The 2017 Economic Survey also shows the assets of the schemes increased from Sh26.4 billion in June 2015 to Sh31.3 billion in June 2016.
The overall retirement benefit assets grew from Sh800 billion in June 2015 to Sh830 billion in June 2016.
Membership of individual retirement benefit schemes grew by 12.5 per cent from 147,154 in 2015 to 165,480 last year as employer-sponsored plans continued to dominate the pension industry.
The 2017 Economic Survey also shows the assets of the schemes increased from Sh26.4 billion in June 2015 to Sh31.3 billion in June 2016.
Meanwhile the overall retirement benefit assets grew from Sh800 billion in June 2015 to Sh830 billion in June 2016.
According to data from Retirement Benefits Authority (RBA), Kenya has more than 1,200 retirement benefit schemes dominated by employer-sponsored plans and about 32 individual plans.
“In 2016, there were 20 fund managers, 29 administrators and 11 custodians registered by the Retirement Benefits Authority to offer services to registered pension schemes,” the survey indicates.
‘Mbao’ that caters for informal sector workers with a Sh20 daily retirement plan via mobile money is the largest individual scheme.
In January, RBA effected a new regulation that requires schemes to publish audited financial statements by September 30 every year, as part of enhancing transparency and integrity in the entire industry, as administrators, managers and custodians disclose their ownership and top management to the regulator.
Also, any changes on the shareholding, board and senior executive will be filed to RBA within 30 days.
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Note: The results are not exact but very close to the actual.
