RBA Sets Deadline for Pension Schemes to File Audited Statements, Warns of Penalties

The Retirement Benefits Authority (RBA) has reminded pension schemes whose financial year ended on June 30, 2026, to file their audited financial statements by September 30 or risk penalties for late submission.

The reminder targets trustees, scheme administrators and other service providers overseeing retirement benefits schemes as the statutory deadline approaches.

Under the Retirement Benefits Act, 1997, every scheme must submit its audited financial statements to the Authority within three months after the close of its financial year.

Schemes Face Penalties for Late Accounts

RBA said failure to submit the audited accounts within the prescribed period attracts penalties under Section 34(4)(c) of the Retirement Benefits Act.

It has also directed schemes to comply with a separate requirement on payment of the retirement benefits levy, with the deadline set for October 31, 2026.

The levy is payable within four months after the end of a scheme’s financial year under Section 16 of the Act and the relevant retirement benefits regulations covering occupational, individual and umbrella schemes.

Late payment comes with a penalty equivalent to five percent per month on the outstanding amount.

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RBA Directs Schemes to Use eCitizen Payment Channel

RBA said levy payments should be made online through its Returns Portal using the eCitizen collection account.

After making a payment, schemes have been asked to send their registration number, scheme name and amount paid to the Authority through levy@rba.go.ke to facilitate identification of the payment.

The Authority urged trustees, administrators and other industry service providers to observe both deadlines to avoid penalties.

For schemes whose accounts closed on June 30, the three-month period expires at the end of September.

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Schemes seeking clarification on retirement benefits matters can contact RBA through its toll-free line, 0800720300, or telephone numbers 2809000, 0726 600001-5 and 0735 339132.

RBA is based at Rahimtulla Tower, 13th Floor, Upper Hill Road, Nairobi.

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Retirement Benefits Authority (RBA) headquarters. PHOTO/RBA