NAIROBI, Kenya, July 10 – The CPF Group Individual Pension Funds surged to Sh2.9 billion in the year ending 2023, highlighting growing appetite for the category.
The group comprising the Local Authorities Pension Trust (LAPTRUST), the County Pension Fund, and the CPF Individual Pension Plan says this was buoyed by an increase in its membership that rose to 23,229 last year compared to 10,931 members in 2022, translating to a 113 percent growth.
On the flip side, its LAPTRUST DB scheme reported a downturn in net assets from Sh31.26 billion in 2022 to Sh26.99 billion in 2023, motivated by increased withdrawals as members retired.
Active membership in this scheme also declined from 15,842 to 14,771 over the year.
CEO Hosea Kili, who spoke during the organization’s AGM, emphasized the group’s readiness to navigate the complex global economic environment with strategic measures to mitigate risks and capitalize on emerging opportunities.
“The Group is well-prepared with comprehensive strategic measures to mitigate risks and capitalize on opportunities. Our focus remains on delivering value to our members through innovative solutions and prudent financial management,” he said.
These include bolstering internal capacity and forging strategic partnerships to diversify investment portfolios and enhance returns for members.
Likewise, the Group unveiled its ambitious Strategic Plan 2024-2028 aimed at sustaining leadership in existing markets and exploring new opportunities through geographical diversification.
Aligned with government initiatives, the plan focuses on core values such as sustainability, professionalism, and innovation to accelerate growth.
