Empower your Domestic Help to Save for a Dignified Future
What is Gift a Pension™®?
Gift a Pension™ is a program through which Kenyans can help empower those who make a difference to their day to day lives by gifting them a savings solution that allows them to leverage their savings today, to significantly transform their retirement years. And all it takes is ten minutes of your time.
Zamara and their partners have developed a simple, innovative, easy to access and fully digital personalised pension solution - Fahari Retirement Plan, which seeks to help you and those who impact your lives, realise a life of dignity in their old age.
Gift a Pension™ is a Zamara initiative in partnership with Equity Bank, Co-op Bank and Prudential.
Who is Zamara?
Zamara is the market leader in providing pensions advisory and administration services in Kenya administering the retirement benefits of over 165,000 Kenyans spread across 300 corporates with assets under administration of over USD2.8bn. Zamara also specialises in actuarial and insurance broking services, empowering clients across East, West, Central and Southern Africa.
Zamara brings a fresh perspective to financial services - redefining convention and cutting through the complexity - to design solutions that help achieve financial success. Zamara and their partners have developed the ‘Fahari Retirement Plan’, to enrich and secure your future.
What is Fahari Retirement Plan®?
Kenya’s leading pension services provider, Zamara, has designed the ‘Fahari Retirement Plan’ - an individual retirement benefits scheme just for you, to help you save for your old age.
The Fahari Retirement Plan is a savings pot that allows you to save and build up a pot of money for you to use at retirement. It grows bigger as you grow older. When you are old, the savings you accumulate over the years are returned to you as a lump sum or a monthly pension.
Any Kenyan citizen or resident with a Government ID can open their retirement savings account with the Fahari Retirement Plan.
It is simple, innovative, easy to access and fully digital so that you can comfortably realise a life of dignity and respect at retirement from anywhere.
The scheme is registered with the Retirement Benefits Authority and the Kenya Revenue Authority.
How does the Fahari Retirement Plan work?
While your Giftee is young, they start by saving as little as K Shs 100 per week. Thereafter they can save as much as they want as often as they would like. The savings are sent to reputed financial institutions who invest these savings on their behalf. When they are old, the savings accumulated over the years are returned to them as a lumpsum or as a monthly pension.
Who is a Gifter?
Gifter is the person who is gifting the Fahari Retiremnet Plan to someone.
Who is a Giftee?
Giftee is a member of the Fahari Retirement Plan, the recipient of the gift. This could include your family members, your domestic help, your gardener, your security guards, your mechanic or anyone who has an impact on your life.
Can I Gift a Pension™ to Anyone?
Yes. You can Gift a Pension™ to any Kenyan citizen or resident between the ages of 18 and 60 years. But you will first need to educate them about the Fahari Retirement Plan offered through Gift a Pension. Once your Giftee has correctly understood the Fahari scheme features they can be enroled to the Fahari Retirement Plan.
Why does one need a Pension?
As people grow old, their bodies will give away and they will not be able to work in the same capacity. They will live for an average of 20 more years and are not likely to receive adequate support from their children. They will need to self-provide for their retirement years to live a dignified retired life.
They can begin to secure their futures by saving just a fraction of their income now.
Does my Giftee need to start saving now?
Yes. The lapse of even a year can dramatically affect one’s retirement savings. See our Savings Calculator to better understand how much their savings will be affected with every passing year of their lives.
How can you enable your Giftee to start saving now?
By educating your Giftee and making them see the big picture. You can educate them because you have all the resources to help them make an informed decision. It takes just ten minutes of your time to help your Giftee see the urgency in saving for their old age now.
What do I educate my Giftee about?
Explain to your Giftee the importance of setting aside a small part of their income for their old age. They should save while they are still young. As they grow older, their ability to work will decrease. As a result, their income will also decrease. However, their expenses will continue to rise.
How can I educate my Giftee using this website?
You can go to the ‘How It Works’ section on the website and use simple tools like the concept video, savings calculator and the scheme details.
How can I ‘Gift a Pension™’?
Click the ‘Enrol a Giftee’ button on www.giftapension.co.ke to register a Giftee. Enter their national ID number and mobile number. Key in the One Time Password (OTP) that they receive on their mobile number. The scheme form will be automatically filled after verification from the National ID authority. Do not forget to add their nominee details. Now simply choose the amount your Giftee wishes to save and how often. The first payment can be made through the preferred online payment method. To complete the enrolment, click the ‘Register as Gifter’ button to register yourself as a Gifter.
How do I register myself on ‘Gift a Pension™’?
