ADVOKS GLOBAL · KENYA
County Governments Retirement Scheme Act
29. Payment of retirement benefits.
Edition: 2022-12-31 · In force
29. Payment of retirement benefits.
(1)Where a member retires as provided in this Act, the member may request the Board in writing to pay to him or her—(a)a lump sum from the balance in his or her retirement savings account that shall not exceed the equivalent of one-third of that balance:Provided that a Member may withdraw any additional voluntary contributions made into the Scheme and accrued interest in full;(b)monthly or quarterly income drawdown in accordance with a formula prescribed by the Board on the advice of an actuary;(c)monthly or quarterly annuity for life purchased from an approved issuer of their choice:Provided that the annuity shall include a provision for benefits payable to dependants upon a member's death.(2)Despite the provisions of any other written law, a benefit granted under this Act shall not be—(a)assignable or transferable except in accordance with the terms of a mortgage guarantee facility approved by the Board; and(b)liable to be attached in settlement of any claim.(3)The payment of a retirement benefits shall commence from the end of the month immediately following the month of the retirement of the member.(4)Every payment of benefits from the Scheme may be subject to deduction of the amount outstanding due by the member under any mortgage guarantee facility approved by the Board.