Retirement Benefits
Members are eligible for this benefits when they attain the mandatory retirement age of 60 years, or early retirement age of 50 years.
Payment Structure
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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.
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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
Requirements:
- The reasons for closure should be fully stated for the Board to determine under which Section of the Act refund is due.
- This Notice of closure of account and application for refund should be sent to the Fund as soon as it is known that a Contributor is leaving. It is not necessary to wait until all the contributions have been sent.
- A copy of the Bank Card confirming the Account Details; Bank, Branch and Account Number. Please note the payment will be done through Bank Transfer (EFT) only.
- A copy of the letter supporting the reasons for closure referred to under Note (1) above should be attached.
- Attach a copy of ID Card.
- Attach a copy of KRA PIN Certificate.
Membership
Vision & Mission
Vision: The Preferred Partner in Savings and Retirement Solutions
Mission: To receive, prudently invest and manage members’ savings for prompt payment of benefits for secured retirement.
CORE VALUES:IntegrityCustomer CentricityAccountabilityResponsivenessExcellence