Click the ‘Register as Gifter’ button on www.giftapension.co.ke. Enter your National ID number and your mobile number. Enter the OTP number you will receive on your phone to verify your details. Your registration form will be automatically filled after authentication from the National ID authority.
Why is it important for me to register myself, while I enrol a Giftee for ‘Gift a Pension™?
It will allow us to service you with any queries you may have. It will also allow you to add more Giftees going forward. In addition, you will be able to track the amount you have contributed using Gift a Pension™.
Why is it important for me to provide my telephone number?
We want to give you the comfort that the contributions you have made are reaching your Giftee. Your mobile number will enable us to send SMS receipts of the payment you have made for your Giftee.
Can I enrol more than one Giftee using this website?
Yes. Gift a Pension™ allows you to add more than one Giftee.
Who is a nominee?
A nominee is the beneficiary of the pension in the unfortunate event of your Giftee’s death. The complete details of the nominee of your Giftee should be provided while enroling to the Fahari Retirement Plan. This is mandatory.
Are there any enrolment charges to become part of the Fahari Retirement Plan?
Yes, there is a onetime enrolment fee of Ksh. 100 when registering for the Fahari Retirement Plan.
What is KYC?
KYC is an acronym for “Know your Customer”, a term used for customer identification process. This could be proof of identity and proof of address. The objective of the KYC guidelines is to prevent banks from being used, intentionally or unintentionally for identity theft, financial fraud, money laundering and terrorist financing.
What are the valid identity and address proof documents for my Giftee?
If your Giftee is a citizen of Kenya, their national ID number is a sufficient proof of KYC. In case they are a foreign citizen residing in Kenya then they will need to provide their Alien ID.
Can I enrol a Giftee who is not a Kenyan cititzen?
You can enrol a Giftee who is not a citizen of Kenya, as long as they have an Alien ID, issued by the Government of Kenya.
Do I as a Gifter need to provide any documentation while using ‘Gift a Pension™’?
No. As a Gifter you do not need to submit any documents through Gift a Pension™. You just have to share your national ID number when you register yourself by clicking ‘Register as Gifter’
How does Zamara’s Fahari Retirement Plan work?
Who can join the Fahari Retirement Plan?
Any Kenyan citizen or resident between ages 18 and 60 years can join the Fahari Retirement Plan..
What are the benefits offered through the Fahari Retirement Plan?
What is the additional insurance benefit provided?
There is a Last Expense Cover or Funeral Insurance of Ksh. 25,000, provided by Prudential, provided as part of the Fahari Retirement Plan.
What is the Funeral/Last Expense cover?
The Funeral/Last Expense Cover of Ksh. 25,000 is bundled with the scheme. This means that the member’s family will receive financial help worth K Shs 25,000 to cover the cost of the funeral. At a cost of Ksh. 100 every year, the member’s family will receive these monies in the unfortunate event of the member’s death. The cost is deducted from the member’s account every year. The benefits are paid out by the insurance company within 48 hours of notification and submission of the required documentation.
Which institutions are involved with Fahari Retirement Plan?
The scheme partners are Prudential, Co-op Bank and Equity Bank.
What is the process for withdrawal for pensions?
Alternatively, the member can initiate withdrawal by logging into their Fahari Retirement Plan Account.
How will your Giftee receive the money, upon withdrawal? Or how will they receive their monthly pension?
Fahari Retirement Plan members can receive their monthly pension or lumpsum amount through their bank account or their M-Pesa account
How much should the member of Fahari Retirement Plan with Zamara save every month?
Your Giftee has the flexibility to save as much as they can and as often as they wish. However, it is always good practice to come up with a retirement plan on how much to save and how often. Our online tools can help with this at the planning stage. You can also call our Fahari Retirement Plan Help Line at +254 (0) 709 299 999 for any queries.
How can I make the savings contribution for my Giftee using this website?
When adding a Giftee, select how much you want to contribute and how often. On your profile, you can simply use your mobile money wallet, debit or credit card to pay the contribution amount through a secure payment gateway.
How does the savings contribution made by me reach my Giftee’s account?
When you make an online payment through this website, the amount is automatically credited to your Giftee ’s Fahari Retirement Plan account.
How will I know that the savings contribution has reached my Giftee’s Fahari Retirement Plan account?
You will receive an SMS confirming the payment and a reference number unique to your Giftee.
Can the Giftee change the amount that they decide to save for their old age?
Yes. They can change the amount once a year by editing their contribution from their profile.
What will happen to the savings if your Giftee is unable to save for a month? Or over a few months?
