[David Njaaga,Standard]Kenyan retirees earn much less than the world’s recommended income due to a poor saving culture and high taxation of pension schemes, experts say. “There is a need for introducing tax incentives on funds held by pension firms as part of key reforms required to enhance the growth of the sector,” said Ms Kambuni. “With current unemployment rates at a high of 39.1 per cent, there is almost no disposable income to set aside for retirement saving,” he said. According to RBA, retirement funds in Kenya hold about Sh1 trillion in assets. In his 2015/16 budget speech, National Treasury Henry Rotich said pension funds could invest up to 10 per cent of their portfolio in private equity and venture capital funds licensed by the Capital Markets Authority.

Source: Standard Digital April 22, 2018 15:33 UTC