Schemes Administration

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%