The Retirement Benefits Authority (RBA) congratulates all pension schemes that exceled in the Financial Reporting (FiRe) Awards 2024, under the Pension Category. This recognition highlights the dedication and commitment of industry players in upholding transparency, accountability, and best practices in financial reporting.
Outstanding Achievements
We are pleased to acknowledge the exceptional performance of the following pension schemes:
- Kenya Power Pension Fund – Defined Contribution Fund – Winner
- Kenya Power Pension Fund – Defined Benefit Fund – 1st Runner-up
- KenGen Staff Retirement Benefits Scheme – 2nd Runner-up
Your achievements are a testament to rigorous governance standards, superior financial reporting, and sound fiduciary management.
Commendable Participation
In addition to the top performers, we applaud the efforts of the following institutions for their active participation in the FiRe Awards 2024:
- County Pension Fund
- CPF Financial Services LTD
- Enwealth Financial Services Limited
- KenGen Defined Contribution (DC) Scheme
- KenGen Staff Retirement Benefits Scheme
- Kenya Airports Authority Staff Pension Scheme
- Kenya Airports Authority Staff Superannuation Scheme
- Kenya Ports Authority Pension Scheme
- Kenya Ports Authority Retirement Benefits Scheme 2012
- Kenya Power Pension Fund – Defined Benefits
- Kenya Power Pension Fund – Defined Contributions
- Maasai Mara University Staff Retirement Benefits Scheme
- Stanbic Bank Kenya Limited Staff Retirement Benefits Scheme
We commend each of these institutions for their unwavering commitment to transparency and excellence.
Key Recommendations for Future Improvement
The evaluators of the FiRe Awards provided insightful recommendations to enhance future financial reports. We encourage pension schemes to integrate the following suggestions:
- Plan Description: Include a comprehensive description of the retirement plan, detailing the number of participants receiving benefits and the specific benefits offered.
- Financial Risks: Outline the nature and extent of risks associated with financial instruments, covering credit risk, liquidity risk, and market risk.
- Related Party Transactions: Clearly disclose balances and transactions involving related parties, including terms and conditions.
- Actuarial Valuation: For defined benefit plans, ensure the disclosure of actuarial valuations of promised retirement benefits.
- Actuarial Assumptions: Provide a detailed explanation of key actuarial assumptions and methodologies used to determine the present value of promised benefits.
Commitment to Excellence
The Retirement Benefits Authority encourages all pension schemes to embrace these recommendations to enhance the quality of financial reporting. Continued participation in the FiRe Awards will not only improve transparency and governance but also strengthen the trust and confidence of stakeholders.
We celebrate your success and look forward to witnessing even greater achievements in the years to come. For this link to download the congratulatory message from RBA CEO Charles Machira:
