The Kenya Railways Staff Retirement Benefit Scheme (“Scheme”) was established in July 2006. Previously the Kenya Railways Corporation (‘the KRC’) operated an unfunded pension plan which was governed under Regulations made under the Kenya Railways Corporation Act. The establishment of the Scheme was accompanied with a concession to transfer property assets previously held by the Kenya Railways Corporation to form a portfolio of property based assets for the purposes of funding the newly established Scheme.
The Scheme at a glance
Since its establishment, the Scheme has operated as a closed Scheme with no active contributing members. Currently (as at 31st January 2015), the Scheme has a total of membership of 10 097 comprising of 8,767 main pensioners, 1,330 dependents and deferred members who are still employed by KRC and Rift Valley Railways who upon retirement from service receives a one off lumpsum benefit from the Scheme and are subsequently admitted into the monthly pension payroll of the Scheme in accordance with the Scheme Rules. The Scheme also offers a relief to the dependants of the deceased pensioners for a period of five years.
The Scheme’s Core Values
We are committed to achieving the highest levels of Pensioner satisfaction through continuous improvement in our service delivery.
- We carry out our activities in an honest and faithful manner, and take all reasonable measures to prevent willful wrong doing by our officials.
- We endeavor to have well-trained, professionally competent and self-confident staff, dedicated to the delivery of services to members.
- We take full responsibility for our actions and will always be answerable to our stakeholders.
- We are open at all times in dealing with all our stakeholders in the Scheme, document our operations and freely disseminate these.
- We embrace each person we relate to equally no matter the gender regardless of disability, tribe, race, nationality or socio-economic status
- We offer timely and quality service to our esteemed stakeholders.
- We commit ourselves to excellence and institutional discipline in all our undertakings.