Retirement Benefit

Members are eligible for this benefits when they attain the mandatory retirement age of 60 years, or early retirement age of 50 years.

Mode of Retirement Benefits

Lump Sum Benefit - A member leaving LAPFUND may elect to receive a one off payment equivalent to the total fund value in his or her account consisting of member contribution, employer contribution, and interest accrued over the period of membership.
Annuity - An annuity is a contractual agreement between a member (the annuitant) and an insurance company, where the member makes a lump-sum payment and, in return, receives regular income payouts either immediately or at a future date. LAPFUND facilitates access to annuity products through Sanlam and ICEA. The income is paid consistently to the annuitant and ceases upon their demise.
Income Draw-down - A member leaving LAPFUND may elect to receive his or her benefit through an income drawdown. A member may select a specific regular amount or a percentage of the fund value in his or her account, this may be received monthly, quarterly or bi-annually in a year for a period of not less than 10 years. An individual member’s fund should be at least KShs 5 million.

To apply for the Retirement Benefits please download the LAPF/4 Notice of Closure and Application for Refund Form from the download area or from the link below

LAPF/4 Notice of Closure and Application for Refund

Requirements for closure

For a member exiting the scheme:

Dully filled Closure Form (This form will depend on the reason for closure and the type of Product)
The reasons for closure should be fully stated for the Board to determine under which Section of the Act refund is due.
Attach a copy of the letter supporting the reason for closure.
Attach a copy of ID Card (Both sides)
Attach a copy of the Bank Card confirming the Account Details, Bank, Branch and Account Number. Please note the payment will be made through Bank Transfer (EFT) only.
Attach a copy of KRA PIN Certificate.
Medical reports from the Critical Illness claim
A certified copy of payslip for the last month in service for Permanent Total Disability.
Police abstract if cause of disability is accidental.

For a dependant in case of Death of a member:

Dully filled Closure Form
A certified copy of the Death Certificate of the deceased member for the case of Survivor’s benefit and GLA (last expense and Death benefit).
The National Identity Card(s) of the claimant(s).
A copy of the bank card of each claimant.
A copy of the PIN certificate of each claimant.
The form must be witnessed before submission.