The CPF Post-Retirement Medical Scheme provides medical benefits to individuals looking to save towards their medical cover in retirement and employers looking to contribute to their employees’ post-retirement medical benefits. This includes employees of participating employers under the CPF Group Pension Schemes. The medical benefits will be accessible by the member for treatment of themselves, spouse or dependent children.
Medical expenses have been identified as the most significant expense individuals face in retirement. Medical expenses can deplete savings and if not well prepared for, negatively impact the quality of life in retirement. The CPF Post-Retirement Medical
Scheme is designed to help you accumulate sufficient savings to enable you access quality medical benefits at the point when you need it the most, retirement.
Employers who opt to participate in the PRMF provide their employees a valuable benefit that will guarantee their employees continue to enjoy quality healthcare leveraging our existing wide network of medical service providers.
The CPF Post-Retirement Medical Scheme is open to self-employed individuals, employed persons looking to save for medical benefits in retirement as well as employers looking to contribute for their employees post-retirement medical benefits. This includes employees in the County Pension Fund as well as the members of the Local Authorities Pension Trust (Laptrust)
You can make Additional Voluntary Contributions(AVCs) towards the post-retirement medical fund. AVCs towards post-retirement medical can be deducted by your employer at source and transferred to the PRMS. This will allow you to enjoy the tax benefits that comes with saving through a registered PRMS. Your contributions will be
accumulated towards funding medical premiums in retirement.
Contributions may be a fixed shilling amount, or a percentage of pensionable earnings. Voluntary contributions can be made through check-off, standing order or mpesa.
To ensure your contributions are adequate, you should consider your age/years to retirement and the desired level of medical benefits. The table below provides a guide on the age based annual contributions required for a specified level of cover (or its equivalent at retirement):
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