The pensioners warn that the bank’s senior executives and pension fund trustees could face fines, personal liability, or even civil jail if they fail to implement the court’s decision for all affected retirees.
Pensioners issue seven-day ultimatum
The group, identifying itself as the “non-629 members,” has issued a seven-day demand to Standard Chartered Bank Kenya and the trustees of the bank’s pension fund.
The retirees want the bank to extend the benefits of the Supreme Court judgment to all pensioners affected by the 1999 pension scheme transition, not just the 629 individuals who were parties to the litigation.
They argue that failing to do so amounts to unequal treatment and undermines the intention of the Supreme Court’s decision.
Supreme Court ruled on pension calculations
The dispute follows the Supreme Court’s judgment delivered on September 5, 2025.
The apex court upheld earlier decisions by the Retirement Benefits Tribunal, the High Court, and the Court of Appeal, which found that Standard Chartered Bank Kenya had used incorrect actuarial factors when restructuring its pension scheme in 1999.
The Supreme Court described the case as one of significant public interest because of its implications for the integrity of Kenya’s pension system.
Executives accused of failing to comply
The retirees have identified several senior officials whom they believe bear responsibility for implementing the judgment.
According to the group, the Chief Executive Officer is ultimately responsible for ensuring compliance with the court’s orders.
The Chief Financial Officer is accused of failing to properly recognize the financial implications of the judgment, while the Head of Legal has been criticized over earlier correspondence stating that the non-629 pensioners would not benefit from the litigation.
The pension fund trustees and board members are also accused of failing to discharge their fiduciary and oversight responsibilities.
Pensioners seek broader remedies
The retirees are demanding several measures, including:
- A comprehensive recalculation of pension benefits for all affected members.
- Payment of accrued interest on revised pension balances.
- An independent actuarial review of the pension scheme.
- Greater transparency with pensioners, shareholders, and regulators.
- A formal engagement between the retirees and the pension fund trustees.
Contempt proceedings threatened
The pensioners say they will move to court if their demands are ignored within seven days.
They intend to seek contempt of court orders against the bank and the named officials, arguing that limiting implementation of the Supreme Court decision to only 629 members would amount to deliberate non-compliance.
If successful, the application could expose the respondents to sanctions that may include fines, civil jail, and personal liability for legal costs.
