A pension scheme is often described as a system for saving money for the retirement period in an individual’s life. On 20 February 2020, the Salaries and Remuneration Commission (SCR) held a consultative meeting with the County Assemblies Forum on the need to establish a County Assembly Pension Scheme for Speakers and Members of county assemblies.
The SRC noted that pension benefits should be administered in accordance with the Trust Deed and Rules of the pension scheme as guided by the Retirement Benefits Authority regulations, as long as the benefits are funded by the pension scheme.
The meeting noted, among other things, that the proposed establishment of the pension scheme should be in compliance with the Retirement Benefits Act and Regulations, Kenya Revenue Authority income tax laws, and laws governing pension schemes.
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