Workers and employers in the North Rift have been urged to save regularly, invest wisely and start planning for retirement early, as rising living costs and changing economic conditions increase the need for stronger financial planning.
The call was made during a financial wellness and retirement preparedness forum organised by Octagon Africa in Eldoret, bringing together employees, employers, human resource professionals and business leaders to discuss emerging trends in pensions, insurance and investments.
Held under the theme “Empowering the Workforce: Navigating Evolving Trends in Pensions, Insurance, and Investments,” the forum is part of Octagon Africa’s regional dissemination programme, which seeks to help workers, employers and other stakeholders understand changes in pensions, insurance and investments and make informed financial and retirement planning decisions.
Fred Waswa, Group Chief Executive Officer, Octagon Africa, said financial wellbeing goes beyond earning an income and meeting day-to-day needs to having the ability to withstand financial shocks and achieve long-term goals.
“Financial inclusion is only the beginning. True financial wellbeing is measured by an individual’s ability to withstand economic shocks, achieve important life goals and retire with dignity,” said Waswa.
He said rising living costs, healthcare expenses, longer life expectancy and economic uncertainty were making financial and retirement planning increasingly important.
“Today’s workforce faces a range of risks that extend beyond the workplace. Inflation, healthcare expenses, longer life expectancy and economic uncertainty mean that retirement planning can no longer be postponed,” he added.
Current state of Kenya’s pension assets
The forum comes as Kenya’s retirement benefits industry continues to expand. According to the Retirement Benefits Authority’s 2025 Statistical Digest, pension assets increased by 26.84 per cent from Ksh 2.23 trillion in 2024 to Ksh 2.83 trillion in 2025. Contributions to retirement schemes rose by 17.37 per cent to Ksh 309.3 billion, while investment income generated by pension schemes increased from Ksh 222.2 billion in 2024 to Ksh 274.8 billion in 2025.
Despite the growth in pension assets, retirement savings remain limited relative to the size of the working-age population. Membership in retirement benefits schemes increased by 4.7 per cent to 7.71 million in 2025, representing 26.58 per cent of an estimated working-age population of 29 million. Active membership stood at 4.02 million.
Occupational pension schemes remained the largest component of Kenya’s retirement benefits industry, holding Ksh 1.79 trillion, equivalent to 63.4 per cent of total retirement assets. Individual schemes held Ksh 176 billion, while umbrella schemes accounted for Ksh 253.2 billion.
The growth in pension assets and investment income highlights the importance of making informed decisions on where and how retirement savings are invested. Understanding risk, returns and diversification can help workers make better long-term investment decisions.
Participants were encouraged to start saving early, build emergency funds, manage debt carefully and make use of available occupational and individual retirement schemes. Starting early gives workers more time to build their savings and benefit from investment growth, while allowing them to adjust contributions as their income, family responsibilities and financial needs change.
The forum also examined the role employers can play in strengthening employees’ financial security through suitable retirement and insurance arrangements and improved financial education in the workplace.
Octagon Africa said the regional engagements provide a platform for dialogue with workers, employers and institutions while offering practical insights into developments in pensions, insurance and investments. The Eldoret engagement is part of the company’s wider regional programme aimed at improving financial literacy, strengthening retirement preparedness and supporting more financially resilient workforces across Kenya.
