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Home Pensions

How the 2024 tax amendments benefit you with Cytonn pension products

Christine Akinyi by Christine Akinyi
March 14, 2025
in Pensions
Reading Time: 2 mins read

The recent enactment of the Tax Laws (Amendment) Act 2024 has introduced key changes that significantly benefit the retirement benefits sector in Kenya. These amendments, which took effect on December 27, 2024, aim to enhance retirement savings by offering increased tax incentives. With these reforms in place, individuals now have a greater opportunity to build a secure financial future, making it an ideal time to reconsider and strengthen their retirement planning strategies.  One of the most notable changes in the Act is the increase in tax-deductible pension contributions from KES 240,000 per year (KES 20,000 per month) to KES 360,000 per year (KES 30,000 per month).

This means that individuals can now contribute more to their retirement savings while enjoying higher tax relief, ultimately accelerating wealth accumulation. Additionally, pension withdrawals have been made more tax-friendly, ensuring that retirees can access their benefits more efficiently and retain more of their hard-earned savings.

These legislative improvements provide a strong incentive for individuals to actively participate in pension schemes. Cytonn Asset Managers Limited (CAML), the regulated affiliate of Cytonn Investments Management Plc, offers a range of pension products designed to help individuals and businesses make the most of these new benefits. By choosing Cytonn’s pension solutions, savers can maximize their retirement contributions, enjoy professional fund management, and secure long-term financial stability.

For individuals who are self-employed or not part of an employer-sponsored pension plan, the Cytonn Personal Retirement Benefits Scheme (CPRBS) offers a flexible and tax-efficient way to save for retirement. With the increased contribution limits, self-employed professionals, freelancers, and business owners can now grow their pension savings more effectively while benefiting from tax relief.

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For businesses looking to provide retirement benefits to their employees, the Cytonn Umbrella Retirement Benefits Scheme (CURBS) is an ideal solution. This scheme allows employers to set up pension savings for their staff without the administrative burden of managing a separate pension plan. Employees can now contribute more towards their retirement under the new tax regime, while employers enhance their employee benefits package, fostering financial security within the workforce.

For retirees, the Cytonn Income Drawdown Fund (CIDDF) provides a structured and flexible way to receive pension benefits in retirement. Instead of withdrawing lump sums that could be exhausted too quickly, retirees can opt for periodic withdrawals while their remaining funds continue to be invested. With the changes brought by the Tax Laws (Amendment) Act 2024, now is the best time to take action and optimize your retirement savings. Cytonn’s pension products are designed to help you make the most of these new opportunities, ensuring a financially stable retirement.

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