The number of Kenyan pension schemes dropped by 16 to 951 in 2023 due to consolidation efforts, even as the sector’s assets under management grew significantly. This trend reflects a strategic push towards larger, more efficient schemes.

• Total assets under management in the pension sector reached Sh2.2 trillion, marking a 21.18 percent growth from Sh1.8 trillion in 2023.
• The Retirement Benefits Authority (RBA) reported that the largest decline in scheme numbers occurred in those with less than Sh100 million in fund value.
• National Treasury and industry players are advocating for smaller schemes to merge or join umbrella schemes to boost investment and returns, eyeing the pension sector for funding infrastructure projects.