Kenya. Push for new rules to protect retirees
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.
Full Content: Nation
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