Only one in 10 Kenyans belongs to an individual pension scheme other than the National Social Security Fund which is compulsory. A survey by Infotrack Research & Consulting shows most Kenyans don’t believe there are viable pension schemes that meet their needs. The survey shows that while 58 per cent of Kenyans intend to retire after hitting 60, the majority of them are not prepared or ready to think about retirement. At least 84 per cent of Kenyans are unaware of any registered umbrella/group pension schemes in Kenya offered by the different pension scheme/plan service providers. According to the survey, Kenyans cited the available pension schemes are too costly adding that there was a lack of readily available information in the market.

Source: The Star June 04, 2019 01:52 UTC