The Retirement Benefits Authority has set out rules for administering Retirement Benefits Schemes in Kenya.
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 million | 0.2% |
| Amount between Shs 500 million and Shs 1billion | 0.15% |
| Amount between Shs 1 billion and Shs 5 billion | 0.1% |
| Amounts greater than Shs 5 billion | 0.05% |
