WE CARE ABOUT YOUR FUTURETHE MONARCH INDIVIDUAL PENSION PLAN
Monitor Your Funds
We provide an annual statement that reflects your total fund and interest earned. We shall also provide you with online member access credential and USSD codes to enable you to access your member accounts anytime.
Secure Your Retirement
The Monarch Insurance Personal Pension Plan is a savings plan tailor-made to allow individuals who are not having a retirement plan or who want to secure their retirement. By making regular contributions into an interest-bearing fund, you build your retirement fund while taking advantage of the tax-deductible benefits on your contributions and your investment income.
WE HAVE THE ANSWERS
WHAT OUR CUSTOMERS WANT TO KNOW
How do I join the PPP?
Fill the one page application form, attach a copy of your identification document (ID or valid passport) and pay your first contribution to set up your account. You may email us copies of the completed form and identification document.
Can I increase or decrease my contributions?
Yes, our Plans allow you to increase or decrease your contributions as your situation permit.
What if I die before retirement?
The total fund accumulated at the date of your death will be payable to your dependents.
What will happen if I am disabled?
In case of early retirement due to ill health or disablement the accumulated fund at the date of early retirement is payable.
Can I withdraw my fund from Monarch Insurance before retirement?
You may terminate the contract and withdraw the fund at any time. However, the fund will be subject to any taxes payable and locking-in of the benefit arising from the employer’s contributions which shall become accessible at retirement.
How much will I get at retirement?
The accumulated fund is available to you at retirement to purchase an annuity or enrol to an Income drawdown fund. The fund may also be taken as a lump sum subject to Income Tax deductions and the Retirement Benefits Authority guidelines.
How are my funds invested?
We take a prudent approach to invest your retirement funds. Security and sustainable long-term returns are key investment objectives. We aim to maximize returns on your contributions while providing you a guarantee on your accumulated fund.
How much is tax-deductible?
Currently the Kenya Revenue Authority allows a tax exemption of Kshs.240,000 per annum (KShs.20,000 per month) on the contributions. E.g. an individual earning kes.50,000 and making a monthly contribution of Kes.5,000/= will be taxed on Kes.45,000/=.
How do I pay the contribution?
Based on your circumstances and convenience, you may pay your contributions by cheque, banker’s standing order, salary-stop order, Mpesa,TKash or Airtel(Use your ID/passport no. as your account number) or pay cash to Monarch Cashiers at the offices. You may contribute on monthly, quarterly, half-yearly or annually.