The savings already made will remain securely invested in Fahari Retirement Plan in the Giftee ’s name. But they must save regularly if they want to accumulate enough savings for their old age. They also have an option to make an ad-hoc payment of a lumpsum amount if and when they have a surplus.
Is there a penalty if a Giftee is unable to save in a particular month?
No, there are no penalties.
How can the subsequent savings contributions be made?
The regular savings can be made in two ways:
If my Giftee happens to be my domestic helper, how can they continue to save if they are no longer working with me?
Your Giftee can continue to save into their Fahari Retirement Plan account using their phone by dialing *483*123# and selecting option 5 for payment. They can also go to their nearest Equity or Co-op bank agent to make a payment.
You can also continue to contribute to their account if you wish.
How will my Giftee or I know, when the next contribution is due?
Once your Giftee has become a Fahari Retirement Plan customer, they (and also you, if you wish) will receive a periodic SMS reminder with a Pension Bill before their next contribution is due.
How often does the member of the Fahari Retirement Plan need to save?
When you help a Giftee open a Fahari Retirement Plan account, help them decide how much they want to save into the scheme and how often they should save - weekly, monthly, quarterly, half-yearly or annually. However, after the first contribution the Giftee can save as much as they want as often as possible.
Can the member of Fahari Retirement Plan change the frequency to save?
Yes, they can change the savings amount and frequency at any time by logging in to their account on www.fahariyangu.co.ke or by visiting your nearest Equity Bank or Co-op Bank agent. You can only change this once in a year.
How will Fahari Retirement Plan members know how much to save?
A Gifter can help a Giftee decide the amount they want to save by using our easy to understand pension tools and calculators. The calculations can be done according to the age and capacity to save. We will send a contribution bill according to the amount and frequency decided.
What is a contribution bill?
A contribution bill is like any other utility bill (electricity, water) that will be sent to Fahari Retirement Plan members according to the contribution amount and frequency (weekly, monthly, quarterly, half yearly or annually) they decide.
How can a member of the Fahari Retirement Plan pay a contribution bill?
Members can pay for their contribution bill like they settle all their other utility bills such as electricity or water bills. This can be done through an agent network, mobile wallets, bank account or a debit/credit card.
Do Fahari Retirement Plan members get penalised for missing their contribution bill?
No. There is no penalty for missing to pay a contribution bill.
Do Fahari Retirement Plan members have to pay a fee to any entity?
Applicable fees of 0.5% plus VAT will be deducted quarterly from your interest income. These fees and charges will be deducted from the interest you earn and will not be taken from your contributions.
How much interest will the member of Fahari Retirement Plan earn on savings?
The Fahari Retirement Plan guarantees a minimum interest rate of 5% in the first year and a 100% capital guarantee.
Is there a guarantee on the savings that the members of Fahari Retirement Plan?
All savings have a 100% capital guarantee. A reputed financial institution, Co-op Investment Trust, which invests the savings in a guaranteed fund, manages the member’s savings. This means that the financial institution guarantees the money saved into the Fahari Retirement Plan.
How much pension will the members of Fahari Retirement Plan receive when they are old?
The pension amount will depend on (1) how much they save per month, (2) the number of years over which they have saved, and (3) the returns that Fahari Retirement Plan earns over their savings. If they save more, if they save for longer and if they save more regularly, they will get a higher pension when they are old. (Please see Savings Calculator to know more.)
How will the member of Fahari Retirement Plan know how much they have accumulated in the Fahari Retirement Plan?
There are 3 ways:
What will happen to my retirement savings if the member of Fahari Retirement Plan is unable to save for a month? Or for a few months?
If the member of Fahari Retirement Plan is not able to pay regularly, there is no penalty. Their savings will remain securely invested. When the member is more comfortable, they can simply start saving again and perhaps cover up for the savings they were unable to make. It is important to know, however, that their retirement savings would be more if they save regularly.
What happens if member of Fahari Retirement Plan dies?
In an unfortunate situation that the member dies, their nominee can call the Fahari Retirement Plan helpline at +254 (0) 709 299 999 and provide a document of proof, such as a ‘burial permit’. They can also click a link available on the website and file a claim online. The total savings plus the interest returns of the member in Fahari Retirement Plan will be transferred into the bank account of the member’s nominated beneficiary. In addition, the embedded Funeral/Las Expense Cover benefit of K Shs 25,000 will be transferred to the nominated beneficiary.
What happens if member of Fahari Retirement Plan becomes completely unable to work?
