulated by the RBA. So as a member one is legally protected through the RBA. Good stuff...improve on your 8 posts surely...usiwe mchoyo with info. @maka ntajaribu... Shukran
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Rank: Elder Joined: 12/7/2012 Posts: 11,908
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Wororo wrote:maka wrote:Wororo wrote:Chaka wrote:The question is this.Can @BigChick belong to the current SPF and at the same time also join an IPP? @BigChick,I suppose the investment at Sanlam is a unit linked insurance product? Wororo wrote:@BigChick It is true, Individual Pension Plan (IPP) will enable you to consolidate your pension funds - after transferring your locked -in benefits from your previous employers' pension schemes. Through IPP, you will be able to have personal oversight over your funds and control on when to access your funds pension funds within the stipulated law. I can assist you with the consolidation process though I am attached to Sanlam. I wouldn't mind a meet up in person. Perhaps I can be of assistance with the current misgivings you have with Sanlam. @Chaka It is very much possible under the law to be a member of Staff Pension Scheme and at the same time have an IPP account. So Bigchick will continue being a member of his current employer's Group Independent Pension Plan (GIPP) and at the same time aggregate her past remaining employers 50% contributions in an IPP account. An IPP is self-sponsored while a GIPP is employer-sponsored. An IPP harmonizes the time one will receive his/her retirement funds after consolidation - as opposed to varying retirement ages as prescribed in the various staff pension trustee deeds. In a nutshell one dictates the time but within the stipulated law. Kindly note that the Sanlam Life Insurance Pension Scheme isn't unit linked. The funds/contributions are pooled together and invested. The safety of an individual funds/contributions is Sanlam's priority - by ensuring statutory, legal and voluntary restrictions compliance. The pooled funds are invested in: 1) Government Securities i.e. Bonds, Treasury Bills 2) Equity Stock – NSE 3) Money Markets Securities 4) Offshore equity investments The Sanlam Life Pension Scheme is registered and regulated by the RBA. So as a member one is legally protected through the RBA. Good stuff...improve on your 8 posts surely...usiwe mchoyo with info. @maka ntajaribu... Shukran After 6 years dry spell ....   In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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Rank: Member Joined: 1/30/2011 Posts: 207
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Bigchick wrote:Chaka wrote:The question is this.Can @BigChick belong to the current SPF and at the same time also join an IPP? @BigChick,I suppose the investment at Sanlam is a unit linked insurance product? Wororo wrote:@BigChick It is true, Individual Pension Plan (IPP) will enable you to consolidate your pension funds - after transferring your locked -in benefits from your previous employers' pension schemes. Through IPP, you will be able to have personal oversight over your funds and control on when to access your funds pension funds within the stipulated law. I can assist you with the consolidation process though I am attached to Sanlam. I wouldn't mind a meet up in person. Perhaps I can be of assistance with the current misgivings you have with Sanlam. Confirmed its a unit linked product.I guess I signed up without full knowledge.But its crap all the same. @Bigchick sorry for the terrible experience - with the agent who sold you the Unit Linked product without your full knowledge. Unit linked products never satisfied Kenyans needs... They aren't offered locally by insurance players who understand the market well enough. The unit-linked product design had been copied from SA and copy pasted here in KE. But it flopped. The new life insurance related products are straight forward and beneficial to Kenyans... Hope I have been of help in enabling you understand how various retirement plans work in KE. If you may require my assistance in consolidating your 3 pension funds, I will highly appreciate. Kindly, feel free to get in touch with me as regards the above. Success and thank you.
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Rank: Member Joined: 1/30/2011 Posts: 207
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Angelica _ann wrote:Wororo wrote:maka wrote:Wororo wrote:Chaka wrote:The question is this.Can @BigChick belong to the current SPF and at the same time also join an IPP? @BigChick,I suppose the investment at Sanlam is a unit linked insurance product? Wororo wrote:@BigChick It is true, Individual Pension Plan (IPP) will enable you to consolidate your pension funds - after transferring your locked -in benefits from your previous employers' pension schemes. Through IPP, you will be able to have personal oversight over your funds and control on when to access your funds pension funds within the stipulated law. I can assist you with the consolidation process though I am attached to Sanlam. I wouldn't mind a meet up in person. Perhaps I can be of assistance with the current misgivings you have with Sanlam. @Chaka It is very much possible under the law to be a member of Staff Pension Scheme and at the same time have an IPP account. So Bigchick will continue being a member of his current employer's Group Independent Pension Plan (GIPP) and at the same time aggregate her past remaining employers 50% contributions in an IPP account. An IPP is self-sponsored while a GIPP is employer-sponsored. An IPP harmonizes the time one will receive his/her retirement funds after consolidation - as opposed to varying retirement ages as prescribed in the various staff pension trustee deeds. In a nutshell one dictates the time but within the stipulated law. Kindly note that the Sanlam Life Insurance Pension Scheme isn't unit linked. The funds/contributions are pooled together and invested. The safety of an individual funds/contributions is Sanlam's priority - by ensuring statutory, legal and voluntary restrictions compliance. The pooled funds are invested in: 1) Government Securities i.e. Bonds, Treasury Bills 2) Equity Stock – NSE 3) Money Markets Securities 4) Offshore equity investments The Sanlam Life Pension Scheme is registered and regulated by the RBA. So as a member one is legally protected through the RBA. Good stuff...improve on your 8 posts surely...usiwe mchoyo with info. @maka ntajaribu... Shukran After 6 years dry spell .... Habari @Angelica... I have been posing as a guest for those 6 years...
