The Standard Chartered Bank pension dispute has taken a new toll as the non-629 pensioners threaten to take legal action against the lender for failing to address their concerns.

Through lawyer Danstan Omari and Martina Swiga, the representatives of the non-629 pensioners, decry the continued failure by Standard Chartered Bank Kenya and the trustees of the Pension Funds to address their legitimate concerns.

This is despite the clear judicial guidance given by the Retirement Benefits Tribunal, the High Court, the Court of Appeal, and most recently, the Supreme Court on 5th September 2025.

The Supreme Court upheld the Tribunal, High Court, and Court of Appeal rulings, confirming that the bank had unlawfully applied the wrong actuarial factors at the transition from the Defined Benefit to the Defined Contribution Scheme on 1st January 1999.

“The Court further underscored that this matter is of profound public interest, touching not only on the rights of elderly pensioners but also on the integrity of Kenya’s pension system,” the pensioners stated.

It is their argument that while the lender may attempt to argue that the Supreme Court ruling applies only to the “629” members, they emphasize that both the 629 and the non-629 were members of the same fund, subject to the same unlawful actuarial treatment.

While addressing the media outside Milimani Law Courts, the pensioners stated that public interest, by its very nature, cannot be selective and excluding the non-629 would perpetuate discrimination and contradict both the spirit of the Supreme Court’s finding and the protections enshrined under the Constitution.

“Despite this clear position, the bank and the Trustees have continued to act in a manner that disregards judicial authority, discriminates against non-629 members, and undermines the rule of law.

The non-629 urged the Standard Chartered Bank and the Trustees to discharge their responsibilities faithfully, independently, and without further delay.

According to their letter, every day of inaction compounds financial losses and deepens the anxiety of elderly pensioners who depend on these benefits for their dignity and survival.

The pensioners want the bank officials to undertake and disclose a full valuation of the Defined Benefit and Defined Contribution Schemes as at 1st January 1999, by an independent actuarial expert appointed in consultation with non-629 representatives and the RBA.

They also want recalculation of members’ balances strictly in line with the Tribunal’s order, and ensuring balances attract monthly compounded rates of return realized in the DC Scheme from inception to date for all transitioned members.

In addition, the petitioners want transperency and engagement by the lender convening a properly constituted members’ meeting where Trustees explain the implementation plan, affirm independence from the Bank, and outline compliance monitoring.

“Take further notice that if the above demand is not met within seven (7) days, we shall, among other things, file an application before the High Court seeking to have the following officers committed to civil jail and/or fined for contempt of court,” the non-629 said.