FILING OF SCHEME ACCOUNTS AND PAYMENT OF
THE RETIREMENT BENEFITS LEVY
The Retirement Benefits Authority would like to bring to the attention of Trustees, scheme administrators and
other service providers of retirement benefits schemes whose financial year ended on 31st December 2022,
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; Regulation 32 of the Retirement Benefits (Individual Retirement Benefits Scheme) Regulations 2000 and Regulation 46 of the Retirement Benefits (Umbrella Retirement Benefits Scheme) Regulations 2017 require each scheme to submit to the Authority the Retirement Benefits Levy within four (4) months after the end of financial year. Any default in the payment of the levy attracts a penalty of 5% per month on any amount outstanding..
In this regard, schemes whose financial year ended on 31st December, 2022 should submit their financial statements by 31st March, 2023 and pay the required levy by 30th April, 2023 without fail. Where levy is paid through RTGS, please provide the scheme details including the amount of levy paid, Scheme Name, and Registration Number to the Authority through [email protected] Cheque payments submitted to the Authority should include details of the scheme name and scheme reference number.
Reminder to schemes to payment of Retirement Benefits Levy