The move by the Retirement Benefits Authority (RBA) effectively disbands the scheme’s board pending appointment of an administrator within a month. The move by the Retirement Benefits Authority (RBA) effectively disbands the scheme’s board pending appointment of an administrator within a month. The administrator is also expected to recover all debts owed as well as evaluate the financial soundness of the scheme and advise RBA accordingly. RBA is putting the scheme under administration a few months after it said that cash-strapped firms can apply for suspension or discontinuation of employer-retirement contributions to pension schemes until the coronavirus pandemic eases. RBA, however, said companies that have filed winding up notice will bear full costs of employee and employer pension obligations.

Source: Daily Nation August 11, 2020 15:27 UTC