NAIROBI, Kenya, Mar 10 – Genghis Capital’s Asset Management arm has announced its entry into the retirement benefits industry at a time when the uptake of pension schemes continues to be low.
The company says it has entered the market with two offerings, namely Gencap Individual Pension Plan and Gencap Income Drawdown Fund.
Product Development Officer at Genghis Capital Alice Kamau said the Individual Pension Plan would seek to leverage on technology to reach a wide section of the public.
“We are working on automating our products to ensure anyone in any part of the country can join the Gencap Individual Pension Plan at ease from the mobile phones and at the same time enjoy above the average income through a professionally managed fund, “ she commented.
The income fund, on the other hand, will enable retirees to access their retirement benefits as regular income during their retirement years.
This fund is fashioned to meet the requirements stipulated in the 2019 Finance Bill, which made it mandatory for all schemes to include income drawdown as an option for members to access their retirement benefits, as opposed to just having annuities.
Senior Manager at Genghis Capital Maurice Oduor said the launch comes at a time when less than 5 percent of Kenyans are comfortable during their retirement years.
Data by the Retirement Benefits Authority shows that about 20 percent of the working population have a retirement plan with only 1 percent of workers sector being under one form of a pension scheme.