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 million0.2%
Amount between Shs 500 million and Shs 1billion0.15%
Amount between Shs 1 billion and Shs 5 billion0.1%
Amounts greater than Shs 5 billion0.05%

Retirement Levy Calculator