Kenyans under 50 will not be able to access their pension savings when they change jobs if the new proposals by the Retirement Benefits Authority (RBA) are passed.
The RBA is proposing amendments to retirement benefits regulations to prevent access to benefits before retirement age, except for Additional Voluntary Contributions (AVCs). "Amend provisions on the preservation of benefits to prevent access of benefits before retirement age, except AVCs," reads part of the 20-point proposals by RBA.
Specifically, the RBA proposes to amend Regulation 19(5) of the Occupational Retirement Benefit Scheme Regulations, which allows a member who leaves employment before the specified early retirement age to opt for payment of up to 50 per cent of their total accrued benefits and the investment income on those contributions.
RBA ICT Deputy Director, Peter Ngunyi February 21, 2024.
