From RBM Pension Fund Board Chairperson,
-- Retire early, Retire comfortably --
For Further Enquiries please contact:
The Chairperson RBM Pension Fund,
P.O Box 30063,
Frequently Asked Questions
What is a Pension Scheme?
It is an arrangement where funds are set aside to be paid when a member has retired or to his/her beneficiaries when such a member dies.
When was the RBM Pension Fund established?
It was established in 1968 as a non-contributory pension fund.
What is the size/value of our Pension Fund?
Total membership as at 31st August 2019 was 872 while the net asset value was K35.4 billion.
How can I retire from the Bank?
You can retire through normal retirement when you reach the age of 60, or early retirement when you reach the age of 50, or service retirement when you have worked in the Bank for a continuous period of 20 years, or through ill health retirement if a medical Doctor certifies that you are not capable of discharging duties on medical grounds.
If I die, how will my pension benefits be paid?
They will be paid using a Nomination Form that you completed but where the form is not available, the Trustees, in accordance with the law, will decide who to distribute the benefits to amongst your relatives or any other person who was financially dependent on you.
If I die after retiring from the Bank, how will my pension benefits be handled?
They will be paid to your surviving spouse or if you have no spouse, to a legal family representative.
Can I access all my pension benefits after retirement?
No, you can get up to 40% of your total pension on retirement. Only where the total pension is less than an amount as prescribed by the Registrar of Financial Institutions, can the whole amount be accessed in cash.
If I retire from the Bank, will I be allowed to be on RESMAID?
“At the moment, only a pensioner and his/her spouse are allowed to be members of RESMAID. No dependants for pensioners are allowed on RESMAID.”
Can I secure a loan from commercial banks using my pension benefits as collateral?
No, the Pension Act does not allow you to use pension benefits as collateral for loans.
Can I access my whole pension if my services are terminated or I resign from the Bank?
If you have pension which accrued to you before enactment of the Pension Act, that amount can be accessed in line with the rules which were applicable then. However, for pension which accrued after enactment of the Act, you can access your own contribution upon expiry of six months from the date of resignation if it is proved that you have not secured another job. Otherwise, your pension should be transferred to another scheme of your choice.
If I retire from the Bank, will my monthly pension be adjusted?
Yes, the pension will be adjusted in line with performance of the Fund.
Can I be on contract and remain a member of pension?
Yes, one can be a member of pension whilst on contract.
Can I be allowed to opt out of the RBM Pension Fund and join another Pension Fund of my choice?
Yes, the total pension accumulated value plus the monthly pension contribution will be transferred to the pension fund of your choice and you automatically cease to be a member of RBM Pension Fund.
Can I be allowed to re-join the RBM pension scheme?
Yes, it is allowed provided that two years should elapse before you rejoin the Bank’s pension scheme. If you die whilst outside the Bank’s pension, your benefits will not be handled by the RBM Pension Fund trustees.
Where is our pension money invested?
Properties, Shares, Treasury bills, Treasury notes and Repurchase agreements.
When is the pay day for the pensioners?
On the 10th of every month
What is the total number of pensioners in the Fund?
As of 31st August, 2019 the Fund had 136 pensioners.
How are trustees of the Fund appointed?
Four trustees represent the employer and are appointees of Management while the other four represent members and are appointed through Staff Representative Council (SRC). The SRC should ensure that members are chosen from the general membership and not from SRC Executive only.