The pensioners, known as the “non-629 members,” accuse the bank of failing to extend benefits granted in a Supreme Court ruling to all affected retirees.
They have warned that they may seek contempt of court proceedings against the bank’s senior leadership if the institution fails to act within seven days.
Pensioners demand implementation of court ruling
The retirees want Standard Chartered Bank Kenya and the pension fund trustees to include all affected pensioners in the remedies from a Supreme Court decision issued on September 5, 2025.
The ruling upheld earlier decisions from the Retirement Benefits Tribunal, the High Court, and the Court of Appeal.
Those decisions found that Standard Chartered Bank used incorrect actuarial factors during a pension scheme transition in 1999.
The Supreme Court described the matter as a case of significant public interest due to its impact on Kenya’s pension system.
Dispute over pension beneficiaries
The main disagreement involves which pensioners qualify for the benefits.
The bank has indicated that it will comply with the ruling for the 629 individuals who filed the original case.
However, the wider group of retirees argues that the decision should also cover other members who moved to the pension scheme during the same 1999 transition.
They claim excluding them violates equal treatment principles and ignores the intention of the court ruling.
Pensioners accuse bank officials
The retirees have raised allegations against several Standard Chartered officials.
They have accused the Chief Executive Officer of failing to ensure compliance with the court decision.
The group also claims the Chief Financial Officer failed to provide proper information about the financial impact of the pension issue.
They have further criticised the Head of Legal over a letter sent in August before the Supreme Court ruling.
According to the pensioners, the letter stated that the non-629 members would not receive any benefits and warned them about possible legal costs.
The retirees have also accused the Board of Directors and pension fund trustees of failing to protect members’ interests.
Demands before possible court action
The pensioners want an independent actuarial review of the affected pension accounts.
They are also demanding full disclosure of information to members and shareholders.
Other demands include recalculating pension balances, adding accrued interest, and holding a formal meeting with the trustees.
If the bank fails to respond within seven days, the group plans to file an application at the High Court.
They want the court to consider contempt sanctions against the officials and trustees they have named.
The possible penalties may include fines, civil jail terms, and personal responsibility for legal costs.
