Maseno University Retirement Benefits Scheme, Maseno University Retirement Benefits Scheme commenced on 1st September 1990, with the sole purpose of safeguarding retirement benefits of Maseno University Staff.
The Scheme was established through an irrevocable Trust Deed on 26th August 1996 as a contributory defined benefits scheme.
The Scheme was however converted to a defined contribution scheme with a 50% underpin as from 1st July 2004. The members currently contribute 10% and the University contributes 20% of the basic salary.
The scheme is registered and approved under the Retirement Benefits Act 1997 and complies with all the provisions of the Act. The Scheme is also approved by the Kenya Revenue Authority as an exempt under the Income Tax Act (Cap 470).
WHAT WE OFFER
Maseno University Retirement Benefits Scheme offers a dynamic pool of services around in the pension industry including:.
- Scheme Administration.
- Pension Administration.
- Retirement Benefits Services.
We are committed to providing quality retirement benefits to all our members.
BECOME A MEMBER
To become a member of the scheme, one has to be confirmed as a permanent full-time employee of the university, and be formally admitted to membership by completing an Application for Membership Form. Every Eligible Employee is required to become a Member of the scheme as a condition of employment.
Members are encouraged to periodically visit the MURBS website to view their updated statements. This can be accessed by clicking the Member Portal icon on the website.
SCHEME AT A GLANCE
Each month a member contributes a percentage of his pensionable salary into the scheme. Over the period until retirement (or until he leaves the scheme if earlier) the contributions along with the contributions paid by the university on a members behalf, are invested in the member account.