Moi University Pension Scheme 2023/2024
Moi University Pension Scheme 2023/2024 – Details of Moi University Pension Scheme 2023/2024
Moi University Pension Scheme (MUPS) was established on 1st July 1991 to provide pension benefits to its members, who were employees of Moi University. At commencement, the Scheme design was a Defined Benefit (DB) Scheme whereby benefits were fully underwritten by the Sponsor such that any investment dynamics could not affect the promised benefits. This, therefore, attracted and retained membership to the scheme while retaining qualified staff for the Sponsor.
Due to cost escalation and institutional financial constraints, it became necessary for the Sponsor to redesign the pension plan with a view to continue providing the same benefits at a competitive cost. This, therefore, resulted in the DB being redesigned to a Defined Contribution (DC) with a Hybrid underpin.
This came into effect on 1st January 2005. The contribution rates were 15% from the employer and 7% from the employee.
Moi University Pension Scheme Benefits
1. Pension
Upon attaining retirement a member is entitled to receive 1/3rd of his accumulated pension. The 2/3rds balance would be utilized to pay a pension for the remaining life of the member.
2. Death Benefits
A member is insured under a life assurance cover where death benefits are paid to dependents and beneficiaries of the deceased member by the insurance company through the scheme. The annual premium is paid for by the employer. These Benefits are based on 36 months of the last basic salary of the deceased member. For example, if the basic salary of the deceased is Kshs. 100,000 the resultant fee is Kshs.100,000 x 36 months.
3. Medical benefits
To extract from Alexander Forbes
4. Benefits of a deceased member
The accumulated pension benefits of a member who dies before attainment of the retirement age. The benefits are paid to surviving spouse, children or nominated beneficiaries
5. Lump sum payments
This is the 1/3rd of the accumulated pension paid to a member upon retirement
Moi University Pension Scheme Contacts
- Ronald Ngala Street,
- Tabain Plaza 4th floor
- P.O. BOX: 2259-30100, Eldoret, Kenya
- Tel.: +254 53 2026 033
- Mobile: +254 707 199 100
- Email: info@mups.co.ke
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