Pension industry turns to public education to boost retirement planning
Retirement Benefits Authority Director Market Conduct and Industry Development Tom Kiptanui makes his remarks during the Pensions Conference and Expo at KICC, Nairobi on October 29, 2026.
What you need to know:
- The Retirement Benefits Authority (RBA) is developing partnerships to reach workers outside formal employment
- RBA is encouraging providers to develop individual pension plans that allow informal workers to contribute when their incomes permit.
Kenya’s pension industry is stepping up public education on retirement planning as only seven million of the country’s 28 million working population save for old age, leaving millions exposed to financial hardship when they stop earning.
The Retirement Benefits Authority (RBA) says pension coverage stands at 26.5 per cent, with formal sector workers accounting for almost all those covered, while participation among informal workers remains below two per cent.
The figures have pushed the regulator and pension providers towards wider financial literacy campaigns, flexible savings products and outreach programmes aimed at convincing Kenyans to plan for retirement long before they leave employment.
Speaking at the Nation Media Group’s Pensions Conference and Expo in Nairobi, RBA director of market conduct and industry development Tom Kiptanui said forums bringing together the regulator, providers and the public were critical in expanding awareness.
Kenbright Chief Actuary & CEO Ezekiel Macharia (centre) with SanlamAllianz Life Insurance General Manager Life Insurance, East Africa, Moses Mutuli (left) and Kenindia Head of Pension-Life Christopher Losialoi participate in a panel discussion during the Pensions Conference and Expo at KICC, Nairobi on October 29, 2026.
“Such a forum like this is really a consolidated effort for all of us to bring awareness, for all of us to be able to talk to each other and those who are not saving towards retirement for them to start thinking about retirement,” Mr Kiptanui said.
He said the authority is also developing partnerships to reach workers outside formal employment, whose irregular earnings make conventional monthly pension contributions difficult.
The regulator is encouraging providers to develop individual pension plans that allow informal workers to contribute when their incomes permit, while targeting professional associations and community groups with retirement savings information.
Mr Kiptanui said RBA is also using digital channels, including podcasts, to reach people who may not be able to attend physical financial literacy sessions.
Explore savings plans
Godo Gichohi, head of corporate communications at Britam Asset Managers, said retirement planning should begin when a person starts working, rather than being treated as an issue for older people.
“Retirement does not begin when you are 60. I believe that has been a running theme from the first presenter. It begins the day you are employed,” Mr Gichohi told the conference.
He said younger workers often prioritise immediate financial needs, making it important for employers and pension providers to explain the value of starting early and making additional voluntary contributions.
The industry is also seeking to make retirement planning more practical through tools that help members estimate their future benefits against their desired standard of living.
Eunice Wanjiru (left) and Juliet Nyambura from APA Apollo Group at their stand during the Pensions Conference and Expo at KICC, Nairobi on October 30, 2026.
Mr Ngumo Njoroge, the head of corporate communications at the Public Service Superannuation Fund (PSSF), said its pension calculator allows members to project their savings at retirement using their current contributions, employer contributions and estimated investment returns.
Sanlam Allianz Life’s James Anduni demonstrated a mobile platform that allows users to explore savings plans with contributions starting at Sh100, Sh200 or Sh500, including access through a USSD code.
The push for better-informed savers comes as the country’s pension assets grow, reaching Sh3.16 trillion in June 2026 from Sh2.8 trillion in December 2025, according to figures presented by RBA.
The expanding pool of pension assets has, however, not translated into broad coverage, highlighting the gap between growth in the industry and the number of Kenyans preparing financially for old age.
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