RBA marks 25 years of pension milestones

The Retirement Benefits Authority (RBA) is this morning marking a major milestone as it celebrates its 25th anniversary, commemorating a quarter-century of service and transformation in Kenya’s retirement benefits sector.

The Authority is hosting its Silver Jubilee Celebration alongside the 2nd National Retirement Benefits Sector Convention, an event to be presided over by Treasury Cabinet Secretary John Mbadi.

This year’s convention is anchored on the theme “Securing Dignity in Retirement: Lessons from the Past, Strategies for Tomorrow.”

It brings together policymakers, employers, trustees, and service providers to reflect on the sector’s progress and chart a forward-looking agenda aimed at strengthening retirement security for Kenyans.

Over the past 25 years, RBA has played a central role in reshaping the country’s pensions landscape.

Pension assets have grown from Sh40 billion in 2000 to more than Sh2.5 trillion by mid-2025, underscoring increased public confidence in retirement schemes and improved governance.

Coverage has also expanded from about 10 per cent of the labour force to around 26.5 per cent, bringing more than 7.5 million Kenyans under the protection of a registered retirement benefits scheme.

RBA Chief Executive Officer Charles Machira says the Authority’s mission remains anchored on ensuring long-term security for workers.

“Every effort we make ensures that everyone enjoys a secure and comfortable future,” he notes.

Under its Strategic Plan 2024–2029, RBA aims to grow pension assets to Sh3.2 trillion and increase coverage from 26 per cent to 34 per cent by the end of the plan period.

The Authority says it remains committed to expanding inclusion among informal sector workers, the self-employed, and Kenyans in the diaspora while strengthening governance, financial literacy, and digital innovation across the industry.

Machira adds that the next phase of growth will build on RBA’s 25-year legacy of trust, transparency, and transformation, with a continued focus on ensuring every Kenyan can retire with dignity.

The Authority highlights several key milestones over its 25-year journey, including a more than doubling of national pension coverage and the steady rise in the number of contributors benefiting from structured retirement schemes.

Building on the success of the inaugural 2024 convention—which launched the National Retirement Benefits Policy (NRBP) and the RBA Strategic Plan (2024–2029)—the 2025 event will feature two major sessions.

The first, “Redefining Retirement Benefits Adequacy to Transcend Economic Headwinds,” will examine how to secure sustainable retirement income amid inflation, market volatility, and demographic shifts.

The second, “Sustainability of Retirement Benefits Schemes: Investment Best Practices and the Alternative Agenda,” will explore funding challenges in public-sector schemes, diversification into alternative and ESG-aligned investments, and long-term investment strategies.

The NRBP, the RBA 2024–2029 Strategic Plan, and the June 2024 pension sector report aligns with Vision 2030’s goal of delivering a high quality of life for all Kenyans.

They also support the Bottom-up Economic Transformation Agenda, which seeks to enhance the achievement of constitutionally guaranteed economic and social rights.