Nairobi — The Retirement Benefits Authority (RBA) has reminded trustees, scheme administrators, and service providers of retirement benefit schemes to submit audited financial statements and pay the Retirement Benefits Levy for the financial year ending December 31, 2024, in line with legal requirements.
In an official notice, RBA emphasized compliance with the Retirement Benefits Act, 1997, and its regulations governing financial accountability in the retirement sector.
Under Section 34(4) of the Act, schemes must submit audited financial statements within three months of the financial year's end, making the March 31, 2025, deadline mandatory.
The Authority warned that non-compliance would attract penalties as stipulated in the Act.
Additionally, schemes must pay the Retirement Benefits Levy within four months after the financial year ends, with a deadline of April 30, 2025.
As per Section 16 of the Act and related regulations, late payments will attract a 5% monthly penalty on the outstanding amount.
To facilitate compliance, all payments must be made online via the RBA Returns Portal through the eCitizen collection account.
Schemes are required to provide their registration number, scheme name, and levy amount, and submit proof of payment to levy@rba.go.ke.
