The authority was established under the Retirement Benefits Act. Prior to enactment of the act, the retirement benefits schemes in Kenya were regulated by fragmented legislation, mostly Trust and Income Tax Laws. Without a specific body or regulations to set industry standards, pension schemes adopted different styles of operation.
Retirement Benefits Authority is mandated to:
- Protect the interest of members and sponsors of retirement Benefits schemes.
- Advise the Government on matters relating to retirement benefits.
- Develop and promote the retirement benefits sector.
- Implement all Government policies relating to retirement benefits.
- Regulate and supervise the establishment and management of retirement Benefits schemes.
The current members of the RBA Board of Directors are:
- Mr Victor R. Pratt – Chairman
- Mr Nzomo Mutuku – Acting Chief Executive Officer
- Mr Paul Muthaura – Ex-officio
- Mr Vincent Rotich – Director
- Dr Hillary Barchok – Director
- Mr Joseph Ngugi – Director, Representative of the Cabinet Secretary in the National Treasury
- Mr Steve Gichohi – Director
This is a parastatal under the National Treasury that was established in 1997 to regulate the retirement benefits industry. The establishment of the Retirement Benefits Authority was pushed by the delicate nature of contributions and the lack of oversight over the managers of the pension schemes. Another major problem was the mismanagement of member funds.
Main Functions Of Retirement Benefits Authority In Kenya
1. It regulates and supervises the establishment and management of retirement benefits schemes in the country.
2. It promotes the development of the retirement benefits industry through the enactment of regulations for schemes to use in managing the contributor’s funds.
3. It protects the interests of members and sponsors of retirement benefits schemes. Protection of the members of specific schemes is vital because of the public concern that some retirement schemes are run poorly.
4. It makes policy recommendations to the Cabinet Secretary for Finance in respect of the pensions and retirement benefits industry in Kenya.
5. It implements government policies touching on the retirement benefits industry.
6. It carries out consumer education about the retirement benefits industry. This includes educating Kenyans the need for the setting up or joining retirement benefits schemes that are suitable to them.
Retirement Benefits Authority Contacts
Address: Rahimtulla Tower, 13th Floor, Upper Hill Road, Opposite UK High Commission.
Call: 020 280 9000 / Toll-Free No: 0800720300 (Safaricom)