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As your business grows, our advisory services are designed to help you achieve your goals. Successful growth often means navigating a complex array of...
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We can support you throughout the transaction process – helping achieve the best possible outcome at the point of the transaction and in the longer term.
We approach each audit with sharp thought, straight talk and common sense. In addition to verifying that financial results are fairly presented and meet...
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Through our global organisation of member firms, we support both companies and individuals, providing insightful solutions to minimise the tax burden for both parties.
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Indirect international tax
Indirect international tax
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Private client services
Our solutions include dealing with emigration and tax mitigation on the income and capital growth of overseas assets.
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At Grant Thornton, outsourcing represents more than US$250 million of our business. Whatever the size of your organisation or wherever you are in the world, we...
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Our Human Resource Solutions team helps organizations fine-tune their human capital for optimal performance. We support clients in all HR Dimension areas...
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Contents
By Samuel Mwenjera, Senior Associate at Grant Thornton
Pension payments are a crucial source of financial security during retirement. In Kenya, these payments are governed by the Income Tax Act and various retirement benefits regulations. The Finance Act 2025 introduces significant changes in the taxation of payments made by pension schemes. Prior to the Finance Act 2025, the following exemptions applied:
- The first Kes 300,000 of total annual pension and retirement annuities received by a resident individual from a registered pension fund or the National Social Security Fund (NSSF).
- A lump sum withdrawal of up to Kes 600,000 from a registered pension fund.
- A withdrawal upon termination of employment, the lesser of the Kes 60,000 per full year of pensionable service or the first Kes 600,000 shillings.
However, effective 1st July 2025, these provisions have been deleted. Going forward, payments from pension funds will only be exempt from tax if any of the following conditions are met:
- The individual has attained retirement age, as defined in the rules of the fund or scheme.
- The withdrawal is made prior to retirement age due to ill health.
- The withdrawal is made after 20 years from the date of registration as a member of the fund.
Where the above conditions are not fulfilled, withdrawals from a pension scheme shall be taxable.
Notably, gratuity payments and retirement annuities, are also exempt from tax,