Kenya's pension industry closed 2024 with an impressive Ksh 2.23 trillion in retirement savings, an increase from Ksh 1.84 trillion in 2023. Despite this growth, the industry faces significant challenges including concentration risks, specifically overexposure to government securities, and a surge in unpaid contributions.

• Nearly half (48.5%) of the industry’s assets are invested in government securities.
• Charles Machira, CEO of the Retirement Benefits Authority (RBA), highlighted the need for diversification.
• Unpaid contributions, money deducted but not remitted to pension schemes, have more than doubled since 2021, reaching Ksh 69.4 billion.
• Operating costs for pension schemes jumped by 15% to Ksh 41.9 billion.