No. 3 of 1997

Point in Time

Act No: No. 3 of 1997

Act Title: RETIREMENT BENEFITS

SUBSIDIARY LEGISLATION

Arrangement of Sections

THE RETIREMENT BENEFITS (MANAGERS AND CUSTODIANS) REGULATIONS, 2000
- Part I – PRELIMINARY
- Part II – REGISTRATION OF MANAGER AND CUSTODIAN
THE RETIREMENT BENEFITS (MANAGERS AND CUSTODIANS) REGULATIONS, 2000
- Part I – PRELIMINARY
- Part II – REGISTRATION OF MANAGER AND CUSTODIAN
THE RETIREMENT BENEFITS (MANAGERS AND CUSTODIANS) REGULATIONS, 2000
- Part I – PRELIMINARY
- Part II – REGISTRATION OF MANAGER AND CUSTODIAN
THE RETIREMENT BENEFITS (MANAGERS AND CUSTODIANS) REGULATIONS, 2000
- Part I – PRELIMINARY
- Part II – REGISTRATION OF MANAGER AND CUSTODIAN
THE RETIREMENT BENEFITS (MANAGERS AND CUSTODIANS) REGULATIONS, 2000
- Part I – PRELIMINARY
- Part II – REGISTRATION OF MANAGER AND CUSTODIAN
THE RETIREMENT BENEFITS (MANAGERS AND CUSTODIANS) REGULATIONS, 2000
- Part I – PRELIMINARY
- Part II – REGISTRATION OF MANAGER AND CUSTODIAN
THE RETIREMENT BENEFITS (MANAGERS AND CUSTODIANS) REGULATIONS, 2000
- Part I – PRELIMINARY
- Part II – REGISTRATION OF MANAGER AND CUSTODIAN
THE RETIREMENT BENEFITS (FORMS AND FEES) REGULATIONS, 2000
- FIRST SCHEDULE
- SECOND SCHEDULE
THE RETIREMENT BENEFITS (INDIVIDUAL RETIREMENT BENEFITS SCHEMES) REGULATIONS, 2000
- Part I – PRELIMINARY
- Part II – REGISTRATION OF A SCHEME
- Part III – ADMINISTRATION AND BENEFITS
- Part IV – FINANCIAL PROVISIONS AND STATEMENTS
- Part V – INVESTMENT GUIDELINES
  - 30. Investment policy
  - 31. Investment guidelines
- Part VI – LEVY
  - 32. Retirement Benefits Levy
THE RETIREMENT BENEFITS (MINIMUM FUNDING LEVEL AND WINDING-UP OF SCHEMES) REGULATIONS, 2000
- 1. Citation
- 2. Application
- 3. Interpretation
- 4. Minimum funding level of the scheme
- 5. Winding up of scheme
- 6. Special provision relating to liquidation of schemes
- 7. Voluntary dissolution of a scheme
THE RETIREMENT BENEFITS (OCCUPATIONAL RETIREMENT BENEFITS SCHEMES) REGULATIONS, 2000
- Part I – PRELIMINARY
- Part II – REGISTRATION OF A SCHEME
- Part III – ADMINISTRATION, MEMBERSHIP AND BENEFITS
- Part IV – FINANCIAL PROVISIONS AND STATEMENTS
- 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
THE RETIREMENT BENEFITS (TRANSITIONAL) REGULATIONS, 2000
- 1. Citation
- 2. Application
- 3. Interpretation
- 4. Amendment of the scheme rules to comply with the Act
- 5. Actuarial Valuation
- 6. Viability of a scheme
- 7. Owed contributions to be deducted
- 8. Appointment of trustees
- 9. Appointment of manager and custodian
- 10. Transfer of funds
- 11. Submission of plan of compliance
THE RETIREMENT BENEFITS (TRIBUNAL) RULES, 2000
- 1. Citation
- 2. Interpretation.
- 3. Appointment of Clerk
- 4. Form of lodging an Appeal
- 5. Memorandum of appeal
- 6. Statement of facts of appellant
- 7. Service of memorandum of appeal
- 8. Statement of facts of Chief Executive Officer
- Section 9.
- 10. Procedure
- 11. Copies of documents admissible
- 12. Tribunal to adopt civil procedure Rules
- 13. Costs
- 14. Scale of costs
- 15. Filing fees
- SCHEDULE
THE RETIREMENT BENEFITS (INDIVIDUAL RETIREMENT BENEFITS SCHEMES) REGULATIONS, 2000
- Part I – PRELIMINARY
- Part II – REGISTRATION OF A SCHEME
- Part III – ADMINISTRATION AND BENEFITS
- Part IV – FINANCIAL PROVISIONS AND STATEMENTS
- Part V – INVESTMENT GUIDELINES
  - 30. Investment policy
  - 31. Investment guidelines
- Part VI – LEVY
  - 32. Retirement Benefits Levy
THE RETIREMENT BENEFITS (FORMS AND FEES) REGULATIONS, 2000
- FIRST SCHEDULE
- SECOND SCHEDULE
THE RETIREMENT BENEFITS (OCCUPATIONAL RETIREMENT BENEFITS SCHEMES) REGULATIONS, 2000
- Part I – PRELIMINARY
- Part II – REGISTRATION OF A SCHEME
- Part III – ADMINISTRATION, MEMBERSHIP AND BENEFITS
- Part IV – FINANCIAL PROVISIONS AND STATEMENTS
- 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
THE RETIREMENT BENEFITS (FORMS AND FEES) REGULATIONS, 2000
- FIRST SCHEDULE
- SECOND SCHEDULE
THE RETIREMENT BENEFITS (OCCUPATIONAL RETIREMENT BENEFITS SCHEMES) REGULATIONS, 2000
- Part I – PRELIMINARY
- Part II – REGISTRATION OF A SCHEME
- Part III – ADMINISTRATION, MEMBERSHIP AND BENEFITS
- Part IV – FINANCIAL PROVISIONS AND STATEMENTS
- 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
THE RETIREMENT BENEFITS (INDIVIDUAL RETIREMENT BENEFITS SCHEMES) REGULATIONS, 2000
- Part I – PRELIMINARY
- Part II – REGISTRATION OF A SCHEME
- Part III – ADMINISTRATION AND BENEFITS
- Part IV – FINANCIAL PROVISIONS AND STATEMENTS
- Part V – INVESTMENT GUIDELINES
  - 30. Investment policy
  - 31. Investment guidelines
- Part VI – LEVY
  - 32. Retirement Benefits Levy
THE RETIREMENT BENEFITS (INDIVIDUAL RETIREMENT BENEFITS SCHEMES) REGULATIONS, 2000
- Part I – PRELIMINARY
- Part II – REGISTRATION OF A SCHEME
- Part III – ADMINISTRATION AND BENEFITS
- Part IV – FINANCIAL PROVISIONS AND STATEMENTS
- Part V – INVESTMENT GUIDELINES
  - 30. Investment policy
  - 31. Investment guidelines
- Part VI – LEVY
  - 32. Retirement Benefits Levy
THE RETIREMENT BENEFITS (MINIMUM FUNDING LEVEL AND WINDING-UP OF SCHEMES) REGULATIONS, 2000
- 1. Citation
- 2. Application
- 3. Interpretation
- 4. Minimum funding level of the scheme
- 5. Winding up of scheme
- 6. Deleted
- 7. Voluntary dissolution of a scheme
THE RETIREMENT BENEFITS (OCCUPATIONAL RETIREMENT BENEFITS SCHEMES) REGULATIONS, 2000
- Part I – PRELIMINARY
- Part II – REGISTRATION OF A SCHEME
- Part III – ADMINISTRATION, MEMBERSHIP AND BENEFITS
- Part IV – FINANCIAL PROVISIONS AND STATEMENTS
- 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
THE RETIREMENT BENEFITS (OCCUPATIONAL RETIREMENT BENEFITS SCHEMES) REGULATIONS, 2000
- Part I – PRELIMINARY
- Part II – REGISTRATION OF A SCHEME
- Part III – ADMINISTRATION, MEMBERSHIP AND BENEFITS
- Part IV – FINANCIAL PROVISIONS AND STATEMENTS
- 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
THE RETIREMENT BENEFITS (FORMS AND FEES) REGULATIONS, 2000
- FIRST SCHEDULE
- SECOND SCHEDULE
THE RETIREMENT BENEFITS (INDIVIDUAL RETIREMENT BENEFITS SCHEMES) REGULATIONS, 2000
- Part I – PRELIMINARY
- Part II – REGISTRATION OF A SCHEME
- Part III – ADMINISTRATION AND BENEFITS
- Part IV – FINANCIAL PROVISIONS AND STATEMENTS
- Part V – INVESTMENT GUIDELINES
  - 30. Investment policy
  - 31. Investment guidelines
- Part VI – LEVY
  - 32. Retirement Benefits Levy
THE RETIREMENT BENEFITS (MINIMUM FUNDING LEVEL AND WINDING-UP OF SCHEMES) REGULATIONS, 2000
- 1. Citation
- 2. Application
- 3. Interpretation
- 4. Minimum funding level of the scheme
- 5. Winding up of scheme
- 6. Deleted
- 7. Voluntary dissolution of a scheme
THE RETIREMENT BENEFITS (OCCUPATIONAL RETIREMENT BENEFITS SCHEMES) REGULATIONS, 2000
- Part I – PRELIMINARY
- Part II – REGISTRATION OF A SCHEME
- Part III – ADMINISTRATION, MEMBERSHIP AND BENEFITS
- Part IV – FINANCIAL PROVISIONS AND STATEMENTS
- 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
THE RETIREMENT BENEFITS (FORMS AND FEES) REGULATIONS, 2000
- FIRST SCHEDULE
- SECOND SCHEDULE
THE RETIREMENT BENEFITS (INDIVIDUAL RETIREMENT BENEFITS SCHEMES) REGULATIONS, 2000
- Part I – PRELIMINARY
- Part II – REGISTRATION OF A SCHEME
- Part III – ADMINISTRATION AND BENEFITS
- Part IV – FINANCIAL PROVISIONS AND STATEMENTS
- Part V – INVESTMENT GUIDELINES
  - 30. Investment policy
  - 31. Investment guidelines
- Part VI – LEVY
  - 32. Retirement Benefits Levy
THE RETIREMENT BENEFITS (MINIMUM FUNDING LEVEL AND WINDING-UP OF SCHEMES) REGULATIONS, 2000
- 1. Citation
- 2. Application
- 3. Interpretation
- 4. Minimum funding level of the scheme
