Regulatory Alerts2025-01-01
Pension (Information and Communication Technology Requirements for Administrators) Directive 2025
Issued by the Registrar of Financial Institutions under the Pension Act, 2023, this directive mandates administrators, self-administered pension funds, and pension services companies to implement compliant information and communication technology systems. It establishes minimum technical specifications for pension administration platforms, requiring robust calculation and reporting capabilities, data security controls, interface compatibility, and comprehensive ICT risk management covering governance, outsourcing, and business continuity. Administrators must submit and update detailed member, beneficiary, and employer data within fourteen days of receipt, with non-compliance triggering monetary penalties of up to K50 million for entities and K10 million for senior management, enforceable within a twelve-month transition period.