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Rank: Elder Joined: 2/8/2013 Posts: 4,068 Location: At Large.
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wukan wrote:@Bigchick, the fact that you took out your 50% shows a bad saving culture. pension contributions is just 10% of earnings. The fact that you have the remaining 50% scattered in 3 funds also shows you can't concentrate your capital. Aii Wukan!Your description makes me look like a very confused and hopeless case in financial literacy. Must I save in liquid cash. I took my 50% and invested them in "bloti maguta maguta".The same has appreciated 10 fold since then.No regrets at all. Another 50% I used to pay for my Masters.Not sure if thats an investment. Another 50% I did some rental units that am yet to complete but will do so soon.Si hiyo pia ni investment. On scattered amounts all over,let me say ni lack of Knowledge.Now I know and am taking action. Love is beautiful and so are those who share it.With Love, Marriage is an amazing event in ones life time, the foundation of joy, happiness and success.
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Rank: Elder Joined: 2/8/2013 Posts: 4,068 Location: At Large.
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Thanks all for your comments. Am wiser now. @ Wororo pole I will not invest through you.I have some vested interest through where am investing.And on the issue of Sanlam I guess ots not the agents fault.He was ok.Problem ni mimi na ujinga wa kutoelewa. Finally I was hoping I would get a thumbs up or caution for or against BRITAM in any of the comments but I guess people are cautious with what they say. Asanteni Love is beautiful and so are those who share it.With Love, Marriage is an amazing event in ones life time, the foundation of joy, happiness and success.
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Rank: Elder Joined: 2/16/2007 Posts: 2,114
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@BigChick, Before you go,pls advise on below... Chaka wrote:@BigChick, Out of curiosity,what was the performance(return) of this "investment" in the year ending 31st Dec 2016?Are the earnings taxed? Bigchick wrote:
Confirmed its a unit linked product.I guess I signed up without full knowledge.But its crap all the same.
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Rank: Veteran Joined: 11/13/2015 Posts: 1,595
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Bigchick wrote:wukan wrote:@Bigchick, the fact that you took out your 50% shows a bad saving culture. pension contributions is just 10% of earnings. The fact that you have the remaining 50% scattered in 3 funds also shows you can't concentrate your capital. Aii Wukan!Your description makes me look like a very confused and hopeless case in financial literacy. Must I save in liquid cash. I took my 50% and invested them in "bloti maguta maguta".The same has appreciated 10 fold since then.No regrets at all. Another 50% I used to pay for my Masters.Not sure if thats an investment. Another 50% I did some rental units that am yet to complete but will do so soon.Si hiyo pia ni investment. On scattered amounts all over,let me say ni lack of Knowledge.Now I know and am taking action.  Good to see you got it right. I have a few friends who took out the 50% and nothing to show for it and every time begging for cash. The next 50% put in bonds to balance your portfolio. I go with the RBA investment guidelines 5% liquid cash, 5% derivatives/offshore, 30% equities, 30% bonds, 30% real estate.
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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wukan wrote:Bigchick wrote:wukan wrote:@Bigchick, the fact that you took out your 50% shows a bad saving culture. pension contributions is just 10% of earnings. The fact that you have the remaining 50% scattered in 3 funds also shows you can't concentrate your capital. Aii Wukan!Your description makes me look like a very confused and hopeless case in financial literacy. Must I save in liquid cash. I took my 50% and invested them in "bloti maguta maguta".The same has appreciated 10 fold since then.No regrets at all. Another 50% I used to pay for my Masters.Not sure if thats an investment. Another 50% I did some rental units that am yet to complete but will do so soon.Si hiyo pia ni investment. On scattered amounts all over,let me say ni lack of Knowledge.Now I know and am taking action. Good to see you got it right. I have a few friends who took out the 50% and nothing to show for it and every time begging for cash. The next 50% put in bonds to balance your portfolio. I go with the RBA investment guidelines 5% liquid cash, 5% derivatives/offshore, 30% equities, 30% bonds, 30% real estate. See bonds... possunt quia posse videntur
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Rank: Elder Joined: 2/8/2013 Posts: 4,068 Location: At Large.
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Chaka wrote:@BigChick, Before you go,pls advise on below... Chaka wrote:@BigChick, Out of curiosity,what was the performance(return) of this "investment" in the year ending 31st Dec 2016?Are the earnings taxed? Bigchick wrote:
Confirmed its a unit linked product.I guess I signed up without full knowledge.But its crap all the same.
@Chaka,imagine sijui.I got disappointed to a point I decided to wait for 2019 maturity. Love is beautiful and so are those who share it.With Love, Marriage is an amazing event in ones life time, the foundation of joy, happiness and success.
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Rank: Member Joined: 1/30/2011 Posts: 207
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Bigchick wrote:Thanks all for your comments.
Am wiser now.
@ Wororo pole I will not invest through you.I have some vested interest through where am investing.And on the issue of Sanlam I guess ots not the agents fault.He was ok.Problem ni mimi na ujinga wa kutoelewa.
Finally I was hoping I would get a thumbs up or caution for or against BRITAM in any of the comments but I guess people are cautious with what they say.
Asanteni @bigchick no worries at all. Happy that you are now enlightened. Wishing you success. God bless you.
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