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{
    "id": 1079472,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1079472/?format=api",
    "text_counter": 170,
    "type": "speech",
    "speaker_name": "Kitui West, WDM-K",
    "speaker_title": "Hon. (Ms.) Edith Nyenze",
    "speaker": {
        "id": 13513,
        "legal_name": "Edith Nyenze",
        "slug": "edith-nyenze"
    },
    "content": " Thank you, Hon. Temporary Deputy Speaker. Let me take this opportunity to support the Bill with amendments as proposed by the Committee, led by the able Chair, Hon. Gladys Wanga. I support the amendment that seeks to introduce post-retirement medical cover in the definition of “retirement benefits” as used in the Retirement Benefits Acts. This Bill proposes to facilitate regulation and registration of corporate trustees that provide services to pension schemes. The corporate trustees are supposed to be registered with the Retirement Benefits Authority. Initially, stakeholders have been registered, like custodians, fund managers and administrators, but corporate trustees have not been registered and regulated. It is very important to regulate them because they offer services for post-retirement medical cover. These are some of the stakeholders in charge of ensuring that retirement funds are well taken care of. It is very important to register them and ensure that they are qualified before they offer such services. This will give members some security and even encourage more people to save for their post-retirement medical cover. It is very important to have a post-retirement medical cover. You realise that Kenyans do not have a good culture of saving for retirement. It is after retirement when most people get sick and they need such a cover very much for them to lead a good life after retirement. This Bill, therefore, proposes to register the corporate trustees. We need to ensure they are qualified. Currently, the corporate trustees are not regulated by the Retirement Benefits Authority despite them being entrusted with the management of pension funds. It is a risk where corporate trustees do not have the requisite qualification for them to handle pension funds. This Bill, therefore, seeks to amend that in order to ensure that corporate trustees are accountable for their actions. The Bill also proposes to introduce an annual fee to be paid by registered insurers. This will take effect from 1st January 2022. Currently, insurers, once registered, are not required to apply for renewal of their registration. By them renewing their registration, you give some revenue to IRA to undertake activities which are required to regulate the sector in order to cushion consumers especially during this time of COVID-19 when most people have been affected. Many small businesses have been affected and most Kenyans are having a lot of problems because their businesses have gone down. They are becoming poorer. It is good that the Committee proposes to disagree with the proposal to tax bread, wheat and maize flour. Instead, the Committee proposes to maintain zero-rating on bread, wheat and maize flour, so that the cost of these items can remain the same. In doing so, it means that the suppliers can claim back their VAT. The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}