In a situation where the member is completely unable to work, the total fund is also paid to the member of the Fahari Retirement Plan or to their nominee in case the member becomes ill and is completely unable to work. If the person is physically able, no claim is needed to be filed and no documents are required. The member can log into their account on www.fahariyangu.co.ke and withdraw their savings
When can member of the Fahari Retirement Plan withdraw the retirement savings?
As per law, and the rules of the Scheme, the member can take out their money with the interest at any time. Although they can withdraw a part or all of their retirement savings in the Fahari Retirement Plan before age 60, remember that even small withdrawals from your Fahari retirement account will greatly reduce the value of the member’s pension in old age.
What is the process of claim settlement?
For retirement/withdrawal benefit, the member must submit a withdrawal application using the online platform. Subsequently, the administration team will process the claim within 2 working days.
For a death claim, the nominee of the deceased member will have to submit the claim settlement using the online platform along with the necessary supporting documents – certified copy of the burial certificate, copy of the National ID of the member and copy of the National ID of the nominee.
The claim settlement for the funeral insurance will take up to 48 hours from receiving the claim form. The claim form is found online at www.fahariyangu.co.ke.
At what age can the member start receiving a pension?
In the Fahari Retirement Plan, the pension starts at the discretion of the member, provided they are above the age of 50. All or part of the retirement savings are converted into a monthly pension that is payable for 20 years.
The member of the scheme always has access to their savings and should the need arise they are free to withdraw their retirement savings pot at any time. However, we recommend that the member avoid doing this before the age of 50, so that they can have a secure and dignified retirement.
How will the member of the Fahari Retirement Plan receive the money they withdraw? Or their monthly pension?
All withdrawals from the Fahari Retirement Plan can be transferred into the bank account or M-Pesa account of the member.
When the member reaches their retirement age, their monthly pension from the Fahari Retirement Plan will also be automatically transferred to their bank account or M-Pesa account. The member will be able to easily withdraw and use this money for their expenses in old age.
Can the member of the Fahari Retirement Plan access their savings in case of an emergency?
The member can access their savings at any time and have the flexibility to get a lump sum amount, monthly pension (provided they are above the age of 50) or keep the savings until they need to take it out. However, we recommend that the member avoid doing this before the age of 50, so that they can have a secure and dignified retirement.
Is there a charge if the member withdraws their savings from the Fahari Retirement Plan Account?
Yes, the retirement plan would levy a withdrawal charge if the member withdraws any savings. The withdrawal charge depends on how much they are withdrawing from their Fahari Retirement Account. Below is the schedule:
|Minimum Withdrawal Amount (K Shs)||Maximum Withdrawal Amount (K Shs)||Charges to Member (K Shs)|
What extra services will the member of Fahari Retirement Plan get as a member of the plan?
As a member of the Fahari Retirement Plan:
How can the member of Fahari Retirement Plan check their retirement savings balance?
There are 4 simple ways of checking the retirement savings balance:
How will the member know that Fahari Retirement Plan has received the savings made by them through their mobile wallet?
An SMS confirmation will be sent to the member of Fahari Retirement Plan every time the member pays a pension bill to confirm that the scheme has received the payment. If the member makes a payment and does not receive this SMS, please contact the helpline immediately at +254 (0) 709 299 999.
What if the mobile number of the member of Fahari Retirement Plan changes?
The member can update their mobile number with us by logging into their account at www.fahariyangu.co.ke or by calling our helpline at +254 (0) 709 299 999. They can also go to the nearest Equity Bank or Co-op Bank agent and make the change request.
How can a Gifter, register a query or lodge a complaint?
Gifters can lodge a complaint by calling the helpline at +254 (0) 709 299 999. They must remember to first mention that they used Gift a Pension™ to enrol a Giftee or to register as a Gifter. Or, simply write to us at firstname.lastname@example.org.
Can a Gifter use the helpline?
Yes, A Gifter can also use the helpline. But remember to first mention that you used Gift a Pension™ website to enrol a Giftee or to register as a Gifter.
What can a member of the Fahari Retirement Plan do if they have any questions or want to make changes to their Fahari Retirement Account?
The member should simply call the Fahari helpline at +254 (0) 709 299 999. The call center agent will be happy to address all queries. When calling the helpline, the member needs to keep their National ID number and Fahari Account number handy for verification to help us ensure we communicate sensitive information to the right person.
How does the helpline work?
The member can use the Fahari Retirement Plan Helpline for any information or assistance regarding their account between 8am and 5pm from Monday to Friday and from 9:00 am to 1:00 pm on Saturdays. Call our helpline at +254 (0) 709 299 999