A group of retired Standard Chartered Bank Kenya staff not included in the “629 pensioners” category accused the bank and its pension trustees of ignoring multiple court rulings that found the lender unlawfully miscalculated their benefits.
Through their lawyer Danstan Omari, the “non-629” members, said the bank had consistently defied the Retirement Benefits Tribunal, the High Court, the Court of Appeal, and the Supreme Court, all of which confirmed that the wrong actuarial factors were applied when the scheme transitioned from a defined benefit to a defined contribution plan on January 1, 1999.
They are now threatening to seek the imprisonment of the bank’s top executives and have subsequently given the bank and the trustees of its pension fund seven days to comply with court rulings.
“The courts have been clear. The bank miscalculated pensions, withdrew money unlawfully, and yet continues to discriminate against some members. This is not only contempt of court but also a criminal act,” Omari said.
The group argued that while the bank maintains that the rulings only apply to 629 members who filed the initial case, the unlawful transition affected all pensioners.
They accused the bank’s leadership of deliberately undermining the rule of law and urged the CEO to take responsibility.
According to Omari, many of the affected retirees are now struggling.
“Some cannot afford medical care, others cannot pay school fees, and tragically, many have died without receiving their rightful benefits. These are people who gave their youth to build this bank, but in retirement, they are marginalized and denied justice,” he said.
The pensioners demanded an independent evaluation, recalculation of balances for all members, and full disclosure in consultation with non-629 members.
They further called on the bank to issue corrective communication to stakeholders and the public.
Omari revealed that a demand notice had already been served on the bank and that letters had been written to the Director of Public Prosecutions (DPP) and the Directorate of Criminal Investigations (DCI) seeking a probe into what he termed a matter of “great public interest.”
“The law must be respected. We want compensation for all affected members, without discrimination, plus interest from the time the money was taken,” said Omari.
Email your news TIPS to Editor@Kahawatungu.com — this is our only official communication channel
