Pension Plans

• Is a savings plan that provides financial protection in old age.
• Can be started by self employed, business people, small employers, or members transferring from employer sponsored group schemes.
• The maximum allowed contribution into a registered Individual Pension plan is 30% of the monthly salary or Kshs 17,500/= per Month.
• The maximum tax-deductible amount on contributions into a registered IPP is Kshs. 17,500 or Kshs. 210,000 per year.
• The employer can contribute on behalf of the employee as long as the combined contributions do not exceed 30% of the employee’s salary.
• Upon leaving employment an employee can continue contributing into the IPP.
• In the event of death payment of the accumulated fund is made to the named beneficiaries.
• The pension funds are invested in guaranteed fund and secure instruments to ensure that the returns are reasonably high and stable.
• Interest rates declared by Liberty Life Kenya Insurance
• Is registered by both the Retirement Benefits Authority and the Kenya Revenue Authority

Group Individual Pension Plan

It is registered by both the Retirement Benefits Authority and the Kenya Revenue Authority I is a savings plan that provides financial protection in old age. It can be started by self employed, business people, small employers, or members transferring from employer sponsored group schemes.

 Group Pension Scheme

This is a savings scheme established by an employer with the principle objective of providing employees on retirement, or for their dependants on the death of the employees, with funds to live on. The Pension schemes Funds must be registered by the Retirements Benefits Authority and may be registered by the Kenya Revenue Authority in order to enjoy Income Tax relief.