The Retirement Benefits Authority (RBA) is aiming to grow its assets to Sh 3.2 trillion by 2029, according to RBA’s Deputy Director of ICT, Peter Ngunyi.
He shared this goal while speaking in Nyeri during a public awareness program launch. This target is part of the Authority’s new five-year plan, which starts in July this year.
Ngunyi explained, “Our current assets are around 1.7 trillion, but with our new plan, we aim to reach Sh 3.2 trillion in the next five years.”
RBA data reveals that only 26 percent of Kenya’s workforce saves for retirement, totaling approximately 3.2 million active RBA members.
Ngunyi mentioned that the Authority is now focusing on the informal sector and professionals not yet enrolled in pension schemes to achieve their ambitious targets.
He stated, “Most of the 26 percent who save are from formal jobs. RBA plans to work with individual pension planners in the insurance sector to reach the informal sector, including people in the informal economy like artisans and professionals such as lawyers and doctors without formal jobs. We encourage them to join individual pension plans and save for retirement.”
Ngunyi also reassured Kenyans about the safety of their savings, mentioning the measures in place to protect members’ benefits.
He emphasized, “Our main role is to regulate the pension sector and ensure members’ benefits are secure. The industry is highly regulated, ensuring no loss of funds. Kenyans can trust that their pension savings are safe.”
