The event took place at Hotel English Point, Mombasa on Thursday and Friday.Some of the governance gaps that have emerged relating to schemes trustees include concerns about term limits for trustees. RBA did a survey which showed 40% of pension scheme members are not happy with trustees term limits.“There is also interference of schemes by sponsors (employers) which is not always to the best interest of the scheme members. The local pension industry has expanded quite rapidly from Sh100 billion asset base in 2000 to the current Sh1.08 trillion. The Retirement Benefits Authority Fund. will that be the right decision?As a parent, you are responsible for giving your children a good futureBut remember, Children are not your pension plan. RBA has developed a Trustees Development Program – Kenya (TDPK) to equip ttrustees with the basic skills to run and advice on funds investment. Menu. Join a registered pension plan today!You can now whistle blow, file complaints, make inquiries track industry trends, monitor schemes performance, and access all registered pension service providers via the RBA Mobile APPYes it is possible, start saving now by joining your preffered pension provider today. RBA provides full spectrum of retirement consulting services covering all aspects of pension. There are over 6000 trustees, 21 fund managers, 30 administrators and 11 custodians.He was giving an address during the annual Trustees Forum organized by local pension administrator, Enwealth Financial Services. Sometimes leading to non-remittance of sponsor contributions with no compensation for the employees for the lost interest,” the RBA official said.A study on Governance of Retirement Benefits Schemes in Kenya conducted by Enwealth Financial Services in conjunction with Strathmore University & IHRM in 2017 revealed that close to 40% of Trustees cannot explain their fund’s strategic goals and accomplishments.“Time has come for a paradigm shift in the management of retirement benefits schemes through applying risk management concepts, identifying and pursuing strategic objectives. These are the acts that govern the retirement benefits for the various individualsThe Authority has since inception utilized compliance- based supervisory model to oversee the pension industryThe Retirement Benefits Authority (the RBA) has as one of its mandates under section 5 of the Retirement Benefits ActThe modern world is in a continuous movement and people everywhere are looking for quick, safe means of accessingThe Authority has since inception utilized compliance- based supervisory model to oversee the pension industry.These includes: CBK, Capital Markets Authority, Insurance Regulatory Authority, The Actuarial Society of Kenya among others.RBA has a number of schemes which includes: Defined Contribution and Defined Benefit & Provident Fund and Pension FundThe registered schemes include: Registered Umbrella Schemes & Individual Retirement Benefits SchemesSchemes in Kenya are required under section 23 to apply for registration in order to be allowed to operate.These are the changes affecting how Trustees are expected to administer Retirement Benefits SchemesThere are various forms under this category, which includes: FORM A4, FORM A5 & form A3The retirement benefits levy is imposed under Section 16 of the Act and is payable as per the rates prescribed The Authority has since inception utilized compliance- based supervisory model to oversee the pension industry. One type of defined-benefit plan might pay a monthly income equal to 25% of the average monthly compensation that … There have also been reported cases of conflict of interest in selection of service providers such as fund managers, administrators and custodians.Kiptanui said the guideline has been developed to align with the general principles of corporate governance and takes into account the provisions of the Act and regulations.“Undercutting on fees structure is rampant in the industry in a bid for fund managers and other Service Providers to acquire and retain clients which has raised the question on whether should RBA set a minimum fee,” said the RBA representative.This is due to the highly concentrated market where most of the business in the industry is held by a few players, new comers therefore use undercutting tactics; not sustainable, also level of service is the key.“Whereas prudent management of retirement benefits schemes is the responsibility of the Trustees, participating members and employers play a key role in choosing the leaders and holding them accountable to deliver the scheme objectives,” added the Enwealth CEO.The information contained in this website is for general information purposes only.Please enter your username or email address to reset your password.In October 2020, the Kenya Bankers Association will hold the Africa Regional e-Conference for Leading Women in Banking and Finance.

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