NAIROBI, Kenya, Sept 18 – Representatives of the non-629 pensioners of the Standard Chartered Kenya Pension Schemes are demanding equal treatment after a Supreme Court ruling that awarded former employees billions of shillings in underpaid benefits.
The former employees, Davies Kajogu, Lawrence Aswani, Paul Wanyoike, and Atsyaya Onzere, argue that their benefits should also be recalculated after the Supreme Court upheld earlier decisions confirming that wrong actuarial factors had been applied.
“For members who transitioned into the Defined Contribution Fund, it follows as a matter of logical necessity that any additional entitlements must attract the same rate of investment return actually realised by the Fund from inception to date,” the former staff said in a statement.
Earlier, the Supreme Court dismissed an application by StanChart seeking to halt a Court of Appeal ruling that directed the bank to pay billions in pension dues owed to its former employees.
In the ruling, Supreme Court Vice President and Deputy Chief Justice Philomena Mwilu said the apex court could not invoke Article 163(4)(a) of the Constitution on the basis of mere allegations of constitutional violations. The provision grants the court powers to hear appeals from the Court of Appeal only in cases involving constitutional interpretation or application.
The pensioners’ demands come after the bank announced that it had no liability in respect of the non-629 members.
“Failure to comply will compel the pensioners to petition the RBA under section 46 of the Retirement Benefits Act for removal of the Trustees and to pursue all available remedies in Kenya and internationally,” they added.
“This is the Trustees’ final opportunity to remedy an unfortunate and costly discrimination. Justice cannot be selective — it must apply to every member of the Fund,” said Wanyoike, a former employee and co-signatory.
Already, the lender has initiated pension payments to the 629 former employees after asking them to submit their details.
