Kenya Archives - Page 6 of 16 - Pension Policy International

03AugAugust 3, 2023

How consumer needs are driving pension sector change in Kenya

Over the last two decades, pension assets have grown substantially under the Retirement Benefits Authority (RBA). The regulator has developed and amended pension schemes’ regulations aimed at strengthening the legal and regulatory framework in the sector. The goal has been to achieve comprehensive pension coverage across the formal and informal sectors and better protect the interests of beneficiaries and the rights of pension contributors. As such, pension coverage has grown to about 22 percent of the labour force from 12 percent in...

August 3, 2023

NewsKenya

21JulJuly 21, 2023

Kenya: Local Infrastructure Projects Seek Over Sh700bn Financing From Pension Industry

The Kenya Pension Funds Investment Consortium (KEPFIC) has received infrastructure and alternative investment proposals worth over Sh700 billion ($5.5 billion) from project sponsors and fund managers looking to raise capital from the local retirement benefits schemes. The proposals come as local pension schemes expand their search for suitable investments to provide diversification and higher returns for pensioners. The announcement was made during the opening of the two-day KEPFIC Annual Investment Conference in Nairobi today, where the shortlisted investment opportunities were presented...

July 21, 2023

NewsInvestment, Kenya, Pension Management

04JulJuly 4, 2023

Kenya. Civil service pension funds leap to Sh41b in 18 months

Some 368,795 civil servants have contributed over Sh41 billion in 18 months to the Public Service Superannuation Scheme (PSSS), a new data show. The scheme’s membership shot from 330,318 in its introductory month in January 2021 when the government introduced PSSS as the preferred savings and retirement scheme in the public service sector to facilitate free movement of staff in and out of the sector Under this scheme, public service workers contributed two per cent of their gross pay towards retirement...

July 4, 2023

NewsKenya, savings

27JunJune 27, 2023

Kenya govt mulls mandatory contributions to retirement medical insurance schemes

The Kenyan government says it will review the current framework for post-retirement medical insurance schemes to make contributions to them mandatory by members and sponsors. The goal is to sustain access to healthcare services by retirees. The plan is part of proposals contained in the draft National Retirement Benefits Policy by the Retirement Benefits Authority (RBA. The draft was released for public feedback last week, according to a report by Business Daily Africa. A post-retirement medical scheme can be set up as...

June 27, 2023

NewsHealthcare, Kenya, Sustainability

10MayMay 10, 2023

Kenya. ICEA Life Assurance gets regulatory approval to manage NSSF pensions

ICEA Lion Life Assurance has become the latest private pension provider to obtain the approval of the Retirement Benefits Authority (RBA) to manage NSSF contributions by employees earning more than Sh18,000, also known as Tier II contributions. The underwriter who is part of the ICEA Lion Group has made the disclosure as it lures employers who opt out of the NSSF as a custodian of the higher-tier pension contributions. “Our team is dedicated to assisting employers with the opt-out procedure. With...

May 10, 2023

NewsKenya, Pension Managemen, Regulation

20AprApril 20, 2023

Kenya. Retirements Benefits Authority Woos The Jua Kali Sector

The Retirement Benefits Authority (RBA) is eyeing the jua kali sector as it begins to roll out its services to counties, RBA Deputy Director Peter Ngunyi has said. Ngunyi who was speaking during the launch of RBA service desk at the Nyeri Huduma Centre, said that in addition to bringing services closer to retirees in the counties, they were also looking to tap into the informal sector which constitutes 80 per cent of the labour market. He further explained that the...

April 20, 2023

NewsInformal Sector, Kenya, Voluntary Savings

30MarMarch 30, 2023

Kenya. MPs revive attempt to raise pension for former members

Parliament has revived a Bill rejected by former President Uhuru Kenyatta to increase pension for members who retired between 1984 and 2001. The Bill republished by Kimilili MP Didmus Barasa shows it will cost taxpayers an extra Sh180.9 million every year to keep former MPs who retired between July 1, 1984, and January 1, 2001, comfortable. The Budget and Appropriations Committee (BAC) heard that should the Parliamentary Pensions (Amendment) Bill 2022 sail through, the former legislators will earn a monthly pension...

March 30, 2023

NewsKenya, State Pensions

27FebFebruary 27, 2023

Kenya. Private firms to battle NSSF for new billions in pension

Private financial services firms are angling for a share of billions from enhanced pension contributions following the enactment of the National Social Security Fund (NSSF) Act 2013. The implementation of the Act has unlocked billions of shillings under tier II contributions which have been opened to other pension funds apart from NSSF. An employer can choose to send second-tier NSSF contributions to a private scheme after remitting tier-one deductions to the state-owned fund. According to estimates seen by the Business Daily from...

February 27, 2023

NewsInvestment, Kenya, Regulation

21FebFebruary 21, 2023

Kenya. Administrator welcomes NSSF contribution rise, urges simple opt-out process

Pension administrator Enwealth has welcomed the move to increase retirement savings contributions through the National Social Security Fund (NSSF) Act 2013. Early this February, the Court of Appeal quashed a judgment by an Employment and Labour Relations Court that declared the NSSF Act 2013 unconstitutional. While the Act recommended a monthly deduction of Sh200 to Sh600 for lower earners, top earners will be deducted Sh320 to Sh1,080 on a graduated scale. Increased contributions seek to ensure financial security for the retirees. However, the...

February 21, 2023

NewsKenya, Pension Management, savings

10FebFebruary 10, 2023

Kenya. Pensions Department To Fast-Track Processing Of Pensions

Retiring public servants will receive their pension within 90 days after exiting from service if a plan by the Pensions Department in the Treasury and Planning Ministry to fast-track the processing of pension materializes. Already, the department has deployed its officers at the Teachers Service Commission and Vigilance House to help process pension for retiring teachers and police officers and the same is expected to be replicated at the Headquarters of all ministries, officials have said. This, the officials said, will...

February 10, 2023

NewsKenya, Operations, Pension Payout

August 2023

How consumer needs are driving pension sector change in Kenya

July 2023

Kenya: Local Infrastructure Projects Seek Over Sh700bn Financing From Pension Industry

Kenya. Civil service pension funds leap to Sh41b in 18 months

June 2023

Kenya govt mulls mandatory contributions to retirement medical insurance schemes

May 2023

Kenya. ICEA Life Assurance gets regulatory approval to manage NSSF pensions

April 2023

Kenya. Retirements Benefits Authority Woos The Jua Kali Sector

March 2023

Kenya. MPs revive attempt to raise pension for former members

February 2023

Kenya. Private firms to battle NSSF for new billions in pension

Kenya. Administrator welcomes NSSF contribution rise, urges simple opt-out process

Kenya. Pensions Department To Fast-Track Processing Of Pensions