What is A Personal Retirement Scheme?

A Personal Retirement Scheme (PRS), also referred to as a Personal Pension Plan, is designed to help you, as an individual, to save up for their retirement. The money is invested in various financial instruments that enable it to grow over the savings period with an intent to give you a regular income in retirement. 

Upon attaining retirement age, you can claim their retirement savings in any of the following two ways:

Under this option, you will receive all your retirement savings as a lump sum. You also have the option to take a portion of the fund to purchase an Annuity or an Income Draw-Down plan. 

Under this option, you will receive 1/3 of your accumulated retirement savings as a lump sum and the balance used to purchase an Annuity guaranteed for at least 5 years or an Income Draw-Down plan.

Pension plans in Kenya are mostly offered by insurance companies and are different from life insurance policies. Pension plans are purely about an income in retirement whilst for life insurance, insurance company pays you a lump-sum payment, known as a death benefit, to your beneficiaries upon the unfortunate event of your demise. Further, life insurance is chosen based on the needs and goals of the owner. Pensions in Kenya are regulated by the Retirement Benefits Authority (RBA) whilst insurance policies are regulated by the Insurance Regulatory Authority (IRA).

You can buy your Personal Retirement Scheme online from as low as Kes 1,000/- at the click of a button by visiting prs.ICEALION.com 

What is the ICEA LION Personal Retirement Scheme?

The ICEA LION Retirement Scheme offers you the option to have either the provident fund or and pension fund option. It also allows you to setup a retirement plan that you can contribute to in any of the following ways:  

  1. Self-Sponsored Scheme where you as an individual join the scheme and contribute towards it
  2. Group Scheme which can be in either of the following forms:


What are the Key Features of the ICEA LION Personal Retirement Scheme?

Why Invest With ICEA LION’s Personal Retirement Scheme?

What Else Do I Need to Know About ICEA LION’s Personal Retirement Scheme?

 

Term Total Contribution Retirement Fund
@2,000p.m @15,000p.m. @2,000p.m @15,000p.m
15 Years 360,000 2,700,000 838,793 6,290,951
20 Years 480,000 3,600,000 1,512,060 11,340,450
25 Years 600,000 4,500,000 2,596,362 19,472,718

Rate of Return on Investments

The 8 year Declared Net Rate of Return which was credited to member’s contributions is as follows:

Year Return on Investment (%)
2012 12.00%
2013 12.00%
2014 12.00%
2015 8.20%
2016 9.00%
2017 10.00%
2018 9.00%
2019 10.25%

Click here to learn more about ICEA LION’s Annuities and Income-Draw Down plans. 

To help you along, click here to watch a video that explains how you can decide on the ideal investment to make in light of your investment and retirement goals.

Now that you understand the basics of our ICEA LION Personal Retirement Scheme and would like to invest with us, click here to buy one online. If you would like to talk to us in person, you can call us on +254 719 071 999 or request a call back by clicking here.