Over 600 Ex-Standard Chartered staff issue demand letter in pension dispute

In a demand letter dated September 22, 2025, the retired employees referred to as the non-629 members fault the bank and trustees for failing to comply with multiple judicial rulings culminating in a Supreme Court ruling on September 5, 2025. 

The Supreme Court upheld earlier decisions by the Retirement Benefits Tribunal, the High Court, and the Court of Appeal, which found that the bank had unlawfully applied the wrong actuarial factors when transitioning staff from the Defined Benefit to the Defined Contribution Scheme on January 1, 1999.

The retirees argue that while the bank has acknowledged liability for 629 members who were part of the initial suit, it has continued to exclude the rest, despite all being members of the same fund. 

“Public interest, by its very nature, cannot be selective. To exclude the non-629 would perpetuate discrimination and contradict both the spirit of the Supreme Court’s finding and the protections enshrined under the Constitution,” the letter reads.

The former employees through their lawyer Danstan Omari accuse the bank’s leadership, including the Chief Executive Officer, Chief Financial Officer, Chief Risk Officer, Head of Legal, the Board of Directors, and the Trustees, of engaging in conduct that amounts to contempt of court. They cite profit warnings and public notices that limited liability to the 629 members, as well as correspondence declaring that non-629 members would get nothing, regardless of the Supreme Court outcome.

The group is demanding an independent valuation of the Defined Benefit and Defined Contribution schemes as at January 1, 1999. 

They also want corrected communication to members, regulators, and shareholders acknowledging that all affected members are entitled to compensation. Further, they seek a recalculation of balances in line with the Tribunal’s ruling, with compounded returns from the date of transition. 

The pensioners also want a properly constituted members’ meeting where trustees outline an implementation plan and affirm independence from the bank.

The retirees have given the bank and trustees seven days to comply. If not, they say they will move to the High Court seeking to have top officials of Standard Chartered Bank Kenya and the trustees committed to civil jail or fined for contempt of court. They also plan to pursue personal indemnity costs against the officials named.

“This is no longer just about pensioners’ rights but also about the integrity of Kenya’s pension system and respect for judicial authority,” the statement concludes.