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Retirement benefits authority decentralizes pension services

The Retirement Benefits Authority (RBA) has launched a service desk in collaboration with Huduma Centre to provide enhanced access and knowledge about the importance and benefits of registering in pension schemes.

RBA is a state corporation established through an Act of Parliament to regulate and supervise the establishment and management of retirement benefits schemes, protect the interest of members and sponsors, promote development of the retirement benefits sector and advise the cabinet secretary National Treasury on National Policy with regard to the schemes.

The sensitization programme chaired by Assistant County Commissioner Island Division Mr. Robin Ngeywo is set to run for four days.

Ngeywo applauded the initiative the Authority has taken to launch its services in the county and encouraged the public to avail themselves to learn more about the benefits of joining the pension scheme for a better future and financially independent old age period.

While addressing the media at the Makadara Grounds, Retirement Benefits Authority assistant director Research, Strategy and Planning Monica Arwings said that the 2019-2024 strategic period only allows them to launch the services in 8 counties and that Mombasa is set to be the fifth.

“We are under very harsh economic times and we are scrambling for the employee’s salary, but I want to assure and encourage them that this saving will come through for them once they retire,” Arwings said.

“Our strategic plan encourages us to enroll more members of the informal sector, to encourage them to start saving for retirement if they are not currently saving for it”, Arwings added.

The current coverage rate is said to be 25 percent of people being covered by different pension schemes.

In line with the Authority’s strategic plan, RBA is working to extend their services and hoping to raise the pension coverage to reach Sh2.4 trillion in terms of the assets base.

The Authority is also in the process of establishing an integrated service platform to help avert the delay of retirement benefits by members.

Managing Director, RBA, James Ratemo encouraged members of all pension schemes to file complaints in case of any incongruities they could have with their pension scheme establishments.

Arwings added that the Authority is expecting changes of the contributions rates of the National Security Social Funds (NSSF).

“Eventually this is something we want to roll out so that our services are felt all over the nation for the security of our citizens and the country at large”, Arwings concluded.

By Fatuma Said, Asiya Salat & Mwende Muthoni

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