The Retirement Benefits Authority (RBA) has urged all trustees, scheme administrators, and other service providers of retirement benefits schemes to pay the retirement benefits levy ahead of the October 31 deadline, or risk hefty fines.
In a notice issued on Tuesday, September 9, RBA called upon the retirement schemes to comply with the Constitution, which requires the schemes to pay the levy within four months after the end of the financial year.
Referencing June 30, 2025, as the end of the financial year, the Authority issued the vital reminder that directly impacts the security of pensions, warning of a hefty fine of five per cent per month on the outstanding amount. "The Constitution of Kenya requires each scheme to pay to the Authority the Retirement Benefits Levy within four (4) months after the end of the financial year.
Any default in the payment of the levy attracts a penalty of five per cent per month on any amount outstanding," the notice read.
