What is Fahari?
Fahari means 'Pride' and 'Dignity'.
Who is Zamara?
Zamara is the market leader in providing pensions advisory and administration services in Kenya, and we proudly present to you the Fahari Retirement Plan. We have a rich heritage spanning over 23 years. We administer the retirement benefits for over 165,000 Kenyans with assets under administration of over USD2.8bn.
Zamara brings a fresh perspective to financial services - redefining convention and cutting through the complexity - to design solutions that help achieve financial success.
We now bring to you, the ‘Fahari Retirement Plan’, to enrich and secure your future.
Why should I save for retirement?
Remember that you are responsible for your own retirement. It is important for you to be self reliant in your years after retirement. While retirement may be some years away from today, it is beneficial to start investing in a retirement plan NOW. The sooner you start saving, the larger your pot of money will be when you retire.
What is the 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.
Anyone residing in Kenya 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 realize 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?
Can I join the Fahari Retirement Plan?
Yes, if you are between the ages of 18 and 60 years, you can join the Fahari Retirement Plan.
How much interest will I earn on savings?
The Fahari Retirement Plan guarantees a minimum interest rate of 5% per year, however the actual interest earned is likely to be higher.
Any interest over and above the guaranteed 5% is paid at the end of each financial year and automatically credited to your account.
Is it safe to save or invest in the Fahari Retirement Plan?
Yes, your savings are 100% safe. A reputed financial institution which invests and manages your savings guarantees that the money saved by you into the Fahari Retirement Plan is for you.
What return will my savings or investments earn?
Your savings earn interest over the years enabling your savings to grow to significant retirement savings over time. Your savings earn a minimum interest of 5% per year.
What are the other benefits offered through Fahari Retirement Plan?
What is the additional insurance benefit provided?
There is a last expense cover or funeral insurance provided as part of the Fahari Retirement Plan.
What is the Last Expense cover?
A Last Expense cover or funeral insurance of Ksh 25,000 is bundled with the scheme. This means that your family will receive financial help to cover the cost of the funeral. At a cost of Ksh 100 every year, your family will receive these monies in the unfortunate event of your death. The cost is deducted from your account every year. The benefits are paid out by the insurance company within 48 hours of notification.
How can I join the Fahari Retirement Plan?
You can register an account with the retirement plan online, via a USSD code or through a Fahari agent.
What documents do I need to have to join the Fahari Pension Plan?
You will need a mobile phone number and your National ID or Aliens Certificate number
Why is it important for me to provide my mobile phone number?
Your mobile phone number will be the primary means of communication with you as a member. The helpdesk may need to call you / send a SMS from time to time to give you important information regarding your savings in the Fahari Retirement Plan.
Why is it important to nominate a beneficiary?
In the unfortunate event of your death, your beneficiary shall receive your accumulated savings. It is important for you to select your nominee when you join the scheme. It is equally important for us to know your nominee’s details so we can make a hassle-free transfer of your savings to them.
Who is a nominee?
A nominee is, usually your spouse or your children, whom you would like to leave your savings. Please ensure that you update your nominated beneficiaries at for the Fahari Retirement Plan when you need to for instance, when you get married or have children.
Do I need to provide any details of a nominee?
Yes, you need to provide your nominee’s name, mobile number, date of birth and their relationship to you. You may also provide the nominee’s National ID number, though this is not mandatory. However, it is recommended that you do provide the National ID number as this will make the claims process easier for the nominee
Can I have more than one nominee?
For your retirement savings balance, you can have more than one nominee. You can also decide how to split your pot between the nominees. For example, you could nominate your spouse and 3 children, and choose to give your spouse a 40% share of your pension pot and 20% to each of your children.
You can nominate only one beneficiary for the Last Expense Cover.
Should I plan for my retirement before starting to save?
Yes absolutely. The best way to have a dignified life at retirement is to plan for your retirement by finding out the following:
Make a SMART plan that is Specific, Measurable, Attainable, Relevant and Time measurable.
How do I save into the Fahari Retirement Plan?
You can save into your Fahari Retirement Plan account through any of your preferred mode of payment:
How often do I need to save?
When you join the scheme, you must decide how often you want to save into the scheme. You can choose an option for weekly, monthly, quarterly, half-yearly or annually.
Can I change my frequency to save?
Yes, you can change your savings amount and frequency at any time by logging in to your account on www.fahariyangu.co.ke or by visiting your nearest your nearest Fahari agent. You can only change this once in a year.
How much do I save for retirement?
You have the flexibility to save as much as you can and as often as you wish. However, it is always good practice to come up with a retirement plan on how much to save and how often. Our tools can help you with this at the planning stage. Go to our website www.fahariyangu.co.ke or go to the nearest agent or simply call Fahari Retirement Plan Help Line at +254 (0) 709 299 999 for any queries.
How will I know how much to save?
You can decide the amount you want to save by using our easy to understand pension tools and calculators. The calculations can be done according to your age and capacity to save. We will send you a contribution bill according to the amount you decide.
What if I forget to save for my retirement?
There is no penalty for missing a contribution. To help you maintain a savings discipline, we will send you : a) SMS reminders on a weekly or monthly basis according to your missed contributions or savings and b) send you a contribution bill so can easily pay it the way you pay your other utility bills. You can opt out of the reminders at any time by logging in to your pension account online.
