The RBA tribunal members said evidence presented by lawyer Titus Koceyo for the pensioners show they were underpaid.
The tribunal was told that the bank had paid the retirees Sh36,039,829 instead of Sh87,426,909.
The balance payable to the pensioners according to the lawyer is Sh51,387,080.
National Bank has been ordered to pay 84 of its former employees more than Sh87 million in terminal dues.
The Retirement Benefits Authority tribunal (RBA) directed the National Bank of Kenya (NBK) to pay the former retirees pensions it had saved for them under the staff retirement benefits scheme in accordance with the law.
The administrator of the scheme, Alexander Forbes Financial Services (East Africa) Limited, was ordered by the five-member tribunal to pay each of the 84 appellants costs assessed at Sh10,000.
The RBA tribunal members said evidence presented by lawyer Titus Koceyo for the pensioners show they were underpaid. Mr Koceyo said the retirees, who exited the bank under the early retirement programme, were supposed to be paid Sh87,426,909.
“The appeal by the pensioners for payment in accordance with the pensions scheme and rules is hereby allowed,” the tribunal ruled.
Mr Koceyo told the tribunal that the bank had paid the retirees Sh36,039,829 instead of Sh87,426,909.
The lawyer said the balance payable to the pensioners is Sh51,387,080.
In their judgment Kakai Cheloti (chairman), Veronicah Owende, Job Momanyi, Muthomi Thiankolu and Simon Barmasai ordered that each of the 84 former employees should be paid the sums due to them in accordance with the rules of the scheme and the law.
The RBA tribunal ordered Alexander Forbes to pay each of the appellants interest for the outstanding amounts claimed.
“Each of the appellants to be paid interest for the outstanding balance (Sh51,387,080) at the rate earned by the scheme in each financial year until payment in full,” the tribunal directed Alexander Forbes.
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