Former Absa workers cry foul over shrinking pension returns

Acting Managing Director Absa Bank Yusuf Omari during Absa Kenya Pros Sponsorship announcement ahead of the Magical Kenya Open tournament. [Jonah Onyango, Standard]

Former Absa Bank Kenya staff are accusing trustees of the Absa Staff Pension Fund of mismanaging the scheme and sidelining members.

The former employees, who worked for Barclays Bank Kenya before it became Absa, claim that beneficiaries of the Absa Staff Pension Fund have seen the value of their pension fall by half over the past 13 years.

"We are very unhappy over the trustees' running and management of the pension scheme because there is a lot of misgovernance as far as the pension fund is concerned," said Secretary of the Barclays Bank of Kenya Pensioners Association John Maina.