Maseno University Retirement Benefits Scheme

About Maseno University Retirement Benefits Scheme

Miseno University Retirement Benefits Scheme was established on September 1, 1990, with the primary objective of ensuring the retirement benefits security of Miseno University employees. It was formally constituted as a contributory defined benefits scheme under an irrevocable Trust Deed dated August 26, 1996.

The Scheme transitioned to a defined contribution arrangement with a 50% underpin on July 1, 2004, and was further converted to a full defined contribution scheme in May 2015. Currently, members contribute 10% of their basic salary, while the University contributes 20%.

Registered and approved under the Retirement Benefits Act 1997, the Scheme adheres to all regulatory requirements. It is also recognized by the Kenya Revenue Authority as an exempt plan under the Income Tax Act (Cap 470).