In compliance with RBA Regulations, the Trustees competitively appoint service providers who render various distinct investment and technical services custody services to the Scheme. These service providers include Fund Managers, Custodians, Actuaries, Auditors, Bankers and Advocates who offer specialized and technical services.
Prof. J. J. Okumu, PhD
Dr. Geraldine Matolla, PhD.
Prof. Paul Ayuo, MBChB.
Mrs. Christine Rinchuni
Mr. Paul Tuwei
Mrs. Lucy Njeru
Mr. Charles Nyameino, CPA.
The Board of Trustees relies on Trustees Act, RBA Regulations, and Trust Deed and Rules to guide, manage and transact business of the Scheme on a continued basis. The assets of the Scheme consist of all contributions remitted by the Sponsor and members and any income earned from investment. Trustees hold these assets and income therefrom, in trust, for the respective members of the Scheme.
The Board of Trustees together with the Sponsor have made tangible achievement in the management, growth and development of the Scheme, over the years, in spite of prevailing challenges. For example, the Fund has grown tremendously from Ksh 6.6 million in 1991 to Ksh 9.98 billion in August, 2017.
Other achievements include:
- High return on member account
- Enabled members acquire property
- Enhanced their benefits through annual investment returns
- Benefits are paid in good time
- Assisting dependants and beneficiaries of deceased members and retirees
- Changes in government legislation and policy
- Unpredictable global economic environment
- Potential splitting of the Fund due to emerging Constituent Colleges
- Political instability
- High death in service
Given these achievements and challenges, it is imperative for the Board of Trustees to develop a strategic plan in order to guide the operations of the scheme for the next five years.
Mandate of the Board of Trustees
Trustees have the Fiduciary Responsibility on all the assets and the resources of the Scheme on behalf of all members, beneficiaries, retirees and other stakeholders. They are also obligated to ensure steady growth of the Scheme in order to maximize returns for the benefit of stakeholders.
Duties of the Trustees
The duties of the Trustees as prescribed in Retirement Benefits Schemes (Occupational Retirement Benefits Schemes) Regulation, 2000, Rule No. 8 (2) (a - j) are as detailed below:
- Administering the Scheme in accordance with the provisions of the Act, these regulations and scheme rules.
- Keeping all proper books and records of account in respect to income, expenditure, liabilities and assets of the scheme fund.
- Computing and preparing statements of payments of benefits to members.
- Liaising with the Authority, sponsors, members, manager, custodian and any other professional engaged by the scheme.
- Collecting, keeping and updating retirement benefits data of each member including maintenance of individual membership records and bank account details of the members for the purpose of payment of benefits.
- Updating the sponsor at least quarterly during the financial year on all matters regarding the scheme.
- Ensuring that contributions based on correct pensionable emoluments have been remitted to the custodian as specified in the Act, these regulations and the scheme rules.
- Ensuring that the scheme funds are being invested by a manager, duly appointed by trustees as specified in the Act, these Regulations and the scheme rules.
- Communicating regularly with the members with respect to the affairs of the scheme and furnishing them with annual membership benefits statements, and ensuring that all documents intended to bind the scheme are professionally prepared.
- Convening an annual meeting of members to enable them raise any matters that relate to their scheme.