This article focuses on the functions of the Retirement Benefits Authority (RBA) in Kenya. RBA is a state corporation 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 reason for the authority establishment was the mismanagement of member funds in pension schemes.
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 about the need for setting up or joining retirement benefits schemes that are suitable for 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)
