Kenyan court quashes law allowing home buying with pension savings
An affordable housing project in Ngara, Nairobi. The Kenyan government aimed to lift the sluggish property market by enabling members of retirement schemes to purchase and own homes using their savings. PHOTO | FILE | NMG
The Kenyan government’s plan to accelerate its affordable housing agenda has suffered a setback in court after a judge quashed a law that allows members of retirement schemes to use a portion of their savings to purchase residential houses.
The court also stopped the implementation or enforcement of the amendments introduced to the Retirement Benefits Act No. 3 of 1997, which allowed the retirement benefits industry to help fill the housing gap.
