NAIROBI, Kenya – It’s a payday former Standard Chartered Bank employees have been waiting for—literally for years.
The Court of Appeal has dismissed the bank’s attempt to overturn a ruling that mandates pension payouts to retrenched workers, sealing a significant legal victory for them.
This latest ruling reinforces an earlier decision by the Retirement Benefits Appeal Tribunal, which found that the bank had failed to properly compute and disburse pension funds.
Now, StanChart has no more legal maneuvers left—the money must be paid.
StanChart suffers setback in pension tussle with ex-staff businessdailyafrica.com/bd/corporate/c…
Years of Legal Battles End in a Costly Defeat
The case began when a group of retrenched StanChart employees challenged the bank’s handling of their pension benefits.
Initially, the Retirement Benefits Authority (RBA) dismissed their claims, forcing the workers to take their fight to the Tribunal.
In a decisive win, the Tribunal ruled in favor of the former employees, ordering the correct computation and payment of their pensions.
Unhappy with the outcome, StanChart sought relief from the High Court, only for its case to be dismissed again. That led to the appeal—one that has now ended in another loss for the bank.
Court Rejects StanChart’s Arguments
StanChart’s primary defense? That the Tribunal overstepped by not allowing oral evidence in the case.
The bank also claimed that ordering a pension recalculation exceeded the Tribunal’s authority.
The Court of Appeal wasn’t buying it. The judges found that the Tribunal was fully within its legal rights to rely on written submissions—a standard procedure in similar disputes.
Additionally, they noted that the High Court had made a sound ruling, dismissing StanChart’s claims as procedural rather than substantive.
The court firmly stated: “A party who lost in appeal cannot then turn around and disown the process that they subscribed to and even participated in.”
Translation? StanChart had agreed to the process and played along—until it lost.
What Happens Next?
With this appeal dismissed, the retrenched employees are now set to receive their long-overdue pension payouts.
The exact amount remains to be calculated, but estimates suggest billions could be on the line.
This ruling also underscores a key takeaway for pension fund management: trustees must adhere strictly to legal and trust deed guidelines when handling employee benefits.
As courts continue to crack down on pension mismanagement, other institutions should take note—because ignoring obligations can prove very expensive.
