ADVOKS GLOBAL · KENYA
Perpetuities and Accumulations Act
23. Act not to apply to pension and similar funds
Edition: 2022-03-21 · In force
23. Act not to apply to pension and similar funds
The provisions of this Act shall not apply, and the provisions of any law heretofore in force in Kenya relating to perpetuities shall be deemed never to have applied, to the trusts of any fund established under trusts subject to the law of Kenya in connection with an undertaking or combination of undertakings carried on wholly or partly in Kenya, being a fund of which the main purpose is either—(a)the provision of superannuating allowances on retirement to persons employed in the undertaking or combination of undertakings in connection with which the fund is established; or(b)the provision of pensions during widowhood to the widows of persons who are or have been so employed and of periodical allowances to or in respect of children of those persons; or(c)the assurance of capital sums on the death of persons who have been so employed, and whether or not the fund has been approved and registered pursuant to and for the purposes of the Income Tax Act (Cap. 470).