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Proposals for Budget Memorandum 2021-2022

The Retirement Benefits Authority is pleased to invite the general public to give their views to enable us enrich our legislative framework. This is in line with the Statutory Instruments Act No. 23 of 2013 on consultation before making statutory changes. RBA wishes to invite comments from members of the public, particularly the stakeholders in the retirement benefits sector, on…

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Communique to All Retirement Benefits Schemes Regarding Participation in Financial Reporting (FiRe) Award

This is to bring to your attention that the Retirement Benefits Authority is now a partner in the Financial Reporting (FiRe) Award. Founded in 2002, the FiRe award is a joint initiative of the Institute of Certified Public Accountants of Kenya (ICPAK), the Capital Market Authority (CMA) Kenya, and the Nairobi Securities Exchange (NSE) and now the Retirement Benefits Authority…

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Registered Service Providers as at January 2021

Pursuant to the provisions of Sections 22 (3) and 29 (2) of the Retirement Benefits Act, the Authority would like to bring to the attention of the Retirement Benefits Industry, the list of the registered Administrators, Custodians and Managers as at 1st January 2021. The list can be downloaded from the link below: [wpdm_package id='4757']

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Public Participation Fora – The Retirement Benefits (Anti- Money Laundering and Combating Financing of Terrorism) Guidelines

Pursuant to Section 55(3) of the Retirement Benefits Act, the Retirement Benefits Authority has drafted The Retirement Benefits (Anti- Money Laundering and Combating Financing of Terrorism) Guidelines and hereby invites the members of the public and, more particularly, the stakeholders in the retirement benefits sector to submit their views on the Draft Guidelines and participate in public participation fora. The…

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How to join an Individual Pension Scheme

Anyone earning an income can join a pension scheme. The Retirement Benefits Authority register all individual pension schemes in Kenya. To join one just visit our website for the list of individual plans and join any that offers a product that suits your income. [Click here to view the list of IPPs]. Most individual pension plans now have flexible saving…

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Parliament Approves Mortgage Regulations Allowing Pension Scheme Members to Buy Residential Houses Using a Portion of their Benefits

Members of retirement benefits schemes would soon start purchasing residential houses using part of their pension savings. This follows the gazettement of The Retirement Benefits (Mortgage Loans) (Amendment) Regulations 2020 vide Legal Notice 192 dated 14th September 2020. Pension schemes have 12 months to domesticate the regulations and guide their members on how to access the funds. According to the…

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Why your Money in Retirement Benefits Schemes is Safe

Following reports in a section of the press insinuating that saving for retirement through individual pension plans is more unsafe than in occupational pension schemes, the Retirement Benefits Authority wishes to clarify as follows: Both Occupational Pension Schemes and Individual Pension Schemes are regulated under the same law under the watch of the Retirement Benefits Authority whose key mandate is…

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Public Participation to the Retirement Benefits (Mortgage Loans) (Amendment) Regulations, 2020

Section 38 of the RB Act was recently amended to allow members of retirement benefits schemes to utilize a proportion of their accrued benefits to purchase a residential house. Pursuant to Section 55 of the RB Act, the Authority will be proposing to the Cabinet Secretary amendments to the Retirement Benefits (Mortgage Loans) Regulations to operationalize the new provision. In…

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Operationalization of the Revised Section 38 of the Retirement Benefits Act (1997) on Accessing Retirement Benefits For Purchase of Residential House

The Retirement Benefits Authority wishes to bring to the attention of the pension industry, the Kenya Tax Laws (Amendment) Act 2020 that was assented by His Excellency President Uhuru Kenyatta on the 25th April 2020. The new Act, has amended Section 38 of the Retirement Benefits Act (1997) to allow partial access of retirement benefits for purposes of purchase of…

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