CHOOSING THE MOST PREFERABLE PENSION PAYOUT METHOD

CHOOSING THE MOST PREFERABLE PENSION PAYOUT METHOD

Pensions uptake in the region has significantly increased over time. The Retirement Benefits Authority estimates the assets under management in Kenya to have increased from Ksh 1,576.22 bn in December 2022 to Ksh 1,703.69bn in June 2023 which represents an increment of 8.087% for the 6 months period. However, there still exists a big knowledge gap on the methods of pensions payout and alternatives that individuals can use.

SOCIAL SECURITY IN KENYA

SOCIAL SECURITY IN KENYA

Diversity, Equity and Inclusion (DEI) refers to the frameworks that seek to promote fair treatment and full participation of all people, especially groups which have been historically under-represented or subjected to unfair treatment on the basis of identity or disability. This article will look at how the industry has progressed and where it stands currently in matters ensuring Diversity, Equity and Inclusion in the country. It will also review the various reforms that have been made by the pensions stakeholders to improve Diversity, Equity and Inclusion in the pensions industry.

DIVERSITY, EQUITY & INCLUSION IN PENSIONS

DIVERSITY, EQUITY & INCLUSION IN PENSIONS

Diversity, Equity and Inclusion (DEI) refers to the frameworks that seek to promote fair treatment and full participation of all people, especially groups which have been historically under-represented or subjected to unfair treatment on the basis of identity or disability. This article will look at how the industry has progressed and where it stands currently in matters ensuring Diversity, Equity and Inclusion in the country. It will also review the various reforms that have been made by the pensions stakeholders to improve Diversity, Equity and Inclusion in the pensions industry.

PENSION AND THE GIG ECONOMY

PENSION AND THE GIG ECONOMY

A gig economy is an economic status characterized by temporary contracts and freelancing. The need to cut cost while retaining efficiency has pushed companies to hire independent contractors for part-time roles. In addition, technological advancements and internet access has provided a platform for many individuals to take up multiple part-time role in various organization. Some common examples of gig jobs include; online taxi business, online writing, freelancing online marketing and forex trading.

HEALTH CARE IN POST RETIREMENT

HEALTH CARE IN POST RETIREMENT

According to the Kenya National Bureau of Statistics (KNBS) 2022 demographic health survey, insurance cover among the elderly remains relatively low with less than a third of individuals above the age of 50 reporting to have any form of medical insurance. Additionally, there has been an increase in reported cases of chronic illnesses among the elderly in recent years. This has pushed individuals into utilizing their pension savings to finance their post-retirement medical expenses.

CARING FOR THE AGING POPULATION

CARING FOR THE AGING POPULATION

The issue of welfare for the aging population has been a major point of discussion since the genesis of the human race. Traditionally it was a communal responsibility to take care of the old. With the evolution of time, responsibility has evolved and new variables have emerged in the delegation of that responsibility. This article will look at;

POST RETIREMENT MEDICAL FUND (PRMF)

POST RETIREMENT MEDICAL FUND (PRMF)

Medical expenses have been identified as one of the most significant expenses individuals face in retirement. The incidence rates for most chronic illnesses including various cancers, diabetes, renal failure and cardiac issues tend to increase with age. These factors usually result in relatively expensive medical insurance premiums for the elderly, resulting in most retirees lacking a medical cover. Most retirees therefore resort to Out of Pocket payment (either by depending on their children or well-wishers) to finance their incurred medical expenses. A Post Retirement Medical Fund (PRMF) seeks to address this challenge as it enables retirees have access to adequate, affordable and comprehensive health care in retirement.

YOUNG PEOPLE AND ATTITUDE TOWARDS PENSION PLANNING

YOUNG PEOPLE AND ATTITUDE TOWARDS PENSION PLANNING

The National Census 2019 revealed Kenya is a very youthful country. Those aged between 18 and 35 make up approximately 75% of Kenya’s population. A 2019 survey released by CPF and Infotrak Research and Consulting established that only 10% of this population are saving for retirement. This is despite the fact that anyone over the age of 18 (whether employed or self-employed) is eligible to begin saving for retirement. That being said, this article will discuss the youth’s attitude toward pension planning as well as the reasons why young people should consider starting to save early for retirement.

INVESTING IN INFRASTRUCTURE FOR PENSION SCHEMES

INVESTING IN INFRASTRUCTURE FOR PENSION SCHEMES

Pension schemes around the world are always looking for the best investment returns, and they’re always looking for profitable and significant investment possibilities. The main aim of any pension scheme is to deliver good retirement security to its members through investment and management decisions. This article aims to inform various stakeholders on investing in infrastructure as an alternative asset class that offers unique and rewarding investment opportunities for pension schemes.

RESPONSIBLE INVESTING WITH RETIREMENT FUNDS

RESPONSIBLE INVESTING WITH RETIREMENT FUNDS

Do you like the idea of your scheme’s retirement fund having a positive social impact while it earns returns? The article aims to introduce an investing practice; Responsible Investing, that seeks to achieve both social impact and financial gain.