The Retirement Benefits Authority has launched the National Retirement Benefits Policy and RBA 2024-2029 strategic plan and pension sector June 2024 report.
The plan is consistent with the fourth medium-term plan of Vision 2030 which aims to provide a high quality of life to all Kenyans by 2030.
The plan aligns with the Bottom-up Economic Transformation Agenda for the achievement of constitutionally guaranteed economic and social rights.
National Treasury Principal Secretary Chris Kiptoo spoke on Thursday at the opening of a two-day Pension Industry Convention.
He said the government is working to ensure that vulnerable Kenyans are included in the savings for retirement as it is one of Kenya Kwanza Government’s promises.
“In this regard, the Kenya National Entrepreneurship Savings Trust - a national informal sector pension scheme, was established by the government.
"It aims to meet the unique needs of the informal sector,” Kiptoo said.
The PS said KNEST has set up all necessary structures and soon would launch it formally.
“All the long-term savings accumulated under the financial inclusion Fund, Hustler Fund, will be remitted to KNEST fund for investment and management.
"This is to safeguard these benefits in accordance with the provisions of the Retirement Benefits Act,” Kiptoo said.
He said leveraging technology would be critical in the successful implementation of their new strategic plan.
That would improve the efficiency and accessibility of the retirement benefits schemes, making them more inclusive and user-friendly.
RBA Board of Directors Chair Nelson Havi said the launch of the strategic plan and National Retirement Benefits Policy 2024-2029 marks a significant milestone in the history of Kenya’s retirement benefits landscape.
Havi said the plan also recognised the role retirement savings played in mobilising long-term savings that were critical to the nation’s economic growth and prosperity.
“These savings set the retirement benefits sector on a transformation path towards a secure and dignified retirement for all Kenyan workers,” Havi said.
He said they are committed to promoting saving for retirement by supervising and supporting the development of the retirement benefits sector.
“The retirement plan aligns with universal Sustainable Development Goals to eradicate all forms of poverty everywhere.
"This is by ensuring healthy lives, promoting sustained, inclusive and sustainable growth and reducing inequality within and among all countries,” Havi said.
He said their targets in the new strategic plan 2024-2029 required collaboration from all stakeholders, including the government, the private sector, and civil society.
