The number of pension schemes in Kenya has slightly decreased to 951 in 2023 from 967 in 2022, according to the Retirement Benefits Authority (RBA). This decline is attributed to smaller schemes consolidating into umbrella schemes, leading to a significant increase in total assets under management.

• Total assets under management grew by 21.18 percent to Sh2.2 trillion in 2023 from Sh1.8 trillion in 2022.
• The largest decline occurred in schemes with less than Sh100 million in fund value, dropping from 280 to 233, reflecting a trend towards scheme consolidation.
• Five schemes with assets above Sh50 billion account for 30 percent of the total fund value, while 37 schemes with assets between Sh10 billion and Sh50 billion contribute 32.92 percent.
• The National Treasury and industry players are advocating for this consolidation to boost investment in infrastructure projects through Public-Private Partnerships (PPPs).
• Taifa Pension Fund, an umbrella scheme under the CPF Group, launched in 2022, now manages Sh903.8 million in assets with a 13.7 percent return in 2024.