The retirement benefits levy in Kenya is imposed under Section 16 of the Act and is payable as per the rates prescribed under Regulations forms and fees:
Size of Scheme Fund as indicated in latest Audited Accounts Kenya Shillings) |
Annual Levy Rate – Percentage of Fund |
Upto 500 million | 0.2% |
More than 500 million but not exceeding 1,000 million | 0.15% |
More than 1,000 million but not exceeding 5,000 | 0.1% |
More than 5,000 million | 0.05% |
This Levy is imposed on retirement schemes offered by companies and it comes after every year.If a company has retirement scheme funds of up to Ksh 500 million,the levy attached to this amount is 0.2 %.The levy attached to a fund of more than Ksh 500 million and not exceeding Ksh 1 billion is 0.15%.The retirement levy for funds between Ksh 1 billion to Ksh 5 billion is 0.1 %.Funds exceeding Ksh 5 billion attract a levy of 0.05 %.
This levy is administered by Retirement Benefits Authority(RBA) Kenya