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Siemens Staff Pension Scheme Set To Be Closed Down

[PHOTO/ COURTESY]

The Board of Trustees of the Siemens Limited Staff Pension and Life Assurance Scheme has announced that they are winding up the scheme.

In a public notice in the dailies, the Board said that it will have the benefits of all members transferred to a registered scheme of their choice.

The members will have to have to sign consent forms on or before Friday, October 23. They will be required to attend an education meeting on Tuesday, September 29.

“The meeting (on September 29) will provide members with appropriate information to enable them to make an informed decision regarding consent to wind up the scheme,” the notice added.

In August, Legal & General (L&G) Assurance Society in the United Kingdom wrapped up a £530 million (Ksh74.5 billion) buy-in deal for the Siemens Benefits Scheme.

The transaction is said to have secured the benefits of over 2,000 UK retirees, said the UK-based insurance company.

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Written by Francis Muli

Senior reporter at Kahawa Tungu, Muli has a passion for human interest stories. Believes in unearthing societal rots that have been hidden from the public eye.
Follow me on Twitter @FmuliKE. Email francis@kahawatungu.com

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