County Governments Retirement Scheme Act

39. Reserve account

Edition: 2022-12-31 · In force

39. Reserve account

(1)The Board may maintain a reserve account of the Scheme into which the following shall be deposited—

(a)any special contribution paid into the Scheme by a sponsor or the Government for the purpose of improving the benefits of the members; and

(b)any income of the Scheme that the Board determines should be set aside to stabilize the returns to members subject to a maximum of ten per cent of such income with consideration to the Income Tax Act, (Cap. 470) or regulations made thereunder.

(2)Money shall not be drawn out of the reserve account except as directed by the Board for the purposes provided for under subsection (1).

(3)Any monies determined to be income of the reserve account shall be treated as income forming part of the general income of the Scheme.

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Source: Kenya Law