Court quashes law allowing workers to buy homes using pension savings
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Nairobi, Nov. 25 -- Government's plan to accelerate the affordable housing agenda has suffered a setback in court after a judge quashed a law that allows members of retirement benefit schemes to utilise portion of their savings to purchase a residential house.
The court also stopped implementation or enforcement of the amendments introduced to the Retirement Benefits Act No. 3 of 1997, which allowed the retirement benefits industry to have a greater contribution towards filling the housing gap in the country.
Justice Anthony Ndung'u found that amendment to the said law was achieved through an irregular and flawed Parliamentary process, since Parliament failed to allow public participation during the enactment process.
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