CPF Financial Services targets low income earners with M-Pension
Kenyans earning less than Ksh10,000 per month can now save as little as Ksh50 daily for their retirement through a pension product launched today by CPF Financial Services which also administers the Laptrust pension schemes. Low income earners especially those in the informal sector have largely been neglected by the formal pensions industry, ultimately condemned to poverty in old age.
The CPF Mpension is a hustle free retirement savings plan that makes use of a mobile based platform. M-Pension allows one to put aside money for retirement daily, weekly and monthly by saving as little as Ksh50 though one can also make lump sum contributions. Additional benefits to this product include life cover and last expense benefits for members.
Mpension is segmented into three plans depending on the individual member’s needs.
Mwananchi Pension Plan with a Minimum daily contributions of Ksh. 50.
Starehe Pension Plan with a minimum daily contribution of Ksh. 100.
Executive Pension Plan with a minimum daily contribution of Ksh. 300.
Members secure their future today by making periodic contributions to a high-yielding retirement fund which will provide a regular income in retirement for those who opt for Pension or a Lump sum for those who opt to take all their money at once.
http://www.mwendengao.com/2014/10/15/cpf-financial-services-targets-low-income-earners-with-m-pension/HealthCPF,Kenya,M-Pension,Pension,retirement
can one make a general deposit that can target daily or set contribution scheme?(least less 50 like 20 or whichever)
Thank you for this wonderful initiative.I have 2 questions.
1. Can one contribute towards this programme if already making same contributions to NSSF?
2. If after contributing for a while and i decide to opt out since im still with NSSf what happens? Can i get back my money in lumpsome? Is there a penalty for this and lastly do i get back my money plus accrued interest? Reply to my email pls
Regards