1

P.AG. KENYA P.AG. KENYA PASTORS & STAFFPASTORS & STAFFPROVIDENT FUNDPROVIDENT FUND

..

DUTIES OF A SCHEME DUTIES OF A SCHEME ADMINISTRATORADMINISTRATOR

2

The Position of Scheme The Position of Scheme AdministratorAdministrator

SCHEME ADMINISTRATORSCHEME ADMINISTRATOR

Others I.e.

•Lawyers.

•Consultants

•Trust Secretary

Income Tax

RBA

Trustees

SponsorP.A.G Kenya

Investment Manager Actuary Custodian Members

Auditors

3

Role of an Administrator a Scheme• Keeping, Maintaining and updating of all records of contributing members, deferred pensioners and current pensioners.• Provision of annual benefit statements for members.• Calculation of all members benefits under the pension scheme.• Completion of all documents required in the event of a member leaving the scheme including: statement of benefit entitlement e.g. refund of contributions, deferred pension, transfer value, early retirement pension.• Advising members who leave service or retire regarding their benefit options.

4

Role of an Administrator in an existing Scheme

• Monitoring and co-ordinating Additional Voluntary Contributions.

• Preparing and post renewal membership listings.

• Issuing advance notice of retirement listings – 12 months before retirement date.• Communicating with the Retirement Benefits Authority, Commissioner of Income Tax and other regulatory authorities.

• Ensuring that the scheme is professionally managed and in accordance with the Trust Deed and Scheme Rules.

• Ensuring that the Scheme is managed in accordance with the law, in particular the RBA 1997 and the Income Tax Rules.

5

Role of an Administrator in an existing Scheme

• Carrying out other tasks and duties as requested by the Trustees from time to time.

• Facilitating the registration of the retirement benefits Scheme.

• Attending and presenting reports at Trustee meetings.

• Liaising with other professionals concerned with the Scheme.

• Communicating with members when authorized by Trustees

• Conducting Trustees Seminars and also in-house training.

• Maintaining and operating a Bank Account (if required).

6

Role of an Administrator in an existing Scheme

• Outsourcing purchase of pensions for retirees.

•Outsourcing payment of pension to retirees.• Arranging and advising the Trustees on any Life Assurance or Policies that may be taken out by the them.

• Preparing Annual Accounts for audit.

7

The EndExtracted from

the Retirement benefit occupational regulation

and the Scheme administrators’ regulation