- 5. Winding up of scheme
- 6. Deleted
- 7. Voluntary dissolution of a scheme
- 8. Qualifications of a liquidator
THE RETIREMENT BENEFITS (OCCUPATIONAL RETIREMENT BENEFITS SCHEMES) REGULATIONS, 2000
- Part I – PRELIMINARY
- Part II – REGISTRATION OF A SCHEME
- Part III – ADMINISTRATION, MEMBERSHIP AND BENEFITS
- Part IV – FINANCIAL PROVISIONS AND STATEMENTS
- 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
THE RETIREMENT BENEFITS (FORMS AND FEES) REGULATIONS, 2000
- FIRST SCHEDULE
- SECOND SCHEDULE
THE RETIREMENT BENEFITS (FORMS AND FEES) REGULATIONS, 2000
- FIRST SCHEDULE
- SECOND SCHEDULE
THE RETIREMENT BENEFITS (INDIVIDUAL RETIREMENT BENEFITS SCHEMES) REGULATIONS, 2000
- Part I – PRELIMINARY
- Part II – REGISTRATION OF A SCHEME
- Part III – ADMINISTRATION AND BENEFITS
- Part IV – FINANCIAL PROVISIONS AND STATEMENTS
- Part V – INVESTMENT GUIDELINES
  - 30. Investment policy
  - 31. Investment guidelines
- Part VI – LEVY
  - 32. Retirement Benefits Levy
THE RETIREMENT BENEFITS (MINIMUM FUNDING LEVEL AND WINDING-UP OF SCHEMES) REGULATIONS, 2000
- 1. Citation
- 2. Application
- 3. Interpretation
- 4. Minimum funding level of the scheme
- 5. Winding up of scheme
- 6. Deleted
- 7. Voluntary dissolution of a scheme
- 8. Qualifications of a liquidator
THE RETIREMENT BENEFITS (OCCUPATIONAL RETIREMENT BENEFITS SCHEMES) REGULATIONS, 2000
- Part I – PRELIMINARY
- Part II – REGISTRATION OF A SCHEME
- Part III – ADMINISTRATION, MEMBERSHIP AND BENEFITS
- Part IV – FINANCIAL PROVISIONS AND STATEMENTS
- 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
THE RETIREMENT BENEFITS (FORMS AND FEES) REGULATIONS, 2000
- FIRST SCHEDULE
- SECOND SCHEDULE
THE RETIREMENT BENEFITS (INDIVIDUAL RETIREMENT BENEFITS SCHEMES) REGULATIONS, 2000
- Part I – PRELIMINARY
- Part II – REGISTRATION OF A SCHEME
- Part III – ADMINISTRATION AND BENEFITS
- Part IV – FINANCIAL PROVISIONS AND STATEMENTS
- Part V – INVESTMENT GUIDELINES
  - 30. Investment policy
  - 31. Investment guidelines
- Part VI – LEVY
  - 32. Retirement Benefits Levy
THE RETIREMENT BENEFITS (MINIMUM FUNDING LEVEL AND WINDING-UP OF SCHEMES) REGULATIONS, 2000
- 1. Citation
- 2. Application
- 3. Interpretation
- 4. Minimum funding level of the scheme
- 5. Winding up of scheme
- 6. Deleted
- 7. Voluntary dissolution of a scheme
- 8. Qualifications of a liquidator
THE RETIREMENT BENEFITS (OCCUPATIONAL RETIREMENT BENEFITS SCHEMES) REGULATIONS, 2000
- Part I – PRELIMINARY
- Part II – REGISTRATION OF A SCHEME
- Part III – ADMINISTRATION, MEMBERSHIP AND BENEFITS
- Part IV – FINANCIAL PROVISIONS AND STATEMENTS
- 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
THE RETIREMENT BENEFITS (INDIVIDUAL RETIREMENT BENEFITS SCHEMES) REGULATIONS, 2000
- Part I – PRELIMINARY
- Part II – REGISTRATION OF A SCHEME
- Part III – ADMINISTRATION AND BENEFITS
- Part IV – FINANCIAL PROVISIONS AND STATEMENTS
- Part V – INVESTMENT GUIDELINES
  - 30. Investment policy
  - 31. Investment guidelines
- Part VI – LEVY
  - 32. Retirement Benefits Levy
THE RETIREMENT BENEFITS (OCCUPATIONAL RETIREMENT BENEFITS SCHEMES) REGULATIONS, 2000
- Part I – PRELIMINARY
- Part II – REGISTRATION OF A SCHEME
- Part III – ADMINISTRATION, MEMBERSHIP AND BENEFITS
- Part IV – FINANCIAL PROVISIONS AND STATEMENTS
- 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
THE RETIREMENT BENEFITS (INDIVIDUAL RETIREMENT BENEFITS SCHEMES) REGULATIONS, 2000
- Part I – PRELIMINARY
- Part II – REGISTRATION OF A SCHEME
- Part III – ADMINISTRATION AND BENEFITS
- Part IV – FINANCIAL PROVISIONS AND STATEMENTS
- Part V – INVESTMENT GUIDELINES
  - 30. Investment policy
  - 31. Investment guidelines
- Part VI – LEVY
  - 32. Retirement Benefits Levy
THE RETIREMENT BENEFITS (FORMS AND FEES) REGULATIONS, 2000
- FIRST SCHEDULE
- SECOND SCHEDULE
THE RETIREMENT BENEFITS (MINIMUM FUNDING LEVEL AND WINDING-UP OF SCHEMES) REGULATIONS, 2000
- 1. Citation
- 2. Application
- 3. Interpretation
- 4. Minimum funding level of the scheme
- 5. Winding up of scheme
- 6. Deleted
- 7. Voluntary dissolution of a scheme
- 8. Qualifications of a liquidator
THE RETIREMENT BENEFITS (OCCUPATIONAL RETIREMENT BENEFITS SCHEMES) REGULATIONS, 2000
- Part I – PRELIMINARY
- Part II – REGISTRATION OF A SCHEME
- Part III – ADMINISTRATION, MEMBERSHIP AND BENEFITS
- Part IV – FINANCIAL PROVISIONS AND STATEMENTS
- 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
THE RETIREMENT BENEFITS (FORMS AND FEES) REGULATIONS, 2000
- FIRST SCHEDULE
- SECOND SCHEDULE
THE RETIREMENT BENEFITS (INDIVIDUAL RETIREMENT BENEFITS SCHEMES) REGULATIONS, 2000
- Part I – PRELIMINARY
- Part II – REGISTRATION OF A SCHEME
- Part III – ADMINISTRATION AND BENEFITS
- Part IV – FINANCIAL PROVISIONS AND STATEMENTS
- Part V – INVESTMENT GUIDELINES
  - 30. Investment policy
  - 31. Investment guidelines
- Part VI – LEVY
  - 32. Retirement Benefits Levy
THE RETIREMENT BENEFITS (MINIMUM FUNDING LEVEL AND WINDING-UP OF SCHEMES) REGULATIONS, 2000
- 1. Citation
- 2. Application
- 3. Interpretation
- 4. Minimum funding level of the scheme
- 5. Winding up of scheme
- 6. Deleted
- 7. Voluntary dissolution of a scheme
- 8. Qualifications of a liquidator
THE RETIREMENT BENEFITS (OCCUPATIONAL RETIREMENT BENEFITS SCHEMES) REGULATIONS, 2000
- Part I – PRELIMINARY
- Part II – REGISTRATION OF A SCHEME
- Part III – ADMINISTRATION, MEMBERSHIP AND BENEFITS
- Part IV – FINANCIAL PROVISIONS AND STATEMENTS
- 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
THE RETIREMENT BENEFITS (INDIVIDUAL RETIREMENT BENEFITS SCHEMES) REGULATIONS, 2000
- Part I – PRELIMINARY
- Part II – REGISTRATION OF A SCHEME
- Part III – ADMINISTRATION AND BENEFITS
- Part IV – FINANCIAL PROVISIONS AND STATEMENTS
- Part V – INVESTMENT GUIDELINES
  - 30. Investment policy
  - 31. Investment guidelines
- Part VI – LEVY
  - 32. Retirement Benefits Levy
THE RETIREMENT BENEFITS (OCCUPATIONAL RETIREMENT BENEFITS SCHEMES) REGULATIONS, 2000
- Part I – PRELIMINARY
- Part II – REGISTRATION OF A SCHEME
- Part III – ADMINISTRATION, MEMBERSHIP AND BENEFITS
- Part IV – FINANCIAL PROVISIONS AND STATEMENTS
- 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
THE RETIREMENT BENEFITS (INDIVIDUAL RETIREMENT BENEFITS SCHEMES) REGULATIONS, 2000
- Part I – PRELIMINARY
- Part II – REGISTRATION OF A SCHEME
- Part III – ADMINISTRATION AND BENEFITS
- Part IV – FINANCIAL PROVISIONS AND STATEMENTS
- Part V – INVESTMENT GUIDELINES
  - 30. Investment policy
  - 31. Investment guidelines
- Part VI – LEVY
  - 32. Retirement Benefits Levy
THE RETIREMENT BENEFITS (OCCUPATIONAL RETIREMENT BENEFITS SCHEMES) REGULATIONS, 2000
- Part I – PRELIMINARY
- Part II – REGISTRATION OF A SCHEME
- Part III – ADMINISTRATION, MEMBERSHIP AND BENEFITS
- Part IV – FINANCIAL PROVISIONS AND STATEMENTS
- 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
THE RETIREMENT BENEFITS (INDIVIDUAL RETIREMENT BENEFITS SCHEMES) REGULATIONS, 2000
- Part I – PRELIMINARY
- Part II – REGISTRATION OF A SCHEME
- Part III – ADMINISTRATION AND BENEFITS
- Part IV – FINANCIAL PROVISIONS AND STATEMENTS
- Part V – INVESTMENT GUIDELINES
  - 30. Investment policy
  - 31. Investment guidelines
- Part VI – LEVY
  - 32. Retirement Benefits Levy
THE RETIREMENT BENEFITS (FORMS AND FEES) REGULATIONS, 2000
- FIRST SCHEDULE
- SECOND SCHEDULE
THE RETIREMENT BENEFITS (FORMS AND FEES) REGULATIONS, 2000
- FIRST SCHEDULE
- SECOND SCHEDULE
THE RETIREMENT BENEFITS (INDIVIDUAL RETIREMENT BENEFITS SCHEMES) REGULATIONS, 2000
- Part I – PRELIMINARY
- Part II – REGISTRATION OF A SCHEME
