Cytonn Asset Managers Limited (CAML) on Monday launched three new pension products, expanding its portfolio.
During the launch, the firm introduced a personal retirement benefits scheme, an umbrella retirement benefits scheme and an income drawdown fund. These products are part of CAML’s strategy to offer high returns to pension clients and increase pension penetration in the country.
David K. Mwakitele, Head of Pensions at CAML, noted the unique features of all the schemes, emphasizing the importance of covering more Kenyans. Only 20% of the country’s workforce is covered under a pension scheme. While making his remarks, Mwakitele said: “We shall bring the same Cytonn ethos of delivering above average returns and focusing on the interest of the client in the management of these funds. As Cytonn Asset Managers Limited, we remain committed to supporting the Authority in enhancing education to the public on the importance of saving for retirement to secure their financial future post-retirement and consequently enabling more people to save for their retirement.”
Speaking at the event, former RBA CEO Dr Edward Odundo noted that retirees suffer the most when they had not planned for their retirement. He was therefore encouraged to see that CAML’s pension products were designed to offer beneficiaries value.
“I advise anyone thinking about retirement to plan your exit. Among other things, look for a pension plan that provides you medical cover and liquidity,” he said.
On behalf of Nzomo Mutuku, the C.E.O of the Retirement Benefits Authority, Charles Machira affirmed the Authority’s commitment to creating quality pension products to serve more citizens. “This is a celebration of Cytonn’s commitment to developing and growing the pensions sector. I am glad to see more products coming into the market. I hope to see products that provide coverage for the informal sector,” he commented.
The new pension business brings CAML’s tally of regulated products to four, the first being its money market fund, currently highest yielding in the country.