: RBA Board Chairman Nelson Havi, National Treasury Principal Secretary Dr. Chris Kiptoo and RBA CEO Mr. Charles Machira during the launch of the National Retirement Benefits Policy and RBA’s 2024-2029 Strategic Plan on August 29, 2024 at KICC, Nairobi.
The Retirement Benefits Authority (RBA) has set a new course for Kenya’s retirement benefits sector with the launch of its 6th Strategic Plan, aimed at ensuring financial security for all Kenyan retirees.
The official launch, which took place on August 29, 2024, at the Kenyatta International Convention Centre (KICC) in Nairobi, coincided with the unveiling of the National Retirement Benefits Policy. National Treasury Principal Secretary, Dr. Chris Kiptoo, highlighted the dual launch as a testament to the government’s commitment to ensuring that every Kenyan can retire with dignity, financial stability, and peace of mind.
“This moment marks a key milestone in our ongoing reform journey to enhance social security and improve the quality of life for our citizens,” said Dr. Kiptoo. “Since 1997, with the enactment of the Retirement Benefits Act, we have continuously worked towards establishing a robust regulatory framework for the sector and setting minimum standards for funded retirement schemes.”
RBA Board Chairman, Nelson Havi, emphasized that the Strategic Plan builds on the progress made over the past 23 years, while setting ambitious new objectives for the next five years. “This sixth Strategic Plan reflects the gains achieved through the implementation of previous plans. Today, the retirement benefits sector is stronger, thanks to improved legislation, heightened awareness around retirement savings, better governance structures, and accountability for retirement benefits,” Havi said.
He noted that the sector has grown significantly, boasting assets totaling Ksh 1.9 trillion and covering 26% of Kenya’s working population of 28 million, as per data from the Kenya National Bureau of Statistics. “Our goal is to expand these gains further, guided by this Strategic Plan and the National Retirement Benefits Policy,” Havi added.
RBA CEO, Charles Machira, described the Strategic Plan as a collaborative effort aimed at transforming Kenya’s retirement landscape. “This plan reflects our vision of dignity in retirement for all workers. It embodies a spirit of transformation and optimism for what the future holds, driven by collective effort and shared goals.”
Dr. Kiptoo echoed this sentiment, stressing that the National Retirement Benefits Policy, launched alongside the Strategic Plan, is designed to address the sector’s key challenges, including limited coverage, inadequate benefits, and fragmented regulatory frameworks. “The implementation of both these documents represents a major step forward in securing the financial future of all Kenyans,” he said.
He further emphasized that the policy tackles critical areas such as regulatory reform, financial literacy, technology adoption, and inclusivity, ensuring that Kenya’s retirement system remains sustainable and equitable in the face of economic, demographic, and social challenges.
