ADVOKS GLOBAL · KENYA
Retirement Benefits Act
28. Deregistration
Edition: 2025-06-20 · In force
28. Deregistration
(1)Subject to subsection (2), the Authority may deregister a scheme if—(a)it discovers after registration that a statement was made in connection with the application therefore which the applicant knew to be false or untrue in any material particular; or(b)the scheme is wound up or is otherwise dissolved; or(c)the scheme does not conform to the provisions of this Act or any regulations made or directions issued under this Act or any condition of the certificate of registration.(2)The Authority shall, before deregistering a scheme, give the trustees, sponsors and members of the scheme at least twenty-eight days notice of its intention and shall consider any representations made to it in writing by the trustees, sponsors or members within that period before deregistering the scheme.(3)Subject to subsection (4), the Authority may deregister a manager, corporate trustee, custodian or administrator if—(a)it discovers after registration that the manager, corporate trustee, custodian or administrator made a statement in or in connection with the application therefor which was false or untrue in any material particular; or(b)any event occurs which renders the manager, corporate trustee, custodian or administrator ineligible to manage or provide custodial services to a scheme fund, as the case may be;(c)the manager’s, corporate trustee's, custodian’s or administrator’s business is wound up or is otherwise dissolved;(d)the manager, corporate trustee, custodian or administrator is in breach of any condition attached to the certificate of registration; or(e)the manager, corporate trustee, custodian or administrator does not comply with any of provisions of this Act, or with any regulations made or directions issued thereunder.(4)The Authority shall, before deregistering a manager, corporate trustee or custodian, give the manager, corporate trustee or custodian and the sponsors or trustees of the scheme at least twenty-eight days notice of its intention, and shall consider any representations made to it in writing by the manager, corporate trustee or custodian within that period before deregistering the manager, corporate trustee or custodian.(5)Every notice under subsections (2) and (4) shall be in the prescribed form and shall specify the reasons for the intended deregistration.(6)The deregistration of a scheme shall not in any way prejudice the claims of members under the scheme.(7)Where the assets of a deregistered scheme are insufficient to fully discharge its obligations to its members, the Chief Executive Officer may, subject to the approval of the Board, take over the distribution or transfer of the assets and the supervision of the scheme in order to protect the interests of members.