PERSONAL VOLUNTARY RETIREMENT SCHEME
A Personal Pension Plan is a retirement savings scheme where individuals contribute funds over time to secure their future. It is ideal for self-employed individuals, those who want to add to the pension provided by the employer or those without employer pensions, offering tax benefits and regulated by Kenya’s Retirement Benefits Authority (RBA).
ANNUITIES
Annuities are financial products that provide a guaranteed income stream, usually during retirement. They are purchased with a lump sum or regular contributions and can pay out for a fixed period or a lifetime. In Kenya, annuities are commonly used for retirement planning and are offered by insurance companies.
INCOME DRAWDOWN FUND
Income drawdown is a retirement option that allows retirees to withdraw funds from their pension savings while keeping the remaining amount invested. This provides flexibility in accessing retirement income while potentially growing the balance. In Kenya, income drawdown is regulated by the Retirement Benefits Authority (RBA) and offers an alternative to annuities.