IRA Class 05 · Long-term (Life)
Pensions Business in Kenya
Personal pension and deposit administration schemes under IRA Class 05.
What does Pensions Business cover?
Pensions business covers individual and umbrella pension schemes, deposit administration plans and retirement annuity contracts regulated jointly by the IRA and Retirement Benefits Authority (RBA).
Who needs Pensions Business?
Employed and self-employed Kenyans saving for retirement, plus employers running occupational pension schemes.
Examples of Pensions Business policies in Kenya
- Individual pension plans (IPPs)
- Umbrella schemes
- Deposit administration plans
Frequently asked questions
Are pension contributions tax-deductible in Kenya?
Yes. Contributions up to KES 30,000 per month (or 30% of salary) are tax-deductible under the Income Tax Act.
Regulation
Pensions Business is licensed under Class 05 of the Insurance Act (Cap 487) and supervised by the Insurance Regulatory Authority (IRA). Only insurers holding a current Class 05 licence may underwrite this cover in Kenya.