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Prior to enactment of the Retirement Benefits Act, the retirement benefits sector in Kenya was regulated by fragmented legislation, mostly Trust and Income Tax Laws. Without a specific body or regulations to set industry standards, pension schemes adopted different styles of operation, leading to serious challenges in proper administration of ...
The National Social Security Fund is a Kenyan government agency responsible for the collection, safekeeping, responsible investment and distribution of retirement funds of employees in both the formal and informal sectors of the Kenyan Economy. Participation for both employers and employees is compulsory. The fund is both a pension fund and ...
The Trust was founded in 1972 according to NRCD 127, with the purpose of managing the National Social Security Scheme. Before 1972, the Scheme was jointly managed by the Department of Pensions and the State Insurance Corporation. The Trust used to manage the Social Security Scheme as a Provident Fund Scheme until 1991.
For instance, the recently completed Moi University Pension Scheme Complex (renamed Eldoret Daima Towers) in Eldoret completed in 2016 stands at 89 meters featuring among the tallest in Kenya. Construction of high-rise buildings is ongoing in other regions such as Mombasa .
Zimele Asset Management Company, also Zimele (from Zulu, independent), is a Kenyan investment company licensed by the Retirement Benefits Authority (RBA) and the Kenyan Capital Markets Authority (CMA). [2] [3] [4] The company offers financial products and services such as unit trusts, pension funds, fund management services, [5] [6] [7] [4] and ...
A pension fund, also known as a superannuation fund in some countries, is any program, fund, or scheme which provides retirement income . Pension funds typically have large amounts of money to invest and are the major investors in listed and private companies. They are especially important to the stock market where large institutional investors ...
UN pension is a retirement benefit provided to people who have worked directly for the United Nations organization. It is provided through the United Nations Joint Staff Pension Fund (UNJSPF) under Article 28 [1] of the Regulations, Rules and Pension Adjustment System of the United Nations Joint Staff Pension Fund (UNJSPF Rules). [2]
Provident fund. Provident fund is another name for pension fund. Its purpose is to provide employees with lump sum payments at the time of exit from their place of employment. This differs from pension funds, which have elements of both lump sum as well as monthly pension payments. As far as differences between gratuity and provident funds are ...