The Retirement Benefits Authority (RBA) has ordered pension scheme trustees and administrators to submit their audited financial accounts by September 30 or face heavy fines.

🇰🇪 Breaking It Down

In a notice issued on Tuesday, September 22, the authority said the directive applies to all retirement schemes whose financial year ended on June 30.

According to the RBA, every scheme has three months after its financial year closes to hand over its official financial books to the watchdog.

The authority stated that pension funds that miss this end-of-month cutoff will face penalties as stipulated by the law.

📌 What You Need to Know

“Penalties apply for failure to submit audited accounts within the prescribed timelines as provided under Section 34(4)(c) of the Retirement Benefits Act, 1997,” the notice stated.

Beyond financial reports, the RBA reminded scheme managers that they must also pay their required annual regulatory fee by October 31.

Managers running occupational, individual or umbrella schemes have four months from the end of their financial year to clear this charge.

Any pension scheme that fails to pay on time will face a 5 percent monthly penalty on all unpaid funds until the debt is fully settled.

To make payments , the RBA directed fund managers to log into its online portal connected directly to eCitizen.

Once the money is sent, administrators must send an email with proof of payment containing their registration number and scheme name.

📰 Source: Kenyans.co.ke