- Part III – ADMINISTRATION AND BENEFITS
- Part IV – FINANCIAL PROVISIONS AND STATEMENTS
- Part V – INVESTMENT GUIDELINES
  - 30. Investment policy
  - 31. Investment guidelines
- Part VI – LEVY
  - 32. Retirement Benefits Levy
THE RETIREMENT BENEFITS (OCCUPATIONAL RETIREMENT BENEFITS SCHEMES) REGULATIONS, 2000
- Part I – PRELIMINARY
- Part II – REGISTRATION OF A SCHEME
- Part III – ADMINISTRATION, MEMBERSHIP AND BENEFITS
- Part IV – FINANCIAL PROVISIONS AND STATEMENTS
- 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
THE RETIREMENT BENEFITS (FORMS AND FEES) REGULATIONS, 2000
- FIRST SCHEDULE
- SECOND SCHEDULE
THE RETIREMENT BENEFITS (INDIVIDUAL RETIREMENT BENEFITS SCHEMES) REGULATIONS, 2000
- Part I – PRELIMINARY
- Part II – REGISTRATION OF A SCHEME
- Part III – ADMINISTRATION AND BENEFITS
- Part IV – FINANCIAL PROVISIONS AND STATEMENTS
- Part V – INVESTMENT GUIDELINES
  - 30. Investment policy
  - 31. Investment guidelines
- Part VI – LEVY
  - 32. Retirement Benefits Levy
THE RETIREMENT BENEFITS (OCCUPATIONAL RETIREMENT BENEFITS SCHEMES) REGULATIONS, 2000
- Part I – PRELIMINARY
- Part II – REGISTRATION OF A SCHEME
- Part III – ADMINISTRATION, MEMBERSHIP AND BENEFITS
- Part IV – FINANCIAL PROVISIONS AND STATEMENTS
- 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, division and transfers
THE RETIREMENT BENEFITS (EXTENSION OF PERIOD FOR COMPLIANCE), 2003
THE RETIREMENT BENEFITS (EXTENSION OF PERIOD COMPLIANCE)(REVOCATION OF NOTICE), 2003
THE RETIREMENT BENEFITS (EXTENSION OF TIME OF COMPLIANCE) ORDER, 2004
THE RETIREMENT (ADMINISTRATORS) REGULATIONS, 2007
- 1. Citation
- 2. Interpretation
- 3. Application
- 4. Registration of administrators
- 5. Qualifications of natural persons appointed to be administrators
- 6. Agreement in respect of administration
- 7. The role of the administrator
- 8. Termination of agreement
- 9. Opening of trust account
- 10. Processing, controls and systems
- 11. Compliance with Regulations
- 12. Transition
THE RETIREMENT (ADMINISTRATORS) REGULATIONS, 2007
- 1. Citation
- 2. Interpretation
- 3. Application
- 4. Registration of administrators
- 5. Qualifications of natural persons appointed to be administrators
- 5A. Disqualification of Administrators
- 6. Agreement in respect of administration
- 7. The role of the administrator
- 8. Termination of agreement
- 9. Opening of trust account
- 10. Processing, controls and systems
- 11. Compliance with Regulations
- 12. Transition
THE RETIREMENT BENEFITS (MORTGAGE LOANS) REGULATIONS, 2009
- Part I – PRELIMINARY
- Part II – STRUCTURE OF FACILITY
THE RETIREMENT BENEFITS (MORTGAGE LOANS) REGULATIONS, 2009
- Part I – PRELIMINARY
- Part II – STRUCTURE OF FACILITY
THE RETIREMENT BENEFITS (MORTGAGE LOANS) REGULATIONS, 2009
- Part I – PRELIMINARY
- Part II – STRUCTURE OF FACILITY
- Part III – PURCHASE OF RESIDENTIAL HOUSES
THE RETIREMENT BENEFITS (NATIONAL SOCIAL SECURITY FUND) EXEMPTION, 2016
THE RETIREMENT BENEFITS (UMBRELLA RETIREMENT BENEFITS SCHEMES) REGULATIONS, 2017
- Part I – PRELIMINARY
  - 1. Citation
  - 2. Interpretation
- Part II – REGISTRATION AND SPONSORSHIP OF AN UMBRELLA SCHEME
- Part III – TYPES AND MANAGEMENT OF UMBRELLA SCHEME
- Part V – FINANCIAL PROVISIONS AND STATEMENTS
- Part V – INVESTMENT GUIDELINES
  - 44. Investment policy
  - 45. Permitted asset classes of investment
- Part VI – LEVY
  - 46. Retirement benefits levy
- Part VII – TRANSFERS AND AMALGAMATION OF SCHEMES
  - 47. Tranfers from scheme
  - 48. Amalgamation of schemes
- Part IX – TRANSITION PROVISION
  - 49. Transition
- SCHEDULE
THE RETIREMENT BENEFITS (UMBRELLA RETIREMENT BENEFITS SCHEMES) REGULATIONS, 2017
- Part I – PRELIMINARY
  - 1. Citation
  - 2. Interpretation
- Part II – REGISTRATION AND SPONSORSHIP OF AN UMBRELLA SCHEME
- Part III – TYPES AND MANAGEMENT OF UMBRELLA SCHEME
- Part V – FINANCIAL PROVISIONS AND STATEMENTS
- Part V – INVESTMENT GUIDELINES
  - 44. Investment policy
  - 45. Permitted asset classes of investment
- Part VI – LEVY
  - 46. Retirement benefits levy
- Part VII – TRANSFERS AND AMALGAMATION OF SCHEMES
  - 47. Tranfers from scheme
  - 48. Amalgamation of schemes
- Part IX – TRANSITION PROVISION
  - 49. Transition
- SCHEDULE
THE RETIREMENT BENEFITS (UMBRELLA RETIREMENT BENEFITS SCHEMES) REGULATIONS, 2017
- Part I – PRELIMINARY
  - 1. Citation
  - 2. Interpretation
- Part II – REGISTRATION AND SPONSORSHIP OF AN UMBRELLA SCHEME
- Part III – TYPES AND MANAGEMENT OF UMBRELLA SCHEME
- Part V – FINANCIAL PROVISIONS AND STATEMENTS
- Part V – INVESTMENT GUIDELINES
  - 44. Investment policy
  - 45. Permitted asset classes of investment
- Part VI – LEVY
  - 46. Retirement benefits levy
- Part VII – TRANSFERS AND AMALGAMATION OF SCHEMES
  - 47. Tranfers from scheme
  - 48. Amalgamation of schemes
- Part IX – TRANSITION PROVISION
  - 49. Existing schemes to amend scheme rules
- SCHEDULE
THE RETIREMENT BENEFITS (UMBRELLA RETIREMENT BENEFITS SCHEMES) REGULATIONS, 2017
- Part I – PRELIMINARY
  - 1. Citation
  - 2. Interpretation
- Part II – REGISTRATION AND SPONSORSHIP OF AN UMBRELLA SCHEME
- Part III – TYPES AND MANAGEMENT OF UMBRELLA SCHEME
- Part V – FINANCIAL PROVISIONS AND STATEMENTS
- Part V – INVESTMENT GUIDELINES
  - 44. Investment policy
  - 45. Permitted asset classes of investment
- Part VI – LEVY
  - 46. Retirement benefits levy
- Part VII – TRANSFERS AND AMALGAMATION OF SCHEMES
  - 47. Transfers from scheme
  - 48. Amalgamation of schemes
- Part IX – TRANSITION PROVISION
  - 49. Existing schemes to amend scheme rules
- SCHEDULE
THE RETIREMENT BENEFITS (UMBRELLA RETIREMENT BENEFITS SCHEMES) REGULATIONS, 2017
- Part I – PRELIMINARY
  - 1. Citation
  - 2. Interpretation
- Part II – REGISTRATION AND SPONSORSHIP OF AN UMBRELLA SCHEME
- Part III – TYPES AND MANAGEMENT OF UMBRELLA SCHEME
- Part IV – FINANCIAL PROVISIONS AND STATEMENTS
- Part V – INVESTMENT GUIDELINES
  - 44. Investment policy
  - 45. Permitted asset classes of investment
- Part VI – LEVY
  - 46. Retirement benefits levy
- Part VII – TRANSFERS AND AMALGAMATION OF SCHEMES
  - 47. Transfers from scheme
  - 48. Amalgamation of schemes
- Part VIII – TRANSITION PROVISION
  - 49. Existing schemes to amend scheme rules
- SCHEDULE
THE RETIREMENT BENEFITS (GOOD GOVERNANCE, PRACTICES IN THE MANAGEMENT OF RETIREMENT BENEFITS SCHEMES) GUIDELINES, 2018
- Part I – PRELIMINARY
- Part II – CODE OF CONDUCT FOR SCHEMES
- Part II – MEMBER REPRESENTATION AND PARTICIPATION
- Part III – STRUCTURE, ROLES AND PROCESSES OF BOARDS OF TRUSTEES
- Part IV – RELATIONSHIP BETWEEN TRUSTEES AND SPONSORS AND SERVICE PROVIDERS
- Part V – AUDIT, ASSURANCE AND RISK MANAGMENT
- Part VI – USE OF INFORMATION TECHNOLOGY IN GOVERNANCE
  - 42. Use of information and communication technology in governance
- Part VII – TRANSPARENCY, ACCOUNTABILITY AND DISCLOSURE
- Part VIII – ENFORCEMENT AND COMPLIANCE
  - 52. Act, etc. to provide adequate guidance on governance
  - 53. Evaluation and oversight
THE RETIREMENT BENEFITS (POST RETIREMENT MEDICAL FUND) GUIDELINES, 2018
- 1. Citation
- 2. Interpretation
- 3. Objectives of the guidelines
- 4. Establishment of medical funds
- 5. Contributions
- 6. Administration and investment
- 7. Access
- 8. Transfer of member's portion
- 9. Actuarial valuation
THE RETIREMENT BENEFITS (TREATING FAIRLY) GUIDELINES, 2019
- Part I – PRELIMINARY
- Part II – RIGHTS AND OBLIGATIONS OF MEMBERS
- Part III – PRINCIPLES OF TREATING CUSTOMERS FAIRLY
- Part IV – ENFORCMENT OF THESE GUIDELINES
  - 15. Principles of enforcement

