MFUKO WA MAFAO YA KUSTAAFU
RETIREMENT BENEFITS FUND
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Retirement Benefits

This benefit is paid to a member whose employment ceases after contributing for at least 180 months or 15 years and attains a minimum voluntary retirement age of 55 years or any other shorter age specified in the Act.

This benefit is payable to a member whose employment ceases after contrubting for atleast 180 months or 15 years and meets the following conditions:
      •  Attains a minimum voluntary retirement age of 55 years
      •  Attains a statutory shorter prescribed retirement age per the Act governing such category
         of employment and the stipulated retirement age
      •  Retires on medical grounds due to sickness or disability
      •  Submits to the Fund the proof for retirement from the employer and duly fills in the
         respective claim forms

Rate of Pension and Gratuity for Qualifying Members
A member who meets the qualifying conditions is entitled to a monthly pension and a lump sum payment. Section 24 of the Act provides two computation options:
      •  Monthly Pension = 0.75 X Specified Amount X 1/12
      •  Lumpsum = 0.25 X Specified Amount X 12.5
               Where: Specified Amount = 1/580 X APE X MPS
                          - APE is Annual Pensionable Emoluments which represents the average
                            salary enjoyed by the member 36 months preceding his retirement
                          - MPS is the Months of pensionable service

Person not Qualifying for Pension
The member shall be paid whichever is greater either:
      •  Gratuity equal to five times the specified amount; or
      •  Total contributions made by the employee and the employer during the entire service
         period plus interest as shall be determined by the Board.
               Where: Specified Amount = 1/580 X APE X MPS
                         - APE is Annual Pensionable Emoluments which represents the average
                           salary enjoyed by the member within the last 36 months preceding his
                           retirement
                         - MPS is the Months of pensionable service

 

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