Pension Scheme members to buy residential houses using a portion of benefits

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Kenyan Wall Street | by Wandiri Gitogo

An amendment to the Retirement Benefits Authority Act (1997) gazetted by Treasury will see pension scheme members access a portion of their accrued benefits to buy residential houses.

In The Retirement Benefits (MORTGAGE LOANS) (Amendment) Regulations, 2020 Treasury CS Ukur Yattani authorized Kenyans to use part of their retirement benefits to buy residential houses.

The law stipulates that Kenyans will access up to 40 percent of their accrued benefits for residential house purchase provided the sum shall not exceed seven million shillings…

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