Income drawdown funds are becoming an increasingly popular financial product in Kenya, especially for retirees looking to access their pension savings. These funds allow individuals to withdraw from their pension while keeping the remaining balance invested, providing a steady income stream. The Retirement Benefits Authority (RBA) is the body responsible for registering and regulating these funds in Kenya, ensuring that they operate within the law and are beneficial to members.
In Kenya, many individuals rely on income drawdown funds as part of their retirement planning, ensuring they can maintain financial stability throughout their retirement years. Below is a comprehensive list of all registered income drawdown funds in Kenya.
What is an Income Drawdown Fund?
An Income Drawdown Fund is a financial product that allows individuals, particularly retirees, to withdraw funds from their pension savings while keeping the remaining balance invested. This system helps retirees to get a regular income without depleting their entire pension pot. The funds continue to grow while the investor draws down a set amount periodically, providing an income for the long term.
List of Registered Income Drawdown Funds in Kenya
Here is a list of registered income drawdown funds in Kenya, along with their respective founders or sponsors:
- APA Life Assurance Income Drawdown Plan
Founder/Sponsor: APA Life Assurance Company Ltd - British-American Insurance Company (Kenya) Limited Income Drawdown Plan
Founder/Sponsor: Britam Life Assurance Company (K) Ltd - CICAM Income Drawdown Fund
Founder/Sponsor: CIC Asset Management Ltd - CPF Income Drawdown Fund
Founder/Sponsor: CPF Financial Services - Cytonn Income Drawdown Fund
Founder/Sponsor: Cytonn Asset Managers Ltd - Equity Income Drawdown Fund
Founder/Sponsor: Equity Life Assurance Kenya Limited - GENGIS Drawdown Fund
Founder/Sponsor: Genghis Capital Ltd - ICEA LION Income Drawdown Fund
Founder/Sponsor: ICEA LION Assurance Company Ltd - ILAM Staafu Income Drawdown Fund
Founder/Sponsor: ICEA Lion Asset Management Limited - Jubilee Life Income Drawdown Fund
Founder/Sponsor: Jubilee Life Insurance Company Ltd - Kesho Hela Liberty Drawdown Fund
Founder/Sponsor: Enwealth Financial Services Ltd - Kuza Income Drawdown Fund
Founder/Sponsor: Kuza Asset Management Ltd - Liberty Life Income Drawdown Fund
Founder/Sponsor: Liberty Life Assurance (K) Ltd - Lofty-Corban Income Drawdown Fund
Founder/Sponsor: Lofty-Corban Investments Limited - Mavuno Tele Income Drawdown Fund
Founder/Sponsor: Kenindia Assurance Company Ltd - Milele Income Drawdown Fund
Founder/Sponsor: GenAfrica Asset Managers Ltd - Minet Kenya Income Drawdown Fund
Founder/Sponsor: Minet Kenya Financial Services Limited - Mwavuli Income Drawdown Fund
Founder/Sponsor: Wadhamini Fiduciary Services Ltd - Nawiri Income Drawdown Fund
Founder/Sponsor: Octagon Pension Services Limited - NCBA Income Drawdown Fund
Founder/Sponsor: NCBA Investment Bank Ltd - NTISL Income Drawdown Fund
Founder/Sponsor: Natbank Trustee & Investment Services Ltd - Prudential Income Drawdown Fund
Founder/Sponsor: Prudential Life Assurance (K) Ltd - Zamara Income Drawdown Fund
Founder/Sponsor: Zamara Actuaries Administrators and Consultants
Retirement Benefits Authority (RBA)
The Retirement Benefits Authority (RBA) is a statutory body tasked with regulating and supervising the retirement benefits schemes in Kenya. This includes managing income drawdown funds, ensuring compliance, and protecting the interests of fund members.
RBA Contact Information:
- Address: Rahimtulla Tower, 13th Floor, Upper Hill Road, Opposite UK High Commission
- Phone: 020 280 9000
- Toll-Free Number: 0800720300 (Safaricom)
Conclusion
Income drawdown funds are an excellent option for retirees who want to access their pension savings while continuing to benefit from growth in their investments. The Retirement Benefits Authority ensures that all registered funds adhere to the regulations, providing retirees with the confidence to use these funds for financial security in their later years.
