MMUST Staff Retirement Benefits Scheme

1.0 Establishment                                                                                                                                                                                                                                                                                                              MMUST Staff Retirement Benefits Scheme is a defined contribution scheme that was registered on 27 February, 2006 to cater for members need after retirement or upon death. However it started operations on 1 July, 2003 with 10 members whose contributions were put in simba savings Account awaiting registration and contracting of service providers.  The scheme had accumulated Ksh. 29,331,476/= as at 11 April, 2006 that was transferred to the custodian to embark on investments in line with the investment policy approved by RBA.

2.0: Fund Value

As at 30th June 2022, the total fund value was Kes. 3,4440,256,119.57/= with a Membership of about 1698.

3.0. Service Providers

 The contracted Service providers are as follows:

  1. Fund administrators: Octagon Pensions Services Ltd
  2. Fund Custodian: KCB Bank Ltd
  3. Investment Managers/Advisors:

Old Mutual Investment Group
African Alliance Kenya Investment Bank

4.0 Contributions
Employees contribute at the rate of 10% of their monthly basic pay while the employers contributes at the rate of 20% of the monthly basic pay. This rate is competitive in the public sector Schemes. The Employees are also allowed by the Scheme’s Trust Deed and Rules to boost their saving by additional voluntary Contributions.

5.0. Benefits options
Benefits is paid on resignation, termination, retirement (Normal Retirement/ Early Retirement/ Ill health Retirement), emigration and upon death. At retirement 1/3rd of the benefits is commuted as lump sum while the remaining 2/3rd is utilized to purchase an annuity or income drawdown. Payment of benefits is made within 30 days on application.

Prof. Solomon Shibairo
Position: Member
Representing: Sponsor


Mr. Josephat Shigogodi
Position: Member
Representing: Technical & administrative staff Grade 5-15

Dr. Eglay Tsuma
Position: Member
Representing: Sponsor

CPA Jared G. O.O. Rading’
Position: Member
Representing: Sponsor

Dr. Isaac K’Owino
Position: Member
Representing: Academic Staff

CPA. Patrick Kivale
Position: Member
Representing: Technical and administrative staff Grade 5-15

Ms. Dorah Mbakaya
Position: Member
Representing: Technical & administrative staff Grade 1-4

 

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