Akiba Plus
Post Retirement Medical Plan
What is the Akiba Plus - Post Retirement Medical Fund?
A Post-Retirement Medical Fund (PRMF) is designed to assist citizens to save for their medical expenses in retirement. This product is regulated by the Retirement Benefits Authority (RBA).
Like other retirement funds, the product has two phases:
- Savings phase - Employees save or contribute during employment to provide medical cover in retirement.
- Utilization phase - After retirement, the accumulated funds are utilized to meet the cost of medical cover.
Through our Akiba Plus platform, the fund is open to all occupational retirement benefits schemes registered under the RBA Act whose scheme rules allow members to make additional voluntary contributions in respect of the funding of a post-retirement medical fund. Alternatively, any employer may enroll its employees to the PRMF.
Post Retirement Medical Plan
Key Benefits
- Healthcare Access: The Post Retirement Medical Fund ensures retirees have funds to access medical cover or meet medical costs when most needed. Guaranteed Returns: Contributions earn investment returns with a minimum guaranteed rate of 5%.
- Medical Security: Helps employees save for medical expenses during their working years to cushion them in retirement.
- Flexible Contributions: Through the Akiba Plus platform, contributions can be made personally by the employee, employer, or even both. Tax Benefits: Members contributing enjoy tax-deductible contributions (up to KES 15,000/month)