Standard Chartered Kenya Limited has confirmed it will comply with the Supreme Court ruling issued on Friday, in a pensions case involving thousands of retirees’ benefits.
In its statement on Monday, the bank said it had already begun the process of executing the order.
“We have initiated a structured process to execute the judgement in accordance with the legal requirements and are committed to maintaining open communication with affected pensioners,” the bank explained.
Seeking to assure customers and investors of its financial position, the lender added, “We would like to reassure our clients and stakeholders that we are adequately capitalised to meet the anticipated obligations.”
The ruling ended a protracted dispute over a Sh30 billion payout owed to 629 former employees.
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The matter first went before the Retirement Benefits Appeal Tribunal, which in 2008 directed that pension benefits under the Standard Chartered Kenya Staff Benefits Scheme be recalculated.
Standard Chartered challenged the order, but the Court of Appeal later upheld the Tribunal’s decision.
In that ruling, the appellate judges emphasised that trustees must administer pension funds strictly within the law and the trust deeds governing such schemes.
Undeterred, the bank escalated the matter to the Supreme Court, seeking to block enforcement of the payout.
However, the judges struck out the appeal, finding it inadmissible.
The court held that the issues raised did not amount to constitutional questions, and therefore could not be entertained at that level.
With this final decision, the Tribunal’s directive on pension recalculations stands, clearing the way for former staff to receive their dues.
By indicating its readiness to meet the obligations, Standard Chartered now seeks to close a long-running legal battle while assuring pensioners, clients, and stakeholders of its stability.