THE RETIREMENT BENEFITS (MANAGERS AND CUSTODIANS) REGULATIONS, 2000

ARRANGEMENT OF REGULATIONS

PART I – PRELIMINARY

Citation

2.	Application

3.	Interpretation

PART II – REGISTRATION OF MANAGER AND CUSTODIAN

4.	Application for registration of manager

5.	The manager

6.	Termination of management agreement

7.	Application for registration of custodian

8.	The custodian

9.	Termination of custodial agreement

10.	Insolvency and winding up of a manager and custodian

THE RETIREMENT BENEFITS (MANAGERS AND CUSTODIANS) REGULATIONS, 2000

[Legal Notice 123 of 2000]

PART I – PRELIMINARY

1.	Citation These Regulations may be cited as The Retirement Benefits (Managers and Custodians) Regulations, 2000.

2.	Application These Regulations shall apply to managers and custodians of schemes.

Interpretation

(1)	In these Regulations unless the context otherwise requires - "pooled fund" means a fund established by a limited liability company other than approved issuer for purposes of pooling scheme funds for collective investment.

PART II – REGISTRATION OF MANAGER AND CUSTODIAN

Application for registration of manager

(1)	An application for registration as a manager shall be submitted to the Authority in the prescribed form together with registration of the prescribed fee.

(2)	The minimum paid up share capital of a manager shall be ten million shillings or as may be prescribed from time to time.

(3)	A manager shall at all times have in its top management including the board of directors persons who are academically and professionally qualified in matters relating to either banking, insurance, law, accounting, actuarial studies finance, economics or investment of scheme funds.

(4)	The Authority shall within ninety days from the date of receipt of an application for registration consider the application of a manager and notify tnd applicant in writing whether the manager is acceptable for registration and the reason is thereof if it is not acceptable.

(5)	The Authority shall after notifying the applicant that it is acceptable for registration proceed to register the applicant and forward to the applicant the certificate of registration.

The manager

(1)	A manager of a scheme fund or a pooled fund shall be appointed by the trustees of the scheme on such terms and conditions of service as shall be determined by the trustees in the instrument of appointment or otherwise in writing from time to time.

(2)

A manager shall have all the powers necessary for the performance of his functions under this Act and in particular the manager shall -

(a)	advise the scheme or pooled fund on the asset classes which are available for investment;

(b)	assist the scheme or pooled fund to formulate a prudent investment policy on the investment of scheme funds or pooled fund;

(c)	invest capital moneys which form part of the scheme or pooled fund subject to the investment policy;

(d)	reinvest any income of the scheme fund or pooled fund which is not required by the trustees for any immediate payments;

(e)

submit to the scheme or pooled fund at least quarterly from the date of commencement of the financial year of the scheme or pooled fund -

(i)	a valuation of the scheme fund or pooled fund and of all the investments representing the same including details of the cost of such investments and their estimated yields;

(ii)

a report reviewing the investment activity and performance of the investment portfolios comprising the scheme fund or pooled fund since the last report date and containing the manager's proposals for the investment of the scheme fund or pooled fund during the following period as recommended by the Authority;

(iii)

a record of all investment transactions during the previous period,

(f)	sit in-attendance, in the case of a scheme whose funds are not invested in a pooled fund, at the meetings of the Board of trustees whenever the trustees have an agenda item involving management of the scheme fund;

(g)	issue instructions on behalf of the trustees or the pooled fund to the custodian to transfer, exchange, deliver in the required form and manner scheme or pooled fund assets held by such custodian;

(h)	issue instructions on behalf of the trustees or pooled fund to the custodian to effect payment in respect of purchased securities or any other assets;

(i)

keep or cause to be kept such books, records and statements as may be necessary to give a complete record of -

(i)	the scheme fund or pooled fund and investment portfolio held by the custodian;

(ii)	the investment transactions carried out by the custodian as instructed by the manager, and shall permit the scheme or pooled fund, their officers or duly authorized agents to inspect within the premises of the manage such books, records and statements a any time during business hours.

