TEACHERS SERVICE COMMISSION STAFF SUPERANNUATION SCHEME (TSCSSS)
The TSCSSS was established in January 1993 through an irrevocable trust. As a measure to improve terms and conditions of service for its employees, the Scheme was initially established by TSC (Sponsor) as a contributory Pension Scheme, with the main objective being to provide reasonable benefits to employees (Members) upon their exit from service or to their dependents in the unfortunate event of death in service. Besides this core objective, the establishment of the scheme was to also serve the following purposes:
- An incentive through which the employer could attract and retain employees.
- A fund through which employees could save for their retirement.
- A fund through which the employees could enjoy tax relief by virtue of being members of a retirement benefits scheme.
- A boost to the employer’s corporate image and public perception.
The Scheme is registered with the Retirement Benefits Authority (RBA) and approved under the Retirement Benefits Act 1997. In addition, the Scheme is also registered with the Kenya Revenue Authority as an exempt approved Scheme under the Income Act (Cap 470).
- The Scheme commenced operations on 1st January 1993.
- The Scheme is operated on a Defined Benefit arrangement.
- The members eligible to the Scheme are the permanent & Pensionable employees between the age of 18 and 50 years.
- The employees contribute 5% of their pensionable emoluments
- The Employer meets the balance of the cost for the DB Scheme.
- An actuarial valuation of the Scheme is done every three years to ascertain the financial health of the Scheme.
TEACHERS SERVICE COMMISSION STAFF RETIREMENT BENEFITS SCHEME (TSCSRBS)
The TSCSRBS (“the Scheme”) was established on 1 July 2012, pursuant to the provisions of Treasury Circular No.18 of 2010 and subsequent closure of the Defined Benefits (DB) Scheme on 30th June 2012.
As a Defined Contributions Scheme, it is is managed by a Board of Trustees whose membership is divided equally between Sponsor nominated Trustees and Member nominated Trustees.
The Scheme is registered with the Retirement Benefits Authority (RBA) and approved under the Retirement Benefits Act 1997. In addition, the Scheme is also Registered by the Kenya Revenue Authority (KRA) as an exempt approved Scheme under the Income Act (CAP 470) – ‘The Income Tax (Retirement Benefits) Rules 1994’