Welcome to Retirement Benefits Authority   Click to listen highlighted text! Welcome to Retirement Benefits Authority Powered By GSpeech

These are the changes affecting how Trustees are expected to administer Retirement Benefits Schemes

 

  • Schemes must amend their scheme rules to the extent that they are in compliance with the Regulations
  • Schemes to have at least three trustees with 1/3 (DB) and 1/2 (DC) of trustees to be nominated by members
  • Chairman of the Board to be elected by the trustees
  • Schemes must send annual Benefits statements to members
  • Schemes may appoint an internal or external administrator
  • Contributions to be paid directly to the custodian or to a guaranteed fund
  • Contributions may be paid to a custodian net of due Benefits or expenses
  • Schemes to remit quarterly record of due and paid contributions to the Authority
  • Schemes may invest within the prescribed Investment Guidelines or in a Pooled Fund that meets minimum requirements of capital, professional and technical capacity.
  • Schemes to remit Retirement Benefits Levy to the Authority

 

Retirement Levy Table

 

Size of Scheme Fund as indicated in latest Audited Accounts (Kenya Shillings)Annual Levy Rate -  Percentage of Fund
First Shs 500 million 0.2%
Amount between Shs 500 million and Shs 1billion 0.15%
Amount between Shs 1 billion and Shs 5 billion 0.1%
Amounts greater than Shs 5 billion 0.05%

 


 
Click to listen highlighted text! Powered By GSpeech