Taifa Pension Fund (TPF) is a flagship umbrella pension scheme designed for private and public sector employers.
Administered by CPF Financial Services; the largest registered pension administrator in Kenya
TPF offers an exemptional range of benefits to both employers and employees.
WHY CHOOSE TAIFA PENSION FUND?
1. Diversified and optimized investments
TPF offers a well-diversified and established investment portfolio that allows members realize higher returns. It meets the liquidity needs to pay benefits and optimizes returns for a secure retirement.
2. Enjoy zero set-up or operational costs
With TPF, employers are guaranteed zero initial set-up and operational costs.
3. Approved by Retirement Benefits Authority (RBA)
TPF is qualified to receive Tier II NSSF Contributions as it is approved by RBA (Certificate noRBA/RSC/0001) to receive Tier II contributions subject to the provisions of the NSSF Act no. 45 of 2013.
4. Superior scheme
With recommended contribution rates set at 12% by the Employee and 15% by the Employer, TPF offers employers an avenue to integrate Tier II NSSF contributions within the recommended contribution rates for far more superior returns.
By joining TPF, aemployer enjoys the benefit of opting out of NSSF Tier II statutory contributions to instead provide pension through TPF that offers a superior range of benefits
FEATURES OF THE TAIFA (UMBRELLA ) PENSION FUND
TPF is registered as a Defined Contribution Umbrella Fund.
Members can make additional voluntary contributions to achieve their retirement goals.
Portable Benefits – accrued benefits may be transferred in full to any other registered scheme in accordance with the Retirement Benefits Act.
BENEFITS OF SAVING THROUGH THE TAIFA (UMBRELLA) PENSION FUND
Risk-Based Insured Benefits – members enjoy group life cover, last expense cover, chronic illness benefit, and permanent total disability benefit at a subsidized cost.
Enhanced Life Insurance Benefits – all members enjoy a death in service benefit of 3x annual salary payable to beneficiaries as well as critical illness, retrenchment and permanent total disability benefits.
Enhanced Governance Structures – As a seasoned pension fund administrator, CPF Financial Services offers enhanced governance structures, transparency, and accountability in pension fund administration. CPF Financial Services engages members of TPF through Pension Committees, Members Day and the Annual General Meeting (AGM).
Lifetime Pension and Lump Sum – TPF offers a pension scheme structure that allows for both lump sum and lifetime pension in retirement.
Speedy Payment of Benefits – TPF members receive their benefits within 14 days of leaving service, including the statutory Tier II contributions payable at retirement.
Ease of Access – TPF has a country-wide branch network for ease of access to members.
Access to Salih – As members of TPF, employees can enjoy access to the Shariah-compliant Retirement Benefits Fund administered by CPF Financial Services – Salih.
Access to the CPF Mwamba Trust Fund for various benefits that include estate planning and staff welfare management.