(3)	A manager shall ensure that minutes, statements and resolutions in respect of a scheme fund or pooled fund investment portfolio shall be properly filed.

(4)

A manager shall not be liable for any loss, damage or depreciation in the value of the scheme fund or pooled fund of any investment comprised therein or the income therefrom which may arise by reason of depreciation of the market value of the securities and other assets in which scheme funds or pooled funds are invested unless such loss, damage or depreciation in the value of the scheme fund or pooled fund arises from negligence whether professional or otherwise, willful default or fraud by the manager or any of his agents or employees.

(5)

A manager shall submit to the Authority within ninety days from the date of his appointment and subsequently after ninety days from the date of the previous submission -

(a)	a statement of the scheme fund or pooled fund and investment portfolio including details of the cost of such investments;

(b)	a statement detailing the investment transactions carried out within the ninety days' period of reporting;

(c)	a report reviewing the investment activity and performance of the investment portfolio comprising the scheme fund or pooled fund and proposed investments of the scheme fund or pooled fund during the following ninety days.

(6)

A manager shall invest the assets of the pooled fund in the name of the pooled fund and all accrued investments income, commissions, fees and direct and indirect gains from investing the pool fund shall be credited into the pooled fund account which is maintained by a custodian on behalf of the pooled fund.

(7)	A manager shall not engage the services of a property manager on behalf of the scheme or pooled fund without the written approval by the trustees or pooled fund.

(8)	All monetary benefits, commissions or gains arising directly or indirectly out of managing scheme or pooled funds shall be credited into the scheme fund or pooled fund by the manager or custodian as the case may be.

(9)	An agreement between a scheme or pooled fund and manager shall make provision for the computation of the management fee in respect of management services.

Termination of management agreement

(1)	Either party to the management agreement referred to in regulation 5(1) may at any time terminate the agreement.

(2)

In the event of termination of the agreement referred to in paragraph (1) the manager shall within thirty days, or in the case of a manager of a pooled fund, within ninety days, from the date of termination, hand-over, transfer and deliver to a manager appointed in writing by the scheme all the information in relation to its contractual duties to the scheme including -

(i)	statements pertaining to the entire scheme fund;

(ii)	investment portfolio including details of the cost of such investments and their estimated yields;

(iii)

statements pertaining to all incomplete transactions;

(iv)	any other information as may be reasonably required by the scheme.

Provided that copies of the said information shall be submitted to the Authority within the same period.

(3)

A manager shall within twenty-one days or such shorter period as may be stipulated in the agreement from the date of deregistration or from the date a winding up order has been issued by a competent court against such manager hand over, transfer and deliver all minutes, statements and resolutions in respect of the scheme fund or pooled fund investment portfolio together with any other information as may be reasonably required by the scheme or pooled fund to a manager appointed in writing by such scheme or pooled fund.

Application for registration of custodian

(1)	An application for registration as a custodian in accordance with section 25A of the Act shall be in the prescribed form together with the prescribed fee.

(2)	The minimum paid up share capital of a custodian shall be two hundred and fifty million shillings, or as may be prescribed from time to time.

(3)	The Authority shall within ninety days from the date of receipt of an application for registration consider the application of a custodian and notify the applicant in writing whether the custodian is acceptable for registration and the reason thereof if it is not acceptable.

(4)	The Authority shall after notifying the applicant that it is acceptable for registration proceed to register the applicant and forward to the applicant the certificate of registration.

The custodian

(1)	A custodian of a scheme fund or a pooled fund shall be appointed by the trustees of the scheme on such terms and conditions of service as shall be determined by the trustees in the instrument of appointment or otherwise in writing from time to time.

(2)

A custodian shall have all the powers necessary for the performance of his functions under this Act and in particular the custodian shall -

(a)	receive and keep in safe custody the title documents, securities and cash of the scheme fund or pooled fund;

(b)	open a bank account or banking accounts with a bank duly registered under the Banking Act, (Cap. 488) on behalf of the scheme, or a pooled fund, for the exclusive benefit of such scheme or pooled fund.

(c)	transfer exchange or deliver in the prescribed form securities held by a custodian upon receipt of proper instructions from the manager;

(d)

keep or cause to be kept such books, records and statements as may be necessary to give a complete record of -

(i)	the entire scheme fund, or pooled fund investment portfolio held by the custodian;

(ii)	the transactions carried out by the custodian on behalf of the scheme, or pooled fund, and shall permit the scheme or pooled fund, their officers or duly authorized agents to inspect such books, records and statements within the premises of the custodian at any time during business hours;

(e)

deliver to the scheme, or pooled fund or to such other persons as the scheme or pooled fund may in writing authorize copies of all notices, proxies, proxy soliciting materials received by the custodian in relation to any of the securities held in the scheme or pooled fund account, all public information financial reports and stockholder communications as the custodian may receive from issuers of securities and all information the custodian may receive from an offer relating to exchange or tender offers or other rights or offerings or as may be agreed upon from time to time;

(f)

submit to the scheme, or pooled fund-

(i)	a written report on specified dates listing all assets of the scheme, or pooled fund, in the scheme or pooled fund account together with a full account of all receipts and payments made and other actions taken by the custodian;

(ii)	advice or notification of any transfers of property or securities to or from the scheme or pooled fund account indicating securities acquired for the account and, the identity of the party in possession of such securities;

(iii)

a copy of the most recent audited financial statements of the custodian prepared together with such information regarding the policies and procedures of the custodian as the scheme, or pooled fund, may request in connection with the agreement or the duties of the custodian under that agreement.

(g)	exercise subscription, purchase or other similar rights represented by the securities subject to receipt of proper instructions from the manager,

(h)	exercise the same standard of care that it exercises over its own assets in holding, maintaining, servicing and disposing of property and in fulfilling any other obligations in the agreement:

Provided that the custodian shall exercise the degree of care expected of a prudent professional custodian for hire.

(3)	Except in cases where a scheme, or a pooled fund, has offshore investments, a custodian in dischargmg its contractual functions to the scheme, or a pooled fund, shall not contract out the discharge of the custodial services to third parties.

(4)	An agreement between a scheme or a pooled fund and a custodian shall make provision for the computation of the fee in respect of custodial services.

Termination of custodial agreement

(1)	An agreement between a scheme, or a pooled fund, custodial custodian may be terminated at any time agreement.

(2)

In the event of termination of the agreement between a custodian and a scheme, or a pooled fund, the custodian shall within thirty days from the date of such termination hand over, and deliver all the assets documents and funds including the bank account of the scheme held by such custodian to a custodian appointed in writing by the scheme, or pooled fund.

(3)

A custodian shall within thirty days or such shorter period as may be stipulated in an agreement, from the date of deregistration or from the date a winding up order has been issued by a competent court against such custodian handover, transfer and deliver all the assets, documents and funds including the bank account of the scheme, or pooled fund, held by such custodian to a custodian appointed in writing by the scheme, or pooled fund.

(4)

A custodian shall within thirty days from the date of termination of the agreement arising out of a breach of such agreement by either party submit to the Authority an audit report indicating the assets, liabilities and an inventory of the scheme fund or pooled fund, securities and title documents of the scheme, or pooled fund and assets which have been handed-over, transferred and delivered to the appointed custodian.

(5)	The party liable for the termination of the agreement shall meet the cost of the audit report referred to in paragraph (4).

(6)	A scheme, or a pooled fund, shall be served with an audit report and inventory as specified in paragraph (4) before the handing-over, transfer and delivery to the appointed custodian is effected.

10.

Insolvency and winding up of a manager and custodian

(1)	A manager or a custodian shall be deemed to be insolvent in accordance with the provisions of the Companies Act, (Cap. 486).

(2)	A manager or custodian which is insolvent shall be wound up in the manner provided for in the Companies Act, (Cap. 486).

THE RETIREMENT BENEFITS (MANAGERS AND CUSTODIANS) REGULATIONS, 2000

[Legal Notice 123 of 2000, Legal Notice 102 of 2002]

PART I – PRELIMINARY

1.	Citation These Regulations may be cited as The Retirement Benefits (Managers and Custodians) Regulations, 2000.

2.	Application These Regulations shall apply to managers and custodians of schemes.

Interpretation

(1)	In these Regulations unless the context otherwise requires - "pooled fund" means a fund established by a limited liability company other than approved issuer for purposes of pooling scheme funds for collective investment.

