The Retirement Benefits (Occupational Retirement Benefits Schemes) Regulations
Legal Notice 119 of 2000
This is the version of this Legal Notice as it was from 14 June 2002 to 30 January 2003. Read the latest available version.
The Retirement Benefits (Occupational Retirement Benefits Schemes) Regulations
Related documents

LAWS OF KENYA
RETIREMENT BENEFITS ACT
THE RETIREMENT BENEFITS (OCCUPATIONAL RETIREMENT BENEFITS SCHEMES) REGULATIONS
LEGAL NOTICE 119 OF 2000
- Published in Kenya Gazette Vol. CII—No. 64 on 13 October 2000
- Commenced on 13 October 2000
- [Amended by Retirement Benefits (Occupational Retirement Benefits Schemes) (Amendment) Regulations, 2002 (Act No. 100 of 2002) on 14 June 2002]
Part I – PRELIMINARY
1. Citation
These Regulations may be cited as the Retirement Benefits (Occupational Retirement Benefits Schemes) Regulations, 2000.2. Application
These Regulations shall apply to occupational retirement benefits schemes.3. Interpretation
In these regulations unless the context otherwise requires -"administrator" means the person appointed under an instrument by trustees to manage the administrative affairs of the scheme;"approved issuer" means an insurer registered under the provisions of the Insurance Act, (Cap. 487) or any other issuer approved in writing under the provisions of the Capital Markets Authority Act, (Cap. 485A) or under any other written law;"contribution holiday" means a period when an employer is not required to make contributions into a scheme fund;"custodian" means a custodian registered by the Authority;"defined benefit scheme" means a scheme other than a defined contribution scheme;"defined contribution scheme" means a scheme in which members' and employers' contributions are fixed either as a percentage of pensionable earnings or as a shilling amount, and a members retirement benefits has a value equal to those contributions, net of expenses including premiums paid for insurance of death or disability risks, accumulated in an individual account with investment return and any surpluses or deficits as determined by the trustees of the scheme;"existing scheme" means a scheme which existed prior to the coming into force of these Regulations;"guaranteed fund" means an asset class -Part II – REGISTRATION OF A SCHEME
4. Applications for registration of schemes
5. Registered office of scheme
Every scheme shall have a registered office within the Republic of Kenya.6. Inspection of registers
A sponsor, member, trustee, administrator, manager, custodian or any other interested person may inspect the register of any scheme manager or custodian maintained by the Authority and receive on a written application a copy of the register upon payment of the prescribed fee.Part III – ADMINISTRATION, MEMBERSHIP AND BENEFITS
7. Content of the scheme rules
Every scheme shall have rules which shall be written in English and shall provide the following -8. Rules relating to trustees and their duties
9. Rules relating to administrators
10. Rules relating to custody of scheme funds
11. No penalty clauses in agreements
An agreement between a scheme and the pooled fund, custodian, or manager shall not include a clause whose purpose and intent is to penalise a scheme financially or otherwise on account solely of termination whenever such scheme opts to terminate the said agreement.12. Rules relating to pooled funds
13. Qualifications of a pooled fund
14. Formula and Schedule of contibutions
15. Record of contributions
16. Amendment of Rules
17. Protection against imminent loss
The scheme rules may provide for the protection of the scheme fund and assets against any manner of insurable risk and financial loss arising out of any negligence default or willful default of its officers trustees administrator manager or custodian either by way of a guarantee from the sponsor or by way of insurance of such amount as the trustees may deem appropriate.18. Eligibility for membership
19. Benefits from a scheme
20. Benefits to fully vest within five years
The scheme rules shall provide that benefits shall fully vest in a member within five years of commencement of pensionable service.Provided that -21. Leaving service benefits
22. Non assignability of benefits
The scheme rules shall provide that no benefits or contributions accruing or payable thereunder shall be capable of assignment.23. Payments of benefits to a nominated beneficiary
The scheme rules shall provide that on the death of a member the benefits payable from the scheme shall be paid to the nominated beneficiary and if the deceased member had not named beneficiary then the trustees shall exercise their discretion in the distribution of the benefits to the dependants of the deceased member.Provided that the trustees may refuse to pay the nominated beneficiary and the reasons for such refusal shall be recorded.24. Discretionary powers of trustees in payment of benefits
25. Commutation of retirement benefits
26. Lump sum payment of death benefits
In the event of the death of a member of a scheme before attaining the retirement age, or of a member drawing payment of retirement benefits, the scheme rules may provide that the death benefits which shall include a capital sum and any other amount payable as benefits, may be payable in lumpsum to the nominated beneficiary, spouse, dependant child, any other dependant or estate should any such entitled beneficiary elect in writing for lumpsum payment.27. Retirement of a disabled member
The Scheme rules may provide that a member be permitted to receive benefits before attaining retirement age if medical evidence is submitted to the scheme showing that he is permanently incapacitated and cannot perform his normal gainful employment or any other occupation for which he is reasonably suited by education, training or experience.Part IV – FINANCIAL PROVISIONS AND STATEMENTS
28. Schemes to keep books and accounts
29. Appointment of Auditors
30. Annual Accounts
31. Acturial Valuation
32. Surpluses not refundable
33. Accounting procedure for investements
34. Valuation of assets
35. Repair and maintenance of investments
Repair and maintenance expenses in respect of investments as may be applicable shall be charged to income during the year the expense is incurred and if the repair costs in the opinion of trustees is material the Authority may grant approval for it to be amortised over several financial years but which period shall not exceed three years.36. Minimum disclosure requirements
The financial statements of a scheme shall be in the prescribed form and shall disclose the following -Part V – INVESTMENT GUIDELINES
37. Investment Policy
38. Investment Guidelines
Part VI – LEVY
39. Retirement Benefits Levy
Part VII – TRANSFERS AND AMALGAMATION OF SCHEMES
40. Amalgamation and transfers
History of this document
18 January 2024
31 December 2022
Revised by
24th Annual Supplement
Read this version
13 August 2021
17 June 2019
18 February 2011
15 October 2010
11 June 2010
12 June 2009
20 June 2003
31 January 2003
14 June 2002 this version
13 October 2000
Cited documents 2
Act 2
1. | Retirement Benefits Act | 188 citations |
2. | Capital Markets Act | 61 citations |