Regulatory Alerts2014-01-01
Added · Updated
Pension (Payment of Benefits from Pension Funds) Directive, 2014
The Directive establishes procedures for the payment of benefits from pension funds, requiring trustees to verify retirement dates, disability status, and emigration details before disbursing funds. It mandates that benefits be paid within fourteen days of an exit declaration, with penalty interest applied for delays, and sets a K500,000 threshold for lump sum payments without prior Registrar approval. Additionally, it defines commutation limits for lump sums based on retirement age and authorizes the Registrar to impose administrative penalties or sanctions, such as license suspension, for non-compliance.
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