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Pension firm wants more tax relief for Kenyan retirees

Alexander Forbes Director James Olubayi (left) and Chairperson Board of Trustees Alexander Forbes Lucy Kambuni during yesterday's briefing. [PHOTO:WILBERFORCE OKWIRI/STANDARD]

Financial services provider Alexander Forbes wants all retirees to earn tax-free pension benefits. The firm which manages dozens of pension schemes, also wants the Government to increase tax-free retirement savings from the current Sh20,000 to make life easier for pensioners.

Currently, benefits for retirees above 65 years are not taxed. Alexander Forbes wants the age bracket reduced to 55 for more people to benefit.

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