A new storm is brewing between Standard Chartered Bank Kenya and its former employees after more than 600 retirees issued a demand letter accusing the bank and trustees of its pension funds of contempt of court and systemic discrimination.
The letter, dated September 22, 2025, comes barely three weeks after the Supreme Court upheld a series of rulings from the Retirement Benefits Tribunal, the High Court, and the Court of Appeal. Those judgments declared that the bank unlawfully used incorrect actuarial factors when it moved staff from a Defined Benefit to a Defined Contribution Scheme on January 1, 1999.
While the bank has recognized liability for 629 members who were part of the original litigation, the rest described as “non-629” members say they have been unfairly left out despite belonging to the same fund. Through lawyer Danstan Omari, the group accuses the bank’s leadership, including the CEO, CFO, CRO, Head of Legal, board directors, and trustees, of deliberately misleading members, regulators, and shareholders with public statements that limit compensation only to the 629.
The retirees are demanding an independent actuarial valuation of both schemes as at January 1, 1999, recalculated balances with compounded returns, and fresh communication correcting earlier notices. They also want a members’ meeting convened where trustees will present a clear implementation plan and demonstrate independence from the bank’s management.
According to the letter, the bank and trustees have seven days to comply. If not, the retirees plan to move back to the High Court seeking orders to jail or fine top executives and trustees for contempt of court. They will also pursue personal indemnity costs against the officials named.
“This matter goes beyond retirees’ welfare,” the letter reads in part. “It touches on the credibility of Kenya’s pension system and the fundamental respect owed to judicial authority.”
