The Retirement Benefits Authority would like to bring to the attention of Trustees, scheme administrators and other service providers of retirement benefits schemes those financial year ended on 30th June 2023, the following provisions of the Retirement Benefits Act, 1997 and the Regulations therein:
- Section 34(4) of the Act requires every scheme to submit to the Authority audited financial statements within three (3) months after the end of the financial year.
- Section 16 of the Act; Regulation 39 of the Retirement Benefits (Occupational Retirement Benefits Scheme) Regulations 2000 and Regulation 32 of the Retirement Benefits (Individual Retirement Benefits Scheme) Regulations 2000 require each scheme to remit to the Authority the Retirement Benefits Levy within four (4) months after the end of each financial year. Any levy not paid within the prescribed period attracts a penalty of 5% each month or part thereof the amount due remains
unpaid.
In this regard, schemes whose financial year ended on 30th June 2023 should submit their financial statements by 30th September, 2023 and pay the required levy by 31st October, 2023. Where levy is paid through RTGS, please email the swift advise and provide the scheme details including the amount of levy paid, name of Scheme, and Registration Number to the Authority through [email protected]. Cheque payments submitted to the Authority should have a forwarding letter including details of scheme and scheme reference number.
RETIREMENT BENEFITS AUTHORITY
Rahimtulla Tower, 13th Floor, Upper Hill Road, P.O. Box 57733-00200 Nairobi
Tel: 2809000 Mobile: 0726 600001-5 or 0735 339132 Fax: 2710330
Email: [email protected] Website: www.rba.go.ke
