This archive report was first published on 16 September 2021.
On September 16, 2021, the Association of Pension Trustees and Administrators of Kenya (APTAK) was officially launched in Nairobi, marking a significant milestone in the country's pension sector.
APTAK is a consortium of pension administrators and trustees in Kenya, aiming to provide a multi-stakeholder platform for deliberations, discussions, and consultations on prudent trusteeship and administration. The Association seeks to make recommendations to the Retirement Benefits Authority (RBA) as needed.
“Since its inception, the Association of Pension Trustees and Administrators of Kenya has been at the forefront of championing and fostering transparency, good governance, and application of best practices in the retirement benefits trusteeship, administration, and management amongst its members,” said APTAK President, Hosea Kili, OGW during the launch ceremony.
APTAK's membership comprises individuals, students studying pension administration and/or management, administrators, and retirement benefits schemes registered under the Retirement Benefits Act, as well as other interested individuals who qualify to be members.
The Cabinet Secretary in the Ministry of Labour and Social Protection, Simon Chelagui, reaffirmed the Ministry's support for the pension schemes for the welfare of all members. He also highlighted the need for a universal pension coverage scheme for all Kenyans.
Geofrey Odundo, CEO of the Nairobi Securities Exchange (NSE), emphasized the importance of universal social protection, citing examples of countries that have adopted such schemes, including Lesotho, Zanzibar, South Africa, Namibia, Botswana, Rwanda, and Mauritius.
