On May 5th, 2023, the Retirement Benefits Authority (referred to as the “Authority”) released the Guidelines on Trustees’ Remuneration Policy and Schemes Expenses. These Guidelines were published in the Kenya Gazette Notice No. 5796, dated April 18th, 2023.
The primary objective of these Guidelines is to establish a comprehensive framework for determining and approving trustees’ remuneration and scheme expenses. Additionally, they provide clarity on the permissible and non-permissible expenses related to the operations of retirement benefits schemes. The Guidelines are applicable to sponsors, trustees, and service providers involved in such schemes. Their provisions aim to foster prudent management of scheme funds while enhancing transparency and accountability among Trustees.
