Non-629 Standard Chartered Pensioners Threaten Contempt Action Against Bank Officials

A section of the pensioners together with counsel Danstan Omari during the press briefing today outside the Milimani law courts

A group of pensioners excluded from the implementation of a Supreme Court ruling on the Standard Chartered Bank pension dispute have accused the lender and its trustees of contempt of court, warning of imminent legal action if corrective measures are not taken within seven days.

In a statement today, the representatives of the so-called “non-629 members” faulted the bank’s top leadership and trustees for allegedly ignoring clear judicial pronouncements by the Retirement Benefits Tribunal, the High Court, the Court of Appeal, and most recently, the Supreme Court ruling of September 5, 2025.

The Supreme Court upheld earlier findings that Standard Chartered Bank Kenya unlawfully applied the wrong actuarial factors when transitioning employees from the Defined Benefit to the Defined Contribution Scheme on January 1, 1999.

Speaking during a press briefing outside the Milimani Law Courts today, lawyer Danstan Omari, who is representing the non-629 pensioners, warned the bank against attempts to sidestep the Supreme Court ruling.

“Standard Chartered Bank must respect the authority of the courts and stop discriminating against pensioners who were subjected to the same unlawful treatment,” Omari declared.

“If the bank and trustees fail to comply within the next seven days, we will move back to court to have its top officials committed to civil jail for contempt.”

The apex court further underscored that the dispute was of profound public interest, affecting not just elderly pensioners but also the integrity of Kenya’s pension system.

While the bank has since sought to limit the judgment to the 629 litigants who originally moved to court, the non-629 members maintain they were part of the same fund and subject to the same unlawful treatment.

“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 constitutional protections,” the statement read.

The pensioners accuse the bank’s senior executives, trustees, and board members of acts that amount to contempt of court.

Among those singled out are the Chief Executive Officer, Chief Financial Officer, Chief Risk Officer, Head of Legal, the Trustees, and the Board of Directors.

They allege that the CEO failed to ensure compliance with judicial orders, the CFO misrepresented the bank’s liabilities in financial disclosures, and the CRO failed to flag clear compliance risks.

The Head of Legal was accused of issuing a letter on August 19 declaring that the non-629 would get nothing regardless of the Supreme Court’s ruling, while trustees allegedly abdicated their fiduciary duty by siding with the bank.

“The Board authorised a profit warning and public notices that deliberately restricted liability to the 629, despite full knowledge of judicial rulings. In doing so, the Board failed in its oversight role,” the statement added.

The pensioners have demanded a fresh actuarial valuation of the schemes as at January 1, 1999, recalculation of balances with monthly compounded returns, corrected communications to members and regulators, and a members’ meeting to clarify implementation plans.

They warned that failure to meet the demands within seven days would leave them with no choice but to move to the High Court seeking to have the named officials committed to civil jail or fined for contempt.

They also vowed to pursue personal indemnity costs and compensation for expenses incurred in their long-running fight for justice.

As of the time of publishing, Standard Chartered Bank Kenya had not issued a public response to these specific allegations and the threatened legal action.