Income drawdown funds are becoming an increasingly popular option for retirees in Kenya, providing a flexible and controlled way to access pension savings. Unlike traditional pension plans that offer a lump sum or annuity, income drawdown funds allow retirees to withdraw a steady income while keeping part of their savings invested for continued growth.
The Retirement Benefits Authority (RBA) oversees these funds to ensure that they are managed responsibly, offering retirees peace of mind. This article highlights the complete list of registered income drawdown funds in Kenya, providing retirees with various options to secure their financial future.
Understanding Registered Income Drawdown Funds in Kenya
Registered Income Drawdown Funds (IDFs) are designed to give retirees access to their savings in a way that maintains flexibility and potential for investment growth. Instead of taking a lump sum at retirement, retirees can make smaller withdrawals over time, allowing their remaining balance to grow with various investment options.
The RBA regulates these funds to ensure they operate under strict guidelines, protecting retirees’ savings and ensuring the funds are well-managed. These plans offer flexibility in terms of how much income you can withdraw and when, making them an attractive option for those seeking both financial stability and the opportunity for growth.
Benefits of Registered Income Drawdown Funds in Kenya
Income drawdown funds offer several advantages, making them a preferred retirement savings option for many Kenyans:
- Flexibility: You can decide how much income to withdraw and when, tailoring the plan to suit your needs.
- Investment Growth: The remaining balance stays invested, allowing your savings to continue growing over time.
- Control: You retain ownership of your pension savings while still receiving a steady income.
- Regulation: RBA ensures that all funds are managed according to strict rules, protecting your savings.
These benefits make income drawdown funds an ideal solution for those looking for a balanced approach to saving for retirement, combining the security of a steady income with the potential for growth.
Complete List of Registered Income Drawdown Funds in Kenya
The following funds are officially registered and regulated by the Retirement Benefits Authority (RBA). These funds allow individuals to manage their retirement savings flexibly:
| No | Registered Income Drawdown Fund | Founder/Sponsor |
|---|---|---|
| 1 | APA Life Assurance Income Drawdown Plan | APA Life Assurance Company Ltd |
| 2 | British-American Insurance Company (Kenya) Limited Income Drawdown Plan | Britam Life Assurance Company (K) Ltd |
| 3 | CICAM Income Drawdown Fund | CIC Asset Management Ltd |
| 4 | CPF Income Drawdown Fund | CPF Financial Services |
| 5 | Cytonn Income Drawdown Fund | Cytonn Asset Managers Ltd |
| 6 | Equity Income Drawdown Fund | Equity Life Assurance Kenya Limited |
| 7 | GENGIS Drawdown Fund | Genