Pan Africa Life Assurance has announced that it will help its pension plan holders to review their investment policies. According to a company statement, the insurer will be holding its Annual General Meeting on the 30th of August 2012 to discuss options that pensioners will be able to choose from.
Ibrahim Ololo, an operations Manager for the company’s corporate department said that the AGM will be used to help pensioners make retirement plans based on two of the schemes Pan-Africa has to offer. One of the schemes is a Pure Pension Plan where a third of the contributor’s money is paid after a particular tax. The tax rate is calculated by the insurer. The remaining two thirds is then used as a monthly income for the rest of the pension holder’s life. It is generally referred to as an annuity.
The second scheme, which is known as a Provident Fund, involves giving the contributor all of their money after it has been taxed as a whole. The tax rate is also determined by the insurer.
Ololo said that the AGM will also discuss a hybrid plan which is based on the other two schemes.
Plan holders will receive the company’s financial statements for the year ended 31st December 2011. They will also receive a report on their investments and an update concerning the retirement benefits sector. A survey by Kenya Insurance Review states that Pan Africa is the country’s 4th best insurance company. The company, which is a subsidiary of Pan-Africa Insurance Holdings, has so far insured more than 338,000 lives.