The push to consolidate small pension schemes is gaining momentum as industry players seek regulations specifying the least amount a retirement plan can hold.
Stakeholders said yesterday the sector is currently too fragmented for the pension assets under management to make meaningful contributions to the needy segments of the economy.
This is despite the industry recording growth, with pension assets under management surpassing Sh2.3 trillion as of the end of December 2024, with 1,032 pension schemes.
For example, they said, the discourse for the pension sector to contribute to the government's affordable housing or capital infrastructure projects can only come to fruition if there are economies of scale.
