Pension industry seeks standards for RBA trustees

The pension industry says the Retirement Benefits Authority (RBA) should set minimum qualifications for trustees.

The industry has assets close to Sh1 trillion with over 1,400 registered retirement benefits schemes, 30 licensed administrators, 19 fund managers, 11 custodians and 10 actuaries.

“Just like there is clamour in the political sphere for minimum qualifications for certain offices, it makes a lot of sense for us to request our regulator to pursue a point whereby trustees will have minimum qualifications and if we are going to place heavy weight and responsibility on a trustee, we must also equally look at his competence,” said Association of Pension Administrators of Kenya (APAK) chairman Hosea Kili.

Speaking in Nairobi during the launch of the Institute of Pension Management (IPM) yesterday, Mr Kili said the industry is one of the most vibrant sectors of the economy hence the need to ensure high standards in service delivery to members and the public.

IPM was founded last year and is expected to bridge the skills gap in the retirement benefits sector, offering professional training that will bolster the pool of pension professionals.

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