NAIROBI, Kenya, May 23 – The Retirement Benefits Authority (RBA) has urged corporate trustees to register with the authority as the deadline approaches.
Charles Machira, the retirement authority Chief Executive Officer (CEO), said as part of its transformative agenda, the authority has set new regulations for corporate trustees to ensure they offer more professional services to members while safeguarding their interests.
“The legal notice no 103 of 21st July 2023 with a one-year transition period that ends on July 21, 2024 which requires Corporate Trustees to register with the Retirement Benefits Authority is set to end in a month,” the authority warned.
Machira, who was awarding Kingsland Court with a Corporate Trustee registration certificate, noted that individual trustees of the scheme had reduced from 15 to 9 in defined benefit schemes and eight defined contribution schemes
“Good governance guidelines and treating customers fairly are some of the measures we’ve put in place to improve industry relations with members who are paramount to enhance industry confidence and growth,” said Machira RBA CEO.
On his part, Kingsland Court Managing Director Simon Nyakundi stated that governance and risk management of members’ savings were the key focus of the regulator’s risk-based supervision.
He stressed the importance of ensuring transparency and accountability in the operation of retirement benefits schemes.
“We have placed all aspects of governance, risk, and compliance management at the very core of our services. As a result, we’ve developed detailed and fully documented programmes designed to maintain scheme governance at the optimum level as well as achieving the optimum risk grading from the Authority,” Nyakundi explained.
“At Kingsland Court, we have always believed in setting the highest standards for ourselves, and this certification is a testament to our dedication to upholding the utmost integrity and professionalism in all facets of our operations.”
