Nairobi — The Retirement Benefits Authority (RBA) has directed pension funds to submit retirement levies for the financial year ended on June 30, 2024.

This is contained in a notice shared with trustees, scheme administrators, and other service providers.

RBA further said that scheme providers will be expected to pay the requisite levy by October 31, 2024.

RBA has warned that penalties will apply to any party that will not adhere to the set deadlines.

According to RBA, any default in the payment of the levy will be contrary to Section 16 of the Retirement Benefit Act 1997 and will consequently attract a penalty of 5 percent per month on any outstanding amount.

RBA has stressed that while making the payments, scheme details, including the scheme registration number, name, and the amount of levy paid to the authority, should be provided through the RBA email address.

The Authority noted that all payments should be made online through the RBA returns portal via the eCitizen Collection account.

"Section 16 of the Act: Regulation 39 of the retirement benefits (Occupational Retirement Benefits Scheme) Regulations 2000: Regulation 2000; Regulation 32 of the Retirement benefits (Individual Retirement Benefits Scheme) Regulations 2000; and Regulation 46 of the Retirement Benefits (Umbrella Retirement Benefits Scheme) Regulations 2017 require each scheme to submit to the authority the Retirement Benefit Levy within four Months after the end of the financial year. Any default in the payment of the levy attracts a penalty of 5% per month or any amount outstanding," it stated.