PART II – REGISTRATION OF MANAGER AND CUSTODIAN

Application for registration of manager

(1)	An application for registration as a manager shall be submitted to the Authority in the prescribed form together with registration of the prescribed fee.

(2)	The minimum paid up share capital including unimpaired reserves of a manager shall be ten million shillings or as may be prescribed from time to time.

(3)	A manager shall at all times have in its top management including the board of directors persons who are academically and professionally qualified in matters relating to either banking, insurance, law, accounting, actuarial studies finance, economics or investment of scheme funds.

(4)	The Authority shall within ninety days from the date of receipt of an application for registration consider the application of a manager and notify the applicant in writing whether the manager is acceptable for registration and the reason is thereof if it is not acceptable.

(5)	The Authority shall after notifying the applicant that it is acceptable for registration proceed to register the applicant and forward to the applicant the certificate of registration. [LN 102 of 2002, s. 2.]

The manager

(1)	A manager of a scheme fund or a pooled fund shall be appointed by the trustees of the scheme on such terms and conditions of service as shall be determined by the trustees in the instrument of appointment or otherwise in writing from time to time.

(2)

A manager shall have all the powers necessary for the performance of his functions under this Act and in particular the manager shall -

(a)	advise the scheme or pooled fund on the asset classes which are available for investment;

(b)	assist the scheme or pooled fund to formulate a prudent investment policy on the investment of scheme funds or pooled fund;

(c)	invest capital moneys which form part of the scheme or pooled fund subject to the investment policy;

(d)	reinvest any income of the scheme fund or pooled fund which is not required by the trustees for any immediate payments;

(e)

submit to the scheme or pooled fund at least quarterly from the date of commencement of the financial year of the scheme or pooled fund -

(i)	a valuation of the scheme fund or pooled fund and of all the investments representing the same including details of the cost of such investments and their estimated yields;

(ii)

(iii)

a record of all investment transactions during the previous period,

(f)	sit in-attendance, in the case of a scheme whose funds are not invested in a pooled fund, at the meetings of the Board of trustees whenever the trustees have an agenda item involving management of the scheme fund;

(g)	issue instructions on behalf of the trustees or the pooled fund to the custodian to transfer, exchange, deliver in the required form and manner scheme or pooled fund assets held by such custodian;

(h)	issue instructions on behalf of the trustees or pooled fund to the custodian to effect payment in respect of purchased securities or any other assets;

(i)

keep or cause to be kept such books, records and statements as may be necessary to give a complete record of -

(i)	the scheme fund or pooled fund and investment portfolio held by the custodian;

(ii)	the investment transactions carried out by the custodian as instructed by the manager, and shall permit the scheme or pooled fund, their officers or duly authorized agents to inspect within the premises of the manage such books, records and statements a any time during business hours.

(3)	A manager shall ensure that minutes, statements and resolutions in respect of a scheme fund or pooled fund investment portfolio shall be properly filed.

(4)

(5)

A manager shall submit to the Authority within ninety days from the date of his appointment and subsequently after ninety days from the date of the previous submission -

(a)	a statement of the scheme fund or pooled fund and investment portfolio including details of the cost of such investments;

(b)	a statement detailing the investment transactions carried out within the ninety days' period of reporting;

(c)	a report reviewing the investment activity and performance of the investment portfolio comprising the scheme fund or pooled fund and proposed investments of the scheme fund or pooled fund during the following ninety days.

(6)

(7)	A manager shall not engage the services of a property manager on behalf of the scheme or pooled fund without the written approval by the trustees or pooled fund.

(7A)

A manager shall not provide management or custodial services to any scheme or pooled fund in resepct of which the custodian is a company related to such manager:

Provided that where a manager and the related company are, at the commencement of this paragraph, already providing such services, the manager shall -

(a)	within thirty days from the date of commencement of this paragraph notify the Authority of the fact; and

(b)	comply with the provisions of this paragraph within three years from the date of such notification.

(8)	All monetary benefits, commissions or gains arising directly or indirectly out of managing scheme or pooled funds shall be credited into the scheme fund or pooled fund by the manager or custodian as the case may be.

(9)	An agreement between a scheme or pooled fund and manager shall make provision for the computation of the management fee in respect of management services. [LN 102 of 2002, s. 3.]

Termination of management agreement

(1)	Either party to the management agreement referred to in regulation 5(1) may at any time terminate the agreement.

(2)

(i)	statements pertaining to the entire scheme fund;

(ii)	investment portfolio including details of the cost of such investments and their estimated yields;

(iii)

statements pertaining to all incomplete transactions;

(iv)	any other information as may be reasonably required by the scheme.

Provided that copies of the said information shall be submitted to the Authority within the same period.

(3)

Application for registration of custodian

(1)	An application for registration as a custodian in accordance with section 25A of the Act shall be in the prescribed form together with the prescribed fee.

(2)	The minimum paid up share capital including unimpaired reserves of a custodian shall be two hundred and fifty million shillings, or as may be prescribed from time to time.

(3)	The Authority shall within ninety days from the date of receipt of an application for registration consider the application of a custodian and notify the applicant in writing whether the custodian is acceptable for registration and the reason thereof if it is not acceptable.

(4)	The Authority shall after notifying the applicant that it is acceptable for registration proceed to register the applicant and forward to the applicant the certificate of registration. [LN 102 of 2002, s. 4.]

The custodian

(1)	A custodian of a scheme fund or a pooled fund shall be appointed by the trustees of the scheme on such terms and conditions of service as shall be determined by the trustees in the instrument of appointment or otherwise in writing from time to time.

(2)

A custodian shall have all the powers necessary for the performance of his functions under this Act and in particular the custodian shall -

(a)	receive and keep in safe custody the title documents, securities and cash of the scheme fund or pooled fund;

(b)	open a bank account or banking accounts with a bank duly registered under the Banking Act, (Cap. 488) on behalf of the scheme, or a pooled fund, for the exclusive benefit of such scheme or pooled fund.

(c)	transfer exchange or deliver in the prescribed form securities held by a custodian upon receipt of proper instructions from the manager;

(d)

keep or cause to be kept such books, records and statements as may be necessary to give a complete record of -

(i)	the entire scheme fund, or pooled fund investment portfolio held by the custodian;

(ii)	the transactions carried out by the custodian on behalf of the scheme, or pooled fund, and shall permit the scheme or pooled fund, their officers or duly authorized agents to inspect such books, records and statements within the premises of the custodian at any time during business hours;

(e)

(f)

submit to the scheme, or pooled fund-

(i)	a written report on specified dates listing all assets of the scheme, or pooled fund, in the scheme or pooled fund account together with a full account of all receipts and payments made and other actions taken by the custodian;

(ii)	advice or notification of any transfers of property or securities to or from the scheme or pooled fund account indicating securities acquired for the account and, the identity of the party in possession of such securities;

(iii)

(g)	exercise subscription, purchase or other similar rights represented by the securities subject to receipt of proper instructions from the manager,

(h)	exercise the same standard of care that it exercises over its own assets in holding, maintaining, servicing and disposing of property and in fulfilling any other obligations in the agreement:

Provided that the custodian shall exercise the degree of care expected of a prudent professional custodian for hire.

(3)	Except in cases where a scheme, or a pooled fund, has offshore investments, a custodian in discharging its contractual functions to the scheme, or a pooled fund, shall not contract out the discharge of the custodial services to third parties.

(3A)

A custodian shall not provide custodial services to any scheme or pooled fund in respect of which the manager is a company related to such custodian:

Provided that where the custodian and the related company are, at the commencement of this paragraph, already providing such services, the custodian shall -

(a)	within thirty days from the date of commencement of this paragraph notify the Authority of the fact; and

(b)	comply with the provisions of this paragraph within three years from the date of such notification.

(4)	An agreement between a scheme or a pooled fund and a custodian shall make provision for the computation of the fee in respect of custodial services. [LN 102 of 2002, s. 5.]

Termination of custodial agreement

(1)	An agreement between a scheme, or a pooled fund, custodial custodian may be terminated at any time agreement.

(2)

(3)

(4)

(5)	The party liable for the termination of the agreement shall meet the cost of the audit report referred to in paragraph (4).

(6)	A scheme, or a pooled fund, shall be served with an audit report and inventory as specified in paragraph (4) before the handing-over, transfer and delivery to the appointed custodian is effected.

10.

Insolvency and winding up of a manager and custodian

(1)	A manager or a custodian shall be deemed to be insolvent in accordance with the provisions of the Companies Act, (Cap. 486).

