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A city bank has suffered a major setback after a tribunal has ordered it to refund Sh1.1 billion belonging to Standard Chartered Bank of Kenya Limited pension fund within a month.

In a judgment delivered by the Retirement Benefit Appeals Tribunal (RBAT) has ordered Standard Chartered Bank Limited to refund all billions of shilling it acquired from the pension fund together with interest at court rates from February 23, 2000 until payment in full within 30 days.

Also the tribunal ordered that the second and twelve other respondents to re-calculate and pay to the appellants a lump sum benefits (commute lump sum and pension) taking into account the correct actuarial factors contained in the annexures 3 and 8 of the memorandum of appeal, cost of living adjustments, allowances and future increase and payments.

Following the judgment, the newly appointed chairman of the RBAT Charles Ongoto has directed the Standard Chartered Bank Kenya Limited to refund over Sh1.1 billion belonging to the Standard Chartered Bank Kenya Limited pension fund failure to which he will sign decree of Sh62,817,747,642.46 together with certificate of costs of Sh1,570,537,621.06 as prepared by the advocates for appellants (pensioners)
The chairman has also directed the Standard Chartered Bank limited to recalculate and pay the appellants who are pensioners all their money.

Ongoto said pension matters must be solved expeditiously to alleviate suffering of pensioners in the corridors of justice.

Ongoto has also advised all the parties to try and solve matters amicably by involving all parties.