Sharp Daily
No Result
View All Result
Saturday, September 6, 2025
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home News

ICPAK and RBA clarify guidance on new pension rules

Brian Murimi by Brian Murimi
February 12, 2024
in News
Reading Time: 1 min read

Kenya’s pensions industry regulators have moved to calm confusion over new rules governing retirement benefits schemes in the East African nation.

In a joint statement on Monday, the Retirement Benefits Authority (RBA) and the Institute of Certified Public Accountants of Kenya (ICPAK) provided clarification on recent regulatory changes enacted through legal notices late last year.

The reforms have caused some uncertainty, prompting ICPAK to issue a technical advisory on valuing retirement schemes’ assets. This week’s statement aimed to “provide guidance” and encourage collaboration between the regulators.

According to the RBA and ICPAK, retirement benefits schemes should continue preparing financial statements according to international accounting standards. New rules on valuation of scheme funds issued by the RBA apply only to trustee reports, not full financial reporting, the statement outlined.

RELATEDPOSTS

Accountants flag ‘contraventions’ in retirement rules shake-up

February 7, 2024

Cytonn gets nod to manage NSSF Tier II pension funds

January 31, 2024

“All preparers of financial statements and auditors are urged to proceed with the requirements and understanding as required in the existing International Financial Reporting Standards,” it said.

The regulators also addressed amendments concerning the determination of net interest payable to pension scheme members. ICPAK had questioned whether unrealised losses on debt instruments should be excluded from returns credited to members.

Monday’s joint release affirmed that net returns declared to members should exclude such unrealised gains and losses. It added that trustee reports to members should include details on how net returns were calculated.

Finally, the RBA and ICPAK said they “have agreed to work collaboratively in the regulation of both the retirement benefits industry and the accountancy profession.” The two will develop “illustrative financial statements” to align with both accounting standards and Kenya’s new pension rules.

Previous Post

Citizen TV’s Swaleh Mdoe suspended

Next Post

Kenyan teacher attempts to break world record for longest science lesson

Brian Murimi

Brian Murimi

Brian Murimi is a journalist with major interests in covering tech, corporates, startups and business news. When he's not writing, you can find him gaming, watching football or sipping a nice cup of tea. Send tips via bireri@thesharpdaily.com

Related Posts

News

September snapshot: CMMF yields 13.12% as month unfolds

September 5, 2025
Private equity investment business concept
News

Private equity and insurance

September 4, 2025
News

Kick financial goals: Invest with CMMF this football season

August 22, 2025
commercial illustrator
News

Why Kenyan private equity firms should consider continuation funds as an exit strategy

July 23, 2025
Business

Del Monte foods files for bankruptcy in USA

July 3, 2025
News

Private vs Public Pension Funds in Kenya

June 30, 2025

LATEST STORIES

September snapshot: CMMF yields 13.12% as month unfolds

September 5, 2025

Why knowing your pension exit options matters, especially in the public sector

September 5, 2025

Breaking the Silence: Understanding and Supporting Suicide Awareness Month

September 5, 2025

Strategic financial moves steer Kenya’s economic stability

September 4, 2025
Private equity investment business concept

Private equity and insurance

September 4, 2025

How reforming payroll taxes can stabilize employment trends

September 4, 2025

How public ratings could shift healthcare dynamics in Kenya

September 4, 2025

Boosting Your Retirement Savings with Additional Voluntary Contributions (AVCs)

September 4, 2025
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team

Sharp Daily © 2024