Nairobi, July 19 -- Workers with pension contributions spread in different schemes will have to move their money into one scheme before being allowed to tap 40 percent of their entire savings for purchase of a residential home.
Co-operative Bank of Kenya #ticker:COOP, which recently launched a pension-backed mortgage facility, says consolidation of savings will help customers who have worked in different organisations to maximise the eligible value for buying a house.
"One will have to move these benefits to their current employer or an individual pension plan because they will need to have the trustees of the scheme sign certain documents to enable them access their benefits for housing," said Lydia Muchiri, Co-op Bank head of custody sa...