New pension plan for MCAs unveiled

CPF Group has unveiled an Individual Pension Plan targeting Members of County Assemblies (MCAs) in all the 47 counties. The move is expected to reduce the financial burden on county governments at the end of their five-year term in office. According to CPF Chief Executive Hosea Kili, the new product is geared towards helping MCAs save their money with a legally registered scheme. “Members of County Assemblies now have a dedicated savings plan. The money will be payable when they exit after their term of service,” he said. The scheme is registered with the Retirement Benefits Authority and comes with a facility of accruing gratuity on a monthly basis.