(2)	A manager or custodian which is insolvent shall be wound up in the manner provided for in the Companies Act, (Cap. 486).

THE RETIREMENT BENEFITS (MANAGERS AND CUSTODIANS) REGULATIONS, 2000

[Legal Notice 123 of 2000, Legal Notice 102 of 2002, Legal Notice 82 of 2003]

PART I – PRELIMINARY

1.	Citation These Regulations may be cited as The Retirement Benefits (Managers and Custodians) Regulations, 2000.

2.	Application These Regulations shall apply to managers and custodians of schemes.

Interpretation

(1)	In these Regulations unless the context otherwise requires - "pooled fund" means a fund established by a limited liability company other than approved issuer for purposes of pooling scheme funds for collective investment.

PART II – REGISTRATION OF MANAGER AND CUSTODIAN

Application for registration of manager

(1)	An application for registration as a manager shall be submitted to the Authority in the prescribed form together with registration of the prescribed fee.

(2)	The minimum paid up share capital including unimpaired reserves of a manager shall be ten million shillings or as may be prescribed from time to time.

(3)	A manager shall at all times have in its top management including the board of directors persons who are academically and professionally qualified in matters relating to either banking, insurance, law, accounting, actuarial studies finance, economics or investment of scheme funds.

(4)	The Authority shall within ninety days from the date of receipt of an application for registration consider the application of a manager and notify the applicant in writing whether the manager is acceptable for registration and the reason is thereof if it is not acceptable.

(5)	The Authority shall after notifying the applicant that it is acceptable for registration proceed to register the applicant and forward to the applicant the certificate of registration. [LN 102 of 2002, s. 2.]

The manager

(1)	A manager of a scheme fund or a pooled fund shall be appointed by the trustees of the scheme on such terms and conditions of service as shall be determined by the trustees in the instrument of appointment or otherwise in writing from time to time.

(2)

A manager shall have all the powers necessary for the performance of his functions under this Act and in particular the manager shall -

(a)	advise the scheme or pooled fund on the asset classes which are available for investment;

(b)	assist the scheme or pooled fund to formulate a prudent investment policy on the investment of scheme funds or pooled fund;

(c)	invest capital moneys which form part of the scheme or pooled fund subject to the investment policy;

(d)	reinvest any income of the scheme fund or pooled fund which is not required by the trustees for any immediate payments;

(e)

submit to the scheme or pooled fund at least quarterly from the date of commencement of the financial year of the scheme or pooled fund -

(i)	a valuation of the scheme fund or pooled fund and of all the investments representing the same including details of the cost of such investments and their estimated yields;

(ii)

(iii)

a record of all investment transactions during the previous period.

(f)	sit in-attendance, in the case of a scheme whose funds are not invested in a pooled fund, at the meetings of the Board of trustees whenever the trustees have an agenda item involving management of the scheme fund;

(g)	issue instructions on behalf of the trustees or the pooled fund to the custodian to transfer, exchange, deliver in the required form and manner scheme or pooled fund assets held by such custodian;

(h)	issue instructions on behalf of the trustees or pooled fund to the custodian to effect payment in respect of purchased securities or any other assets;

(i)

keep or cause to be kept such books, records and statements as may be necessary to give a complete record of -

(i)	the scheme fund or pooled fund and investment portfolio held by the custodian;

(ii)	the investment transactions carried out by the custodian as instructed by the manager, and shall permit the scheme or pooled fund, their officers or duly authorized agents to inspect within the premises of the manage such books, records and statements a any time during business hours.

(3)	A manager shall ensure that minutes, statements and resolutions in respect of a scheme fund or pooled fund investment portfolio shall be properly filed.

(4)

(5)

A manager shall submit to the Authority within ninety days from the date of his appointment and subsequently after ninety days from the date of the previous submission -

(a)	a statement of the scheme fund or pooled fund and investment portfolio including details of the cost of such investments;

(b)	a statement detailing the investment transactions carried out within the ninety days' period of reporting;

(c)	a report reviewing the investment activity and performance of the investment portfolio comprising the scheme fund or pooled fund and proposed investments of the scheme fund or pooled fund during the following ninety days.

(6)

(7)	A manager shall not engage the services of a property manager on behalf of the scheme or pooled fund without the written approval by the trustees or pooled fund.

(7A)

A manager shall not provide management or custodial services to any scheme or pooled fund in resepct of which the custodian is a company related to such manager:

Provided that where a manager and the related company are, at the commencement of this paragraph, already providing such services, the manager shall -

(a)	within thirty days from the date of commencement of this paragraph notify the Authority of the fact; and

(b)	comply with the provisions of this paragraph within three years from the date of such notification.

(8)	All monetary benefits, commissions or gains arising directly or indirectly out of managing scheme or pooled funds shall be credited into the scheme fund or pooled fund by the manager or custodian as the case may be.

(9)	An agreement between a scheme or pooled fund and manager shall make provision for the computation of the management fee in respect of management services. [LN 102 of 2002, s. 3.]

Termination of management agreement

(1)	Either party to the management agreement referred to in regulation 5(1) may at any time terminate the agreement.

(2)

(i)	statements pertaining to the entire scheme fund;

(ii)	investment portfolio including details of the cost of such investments and their estimated yields;

(iii)

statements pertaining to all incomplete transactions;

(iv)	any other information as may be reasonably required by the scheme.

Provided that copies of the said information shall be submitted to the Authority within the same period.

(3)

Application for registration of custodian

(1)	An application for registration as a custodian in accordance with section 25A of the Act shall be in the prescribed form together with the prescribed fee.

(2)	The minimum paid up share capital including unimpaired reserves of a custodian shall be two hundred and fifty million shillings, or as may be prescribed from time to time.

(3)	The Authority shall within ninety days from the date of receipt of an application for registration consider the application of a custodian and notify the applicant in writing whether the custodian is acceptable for registration and the reason thereof if it is not acceptable.

(4)	The Authority shall after notifying the applicant that it is acceptable for registration proceed to register the applicant and forward to the applicant the certificate of registration. [LN 102 of 2002, s. 4.]

The custodian

(1)	A custodian of a scheme fund or a pooled fund shall be appointed by the trustees of the scheme on such terms and conditions of service as shall be determined by the trustees in the instrument of appointment or otherwise in writing from time to time.

(2)

A custodian shall have all the powers necessary for the performance of his functions under this Act and in particular the custodian shall -

(a)	receive and keep in safe custody the title documents, securities and cash of the scheme fund or pooled fund;

(b)	open a bank account or banking accounts with a bank duly registered under the Banking Act on behalf of the scheme, or a pooled fund, for the exclusive benefit of such scheme or pooled fund.

(c)	transfer exchange or deliver in the prescribed form securities held by a custodian upon receipt of proper instructions from the manager;

(d)

keep or cause to be kept such books, records and statements as may be necessary to give a complete record of -

(i)	the entire scheme fund, or pooled fund investment portfolio held by the custodian;

(ii)	the transactions carried out by the custodian on behalf of the scheme, or pooled fund, and shall permit the scheme or pooled fund, their officers or duly authorized agents to inspect such books, records and statements within the premises of the custodian at any time during business hours;

(dd)	submit to the scheme or pooled fund at least quarterly from the date of commencement of the financial year of the scheme or pooled fund -

(i)	a valuation of the scheme fund or pooled fund and of all the investments representing the respective fund including details of the cost of such investments and their estimated yields;

(ii)

a report reviewing the investment activity and performance of the investment portfolios comprising the scheme fund or pooled fund for the period succeeding the date of the last report and containing the manager's Proposals for the investment of the forthcoming period as recommended by the Authority;

(iii)

a record of all investmen transactions during the period after the date of the last report.

(e)

(f)

submit to the scheme, or pooled fund-

(i)	a written report on specified dates listing all assets of the scheme, or pooled fund, in the scheme or pooled fund account together with a full account of all receipts and payments made and other actions taken by the custodian;

(ii)	advice or notification of any transfers of property or securities to or from the scheme or pooled fund account indicating securities acquired for the account and, the identity of the party in possession of such securities;

(iii)

(g)	exercise subscription, purchase or other similar rights represented by the securities subject to receipt of proper instructions from the manager;

(h)	exercise the same standard of care that it exercises over its own assets in holding, maintaining, servicing and disposing of property and in fulfilling any other obligations in the agreement:

Provided that the custodian shall exercise the degree of care expected of a prudent professional custodian for hire.

(3)	Except in cases where a scheme, or a pooled fund, has offshore investments, a custodian in dischargmg its contractual functions to the scheme, or a pooled fund, shall not contract out the discharge of the custodial services to third parties.

