Nairobi — The Retirement Benefits Authority (RBA) has urged retirement benefit schemes whose financial year ended on December 31, 2023, to submit their financial statements by March 31, 2024, and pay the requisite levy by April 30, 2024.
Through a public notice, the Authority warned the schemes that any default in the payment of the levy and submission of audited accounts within the prescribed timelines will attract a penalty of 5 percent per month on any amount outstanding.
"The Retirement Benefits Authority would like to bring to the attention of Trustees, scheme administrators and other service providers of retirement benefits schemes whose financial year ended on 31 December 2023 to submit their financial statements by March 31 2024 and pay the requisite levy by April 30 2024," the Authority noted.
According to the Retirement Benefits Act, every scheme should submit audited financial statements to the Authority within 3 months after the end of the financial year.
The Authority also directed that all payments should be made through the RBA Returns online portal via the e-Citizen account, with scheme details including the scheme registration number, scheme name, and amount of levy paid to the Authority.