What is a contribution bill?
A contribution bill is like any other utility bill (electricity, water) that will be sent to you according to the period you decide - weekly, monthly, quarterly, half yearly or annually.
How can I pay for my contribution bill?
You can pay for your pension bill like you settle all your other utility bills like for electricity or water. This can be done through an agent network, mobile wallets, bank account or your debit/credit card.
Do I get penalized for missing my contribution bill?
No. There is no penalty for missing to pay your contribution bill.
Do I have to pay a fee to any entity?
Applicable fees of 2% per year 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.
Can I change the amount that I decide to save for my old age?
Yes, you can change your savings amount and frequency at any time by logging into your account on www.fahariyangu.co.ke or by visiting your nearest Fahari agent agent. This can only be done once a year.
Are there any charges for saving in the Fahari Retirement Plan?
Yes, there is a nominal one-time charge for account opening and maintenance charges. It is a flat fee of Ksh 100 payable at the time of enrolment.
Will I get any guaranteed or fixed returns on my savings?
The Fahari Retirement Plan guarantees a minimum interest rate of 5% per year.
How will I know how much I have accumulated in the Fahari Retirement Plan?
There are 3 ways:
What will happen to my retirement savings if I am unable to save for a month? Or for a few months?
If you are not able to pay regularly, there is no penalty. Your savings that are in the Fahari Retirement Plan will remain securely invested. When you are more comfortable, you can simply start saving again and perhaps cover up for the savings you were unable to make. It is important to know that your retirement savings would be less if you do not save regularly.
What happens if I die or become completely unable to work?
In this unfortunate situation, the member’s family/nominated beneficiary can call the Fahari Retirement Plan helpline and provide some documents 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.
The total fund is also paid to you or your beneficiary in case you become ill and are 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
How much pension or lump sum will I get when I am old or ready to retire?
Your pension will depend on:
If you save more, and if you save regularly for many years, you will get a higher pension when you are old or are ready to retire.
When can I withdraw my retirement savings?
As per the law and the rules of the Scheme, you can take out your money with the interest at any time. Although you can withdraw a part or all of your 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 your pension in your old age.
What is the process of claim settlement?
For retirement/withdrawal benefit, you submit a withdrawal application using the online platform and the administration team will process the claim within a few days.
For a death claim, your nominee 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 I start receiving a pension?
In the Fahari Retirement Plan, your pension starts at your own discretion, provided you are aged 50 or above. All or part of your retirement savings are converted into a monthly pension that is payable for 20 years.
You also always have access to your savings and should the need arise you are free to withdraw your retirement savings pot at any time. However, we recommend that you avoid doing this before the age of 50, so that you can have a secure and dignified retirement.
How will I get the money I withdraw? Or my monthly pension?
All withdrawals from the Fahari Retirement Plan can be transferred into your bank account or onto your M-Pesa account.
When you reach your retirement age, your monthly pension from the Fahari Retirement Plan will also be automatically transferred to your bank account or M-Pesa account. You will be able to simply withdraw and use this money for your expenses in old age.
Can I access my savings in case of an emergency?
You can access your savings at any time and you have the flexibility to get a lump sum, pension or keep the savings until you need to take it out. However, we recommend that you avoid doing this before the age of 50, so that you can have a secure and dignified retirement.
Is there a penalty if I withdraw my savings from the Fahari Retirement Account?
Yes, the retirement plan would levy a penalty if you withdraw any savings. The penalty depends on how much you are withdrawing from your Fahari Retirement Account. Below is the schedule:
| Minimum Withdrawal Amount (K Shs) | Maximum Withdrawal Amount (K Shs) | Charges to Member (K Shs) |
|---|---|---|
| 101 | 4,999 | 45 |
| 5,000 | 9,999 | 75 |
| 10,000 | 19,999 | 145 |
| 20,000 | 34,999 | 170 |
| 35,000 | 49,999 | 195 |
| Above 50,000 | 225 | |
Am I able to transfer my retirement savings to another approved retirement benefits scheme?
Yes, you can transfer your retirement savings to another approved retirement benefits scheme at any time.
What can I do if I have any questions or want to make any changes to my Fahari Retirement Account?
You should simply call the Fahari helpline at +254 (0) 709 299 999. The call center agent will be happy to address all your queries. When you call the helpline, remember to keep your National ID number and Fahari Account number handy to ensure we communicate sensitive information to the right person.
What extra services will I get as a member of the plan?
As a member of the Fahari Retirement Plan:
How can I check my retirement savings balance?
There are 4 simple ways of checking your retirement savings balance:
How can I know the details of the contributions that are pending, or I have missed?
You can log on to your retirement savings account through the website www.fahariyangu.co.ke and find out which contributions have been missed on your dashboard. You can pay for the missed contributions as well as pre-pay for a future contribution bill through the dashboard.
How will I know that Zamara Retirement Plan has received the savings made by me through my mobile wallet?
An SMS confirmation will be sent to you every time you pay a pension bill to confirm that we have received the payment. If you make a payment and do not receive this SMS, please contact the helpline immediately at +254 (0) 709 299 999.
What if my mobile number changes?
You can update your mobile number with us by logging into your account at www.fahariyangu.co.ke or by calling our helpline at +254 (0) 709 299 999.