(3A)

A custodian shall not provide custodial services to any scheme or pooled fund in respect of which the manager is a company related to such custodian:

Provided that where the custodian and the related company are, at the commencement of this paragraph, already providing such services, the custodian shall -

(a)	within thirty days from the date of commencement of this paragraph notify the Authority of the fact; and

(b)	comply with the provisions of this paragraph within three years from the date of such notification.

(4)	An agreement between a scheme or a pooled fund and a custodian shall make provision for the computation of the fee in respect of custodial services. [LN 102 of 2002, s. 5, LN 83 of 2003, s. 2.]

Termination of custodial agreement

(1)	An agreement between a scheme, or a pooled fund, custodial custodian may be terminated at any time agreement.

(2)

(3)

(4)

(5)	The party liable for the termination of the agreement shall meet the cost of the audit report referred to in paragraph (4).

(6)	A scheme, or a pooled fund, shall be served with an audit report and inventory as specified in paragraph (4) before the handing-over, transfer and delivery to the appointed custodian is effected.

10.

Insolvency and winding up of a manager and custodian

(1)	A manager or a custodian shall be deemed to be insolvent in accordance with the provisions of the Companies Act, (Cap. 486).

(2)	A manager or custodian which is insolvent shall be wound up in the manner provided for in the Companies Act, (Cap. 486).

THE RETIREMENT BENEFITS (MANAGERS AND CUSTODIANS) REGULATIONS, 2000

[Legal Notice 123 of 2000, Legal Notice 102 of 2002, Legal Notice 82 of 2003, Legal Notice 86 of 2007]

PART I – PRELIMINARY

1.	Citation These Regulations may be cited as The Retirement Benefits (Managers and Custodians) Regulations, 2000.

2.	Application These Regulations shall apply to managers and custodians of schemes.

Interpretation

(1)	In these Regulations unless the context otherwise requires - "pooled fund" means a fund established by a limited liability company other than approved issuer for purposes of pooling scheme funds for collective investment.

PART II – REGISTRATION OF MANAGER AND CUSTODIAN

Application for registration of manager

(1)	An application for registration as a manager shall be submitted to the Authority in the prescribed form together with registration of the prescribed fee.

(2)	The minimum paid up share capital including unimpaired reserves of a manager shall be ten million shillings or as may be prescribed from time to time.

(3)	A manager shall at all times have in its top management including the board of directors persons who are academically and professionally qualified in matters relating to either banking, insurance, law, accounting, actuarial studies finance, economics or investment of scheme funds.

(4)	The Authority shall within ninety days from the date of receipt of an application for registration consider the application of a manager and notify the applicant in writing whether the manager is acceptable for registration and the reason is thereof if it is not acceptable.

(5)	The Authority shall after notifying the applicant that it is acceptable for registration proceed to register the applicant and forward to the applicant the certificate of registration. [LN 102 of 2002, s. 2.]

The manager

(1)	A manager of a scheme fund or a pooled fund shall be appointed by the trustees of the scheme on such terms and conditions of service as shall be determined by the trustees in the instrument of appointment or otherwise in writing from time to time.

(2)

A manager shall have all the powers necessary for the performance of his functions under this Act and in particular the manager shall -

(a)	advise the scheme or pooled fund on the asset classes which are available for investment;

(b)	assist the scheme or pooled fund to formulate a prudent investment policy on the investment of scheme funds or pooled fund;

(c)	invest capital moneys which form part of the scheme or pooled fund subject to the investment policy;

(d)	reinvest any income of the scheme fund or pooled fund which is not required by the trustees for any immediate payments;

(e)

submit to the scheme or pooled fund at least quarterly from the date of commencement of the financial year of the scheme or pooled fund -

(i)	a valuation of the scheme fund or pooled fund and of all the investments representing the same including details of the cost of such investments and their estimated yields;

(ii)

(iii)

a record of all investment transactions during the previous period,

(f)	sit in-attendance, in the case of a scheme whose funds are not invested in a pooled fund, at the meetings of the Board of trustees whenever the trustees have an agenda item involving management of the scheme fund;

(g)	issue instructions on behalf of the trustees or the pooled fund to the custodian to transfer, exchange, deliver in the required form and manner scheme or pooled fund assets held by such custodian;

(h)	issue instructions on behalf of the trustees or pooled fund to the custodian to effect payment in respect of purchased securities or any other assets;

(i)

keep or cause to be kept such books, records and statements as may be necessary to give a complete record of -

(i)	the scheme fund or pooled fund and investment portfolio held by the custodian;

(ii)	the investment transactions carried out by the custodian as instructed by the manager, and shall permit the scheme or pooled fund, their officers or duly authorized agents to inspect within the premises of the manage such books, records and statements a any time during business hours.

(3)	A manager shall ensure that minutes, statements and resolutions in respect of a scheme fund or pooled fund investment portfolio shall be properly filed.

(4)

(5)

A manager shall submit to the Authority within forty five days from the date of his appointment and subsequently after forty five days from the date of the previous submission -

(a)	a statement of the scheme fund or pooled fund and investment portfolio including details of the cost of such investments;

(b)	a statement detailing the investment transactions carried out within the forty five days' period of reporting;

(c)	a report reviewing the investment activity and performance of the investment portfolio comprising the scheme fund or pooled fund and proposed investments of the scheme fund or pooled fund during the following forty five days.

(6)

(7)	A manager shall not engage the services of a property manager on behalf of the scheme or pooled fund without the written approval by the trustees or pooled fund.

(7A)

A manager shall not provide management or custodial services to any scheme or pooled fund in resepct of which the custodian is a company related to such manager:

Provided that where a manager and the related company are, at the commencement of this paragraph, already providing such services, the manager shall -

(a)	within thirty days from the date of commencement of this paragraph notify the Authority of the fact; and

(b)	comply with the provisions of this paragraph within three years from the date of such notification.

(8)	All monetary benefits, commissions or gains arising directly or indirectly out of managing scheme or pooled funds shall be credited into the scheme fund or pooled fund by the manager or custodian as the case may be.

(9)	An agreement between a scheme or pooled fund and manager shall make provision for the computation of the management fee in respect of management services. [LN 102 of 2002, s. 3, LN 86 of 2007, s. 2.]

Termination of management agreement

(1)	Either party to the management agreement referred to in regulation 5(1) may at any time terminate the agreement.

(2)

(i)	statements pertaining to the entire scheme fund;

(ii)	investment portfolio including details of the cost of such investments and their estimated yields;

(iii)

statements pertaining to all incomplete transactions;

(iv)	any other information as may be reasonably required by the scheme.

Provided that copies of the said information shall be submitted to the Authority within the same period.

(3)

Application for registration of custodian

(1)	An application for registration as a custodian in accordance with section 25A of the Act shall be in the prescribed form together with the prescribed fee.

(2)	The minimum paid up share capital including unimpaired reserves of a custodian shall be two hundred and fifty million shillings, or as may be prescribed from time to time.

(3)	The Authority shall within ninety days from the date of receipt of an application for registration consider the application of a custodian and notify the applicant in writing whether the custodian is acceptable for registration and the reason thereof if it is not acceptable.

(4)	The Authority shall after notifying the applicant that it is acceptable for registration proceed to register the applicant and forward to the applicant the certificate of registration. [LN 102 of 2002, s. 4.]

The custodian

(1)	A custodian of a scheme fund or a pooled fund shall be appointed by the trustees of the scheme on such terms and conditions of service as shall be determined by the trustees in the instrument of appointment or otherwise in writing from time to time.

(2)

A custodian shall have all the powers necessary for the performance of his functions under this Act and in particular the custodian shall -

(a)	receive and keep in safe custody the title documents, securities and cash of the scheme fund or pooled fund;

(b)	open a bank account or banking accounts with a bank duly registered under the Banking Act, (Cap. 488) on behalf of the scheme, or a pooled fund, for the exclusive benefit of such scheme or pooled fund.

(c)	transfer exchange or deliver in the prescribed form securities held by a custodian upon receipt of proper instructions from the manager;

(d)

keep or cause to be kept such books, records and statements as may be necessary to give a complete record of -

(i)	the entire scheme fund, or pooled fund investment portfolio held by the custodian;

(ii)	the transactions carried out by the custodian on behalf of the scheme, or pooled fund, and shall permit the scheme or pooled fund, their officers or duly authorized agents to inspect such books, records and statements within the premises of the custodian at any time during business hours;

(dd)

submit to the scheme or pooled fund at least quarterly from the date of commencement of the financial year of the scheme or pooled fund -

(i)	a valuation of the scheme fund or pooled fund and of all the investments representing the respective fund including details of the cost of such investments and their estimated yields;

(ii)

(iii)

a record of all investmen transactions during the period after the date of the last report.

(e)

Laws of Kenya