Standard Chartered Bank Kenya has begun processing payments to 629 pensioners after the Supreme Court upheld a claim on the lender’s pension fund.
The lender began collecting crucial information from the petitioners to enable the payments estimated at Sh7 billion. The lender has, however, disclosed that the payments will likely undershoot this estimate.
“We will commence the process of collecting the requisite information of the appellants in the above appeal for the purpose of verification and subsequently processing claims arising out of the judgment from Monday, September 22, 2025,” Standard Chartered Kenya Pension Fund said in a notice on Friday.
The verification of the claims will be done at Nairobi’s Almary Green Business Park, where pensioners or their successors will present the necessary documents, including pension statements.
The payments will be funded by the bank. Earlier in the week, Standard Chartered said it was readying itself for the payout after losing a 16-year suit at the Supreme Court over the miscalculation of pension benefits.
The 629 staff successfully petitioned the court that their pension savings were undervalued when the bank’s scheme converted to a defined contribution from a defined benefit scheme.
The bank said it was prepared to settle the claims, which run into the billions of shillings, stating that it has adequate financial buffers.
“We have initiated a structured process to execute the judgment in accordance with the legal requirements and are committed to maintaining open communication with affected pensioners,” said Standard Chartered.
“We would like to assure our clients and stakeholders that we are adequately capitalised to meet the anticipated obligations.”
StanChart and its pension fund moved to the Supreme Court after the Court of Appeal dismissed an appeal in March this year, which upheld a 2023 ruling by the High Court supporting the payout to the pensioners.
The bank wanted a stay of execution on the ruling, but the Supreme Court argued that the matter did not concern the interpretation of the Constitution.
