Corporate Trustees are rushing to meet the new Retirement Benefits Authority (RBA) regulations before the July 21 deadline.
This requirement originates from Legal Notice No. 103, issued on July 21, 2023, which gave entities one year to comply.
RBA Chief Executive Officer Charles Machira stated that the new regulations are part of a broader agenda to ensure Corporate Trustees provide professional services and protect members’ interests.
Speaking at an event where Kingsland Court received its Corporate Trustee registration certificate, Machira detailed the authority’s progress since the adoption of trust law in Kenya.
He noted a significant decrease in the number of individual trustees in defined benefit and defined contribution schemes.
“To improve industry relations with members and boost industry confidence and growth, we have implemented good governance guidelines and customer fairness measures,” said Machira.
He highlighted that since the adoption of trust law in Kenya, individual trustees in defined benefit schemes have decreased from 15 to nine, and in defined contribution schemes, there are now only eight.
Kingsland Court Managing Director Simon Nyakundi emphasized that the regulator’s risk-based supervision focuses on governance and risk management of members’ savings, highlighting the need for transparency and accountability in retirement benefits schemes.
“We prioritize all aspects of governance, risk, and compliance management. Consequently, we have developed comprehensive, documented programs to maintain optimal scheme governance and achieve the best risk grading from the Authority,” said Nyakundi.
Nyakundi also noted that being the first Corporate Trustee registered under the RBA in compliance is a significant achievement.
This recognition solidifies the scheme’s position as industry pioneers and demonstrates their commitment to excellence in serving clients’ retirement needs.
“As the first recipient of this prestigious certificate, we are proud to lead the way in transforming the retirement benefits management landscape,” said Nyakundi.
