The Retirement Benefits Authority (RBA) in Kenya, established in 1997 under the National Treasury, is responsible for regulating the retirement benefits industry. Its establishment aimed to address the lack of oversight in pension scheme management and to protect members’ contributions from mismanagement.
Key Functions of the Retirement Benefits Authority in Kenya
- Regulation and Supervision: Regulates and oversees the creation and administration of retirement benefits schemes across the country, ensuring compliance and security.
- Industry Development: Promotes the growth of the retirement benefits sector by creating regulations to guide the management of contributors’ funds effectively.
- Protection of Members’ Interests: Safeguards the rights of scheme members and sponsors, addressing public concerns about mismanagement in certain retirement schemes.
- Policy Recommendations: Advises the Cabinet Secretary for Finance on policies relevant to the pensions and retirement benefits industry.
- Policy Implementation: Enforces government policies related to retirement benefits to ensure industry standards are met.
- Consumer Education: Educates the public on the importance of retirement planning, encouraging individuals to join or set up appropriate retirement benefits schemes.
Retirement Benefits Authority Contact Information
- Address: Rahimtulla Tower, 13th Floor, Upper Hill Road, Opposite UK High Commission
- Phone: 020 280 9000
- Toll-Free Number: 0800720300 (Safaricom)
The RBA plays a vital role in ensuring the security and proper management of retirement benefits, contributing to the financial well-being of Kenyans post-retirement.
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