Pension Consultant, Mr. Fadhili Milimu Masitsa making a presentation at the seminar.
MMUSThas conducted its 4 Retirement Planning Training Workshop of the FY 2023/2024 for its staff. The highly educative seminar was organized by MMUST Staff Retirement Benefits Scheme. The main goal of the exercise was to equip staff with requisite skills to enable them adapt sustainably to life after retirement. The workshop, which was held on Friday, 26 January 2024 at Bishop Nicholas Stam, Kakamega, was facilitated by Pension Consultant, Mr. Fadhili Milimu Masitsa.
Mr. Francis Rotich engages the facilitator.
The one day workshop, which saw over two hundred staff from different cadres trained, was also attended by the Trustees of the MMUST Staff Retirement Benefits Scheme. They included Prof. Joseph Nasongo, Prof. Alice Ndiema, Prof. George Lawi, Dr. Isaac Kowino, Mr. Josephat Shigogodi, and Ms. Dora Mbakaya. Mr. Bernard Wesonga and Ms. Celestine Mmasi from the Scheme’s Secretariat were also present at the event.
A section of the participants keenly following the presentations.
Some of the topics covered during the stimulating sessions included ‘Salient Features of the Scheme and Options available for benefits Access’; ‘Pension Taxation and Retirement Income (Annuities and Income Draw-downs)’; ‘Change Management (Planning for Lifestyle Changes in Retirement)’; ‘Financial Planning and Saving Culture’ as well as ‘Pre-retirement Planning and Post-retirement Planning.’
Pension Consultant, Mr. Fadhili Milimu Masitsa explains a point to MMUST staff .
Commenting on the importance of prudent financial management, the Pension Consultant Mr. Fadhili Masitsa cautioned the participants not to jump into retirement without preparation. “In order to effectively deal with the change that occurs during retirement, it is important to prepare early by ensuring that you have a retirement plan which must include a budget. It is also necessary to eliminate debts before retirement in addition to planning your personal security and examining your insurance in order to manage the change.” said Mr. Masitsa.
This was valuable training to the MMUST staff, who have been trained to leverage on their most valuable knowledge assets in order to continue earning income after retirement. Clearly, financial planning is not only about money but also achieving one’s life goals.
By Dr. Lydia Anyonje and Linet Owuor
