Functions Of Retirement Benefits Authority In Kenya

This article is about Functions Of Retirement Benefits Authority In Kenya.

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It is a parastatal agency under the National Treasury that was established in 1997 to manage the pension benefit industry.

The reason for the creation of pension benefit managers is the lack of contribution and lack of control over pension plan managers.

Another major problem is managing member funds.

Functions Of Retirement Benefits Authority In Kenya – rba

It coordinates and oversees the organization and management of pension plans in the country.
It promotes the development of the pension benefit industry by setting standards for strategies to be used in the management of contributors’ funds.

It protects the interests of the partners and sponsors of the pension plan. The protection of specific plan members is important because of public concerns about the ineffective management of certain pension plans.
Making policy recommendations to the Cabinet Secretary for Finance regarding the pension and pension sector in Kenya.
It implements government policies affecting pension benefit companies.

He conducts customer education in the retirement benefit industry. This includes educating Kenyans on the need to set up or join a retirement plan that suits them.