A STRATEGIC MOVE FOR FUTURE STABILITY AND SUSTAINABILITY
Consolidation of pension schemes in Africa is becoming an increasingly
prominent strategy within the pension industry. In Kenya, schemes have been
consolidated in to ‘Umbrella Funds’ which are basically funds that pool mutliple
small, medium or large schemes that are often of employers of the same line of business.
The main aim of consolidating pensions schemes is to reduce administrative and
investment costs, improve administrative efficiency and to enhance the overall stability
and perfomance of schemes. This trend is redefining the scope of retirement savings
amidst the evolution of the gig economy and changing work place environment.
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