Pension-backed housing only days away

Housing PS Charles Hinga (centre, Centum Real Estate Managing Director Samuel Kariuki (right) and President's Technical Assistant Mutahi Ngunyi during the groundbreaking of an affordable housing project at Mwiki, Nairobi. [Standard]

Kenyans will in the course of October be able to withdraw up to 40 per cent of the money they have contributed to pension schemes to buy homes.

This follows a change in the law, which now allows partial withdrawal of the pension savings. Previously, one could only access pension funds on retirement or some of it after leaving employment.

Housing Principal Secretary Charles Hinga said in a bid to promote home ownership in the country, the law will allow Kenyans to access their pension money before retirement in order to purchase affordable homes.