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Restrictions on related party service providers: Are Pension Schemes missing cost efficiencies?

Introduction The Pension industry in the last decade has undergone many changes. In tandem with those changes, the sector has grown significantly and is currently estimated to be managing assets in excess of Kenya Shilling one trillion. Obviously, such a significant sector is always being scrutinised by policy makers albeit not always with good results....

Employers reminded Constitution requires Substantive Fairness in Termination of Employment

Introduction A recent judgment by the Employment Court has blurred the line between employment disputes and constitutional violations.[1] The aggrieved employee claimed unfair termination and violation of his rights to fair labour practices and fair administrative action under the Constitution. He claimed his employer had disregarded his explanations on the causes of his unsatisfactory performance...

Recent Changes to Regulations Governing Retirement Benefits Schemes

Introduction The Cabinet Secretary for National Treasury and Planning has through Legal Notices Numbers 163, 164, and 165 of 2021 made changes to the regulations in respect of Individual Pension Plan Schemes (“IPPS”), Occupational Retirement Benefits Schemes (“ORBS”), and Umbrella Retirement Benefits Schemes (“URBS”). We analyse the changes below. Common Changes Where a retirement benefit...

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