Retirement Benefits Authority moots plan to hold on to pension contributions

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Retirement Benefits Authority (RBA) has proposed radical reforms in the pensions industry that could see employees stopped from accessing their pension contributions before retirement altogether.

Acting RBA Chief Executive Nzomo Mutuku said once effected, the new proposal, which is currently under review, would enable pension funds to make long-term investments on their members’ benefits without being held back by constant withdrawals of those funds by employees who quit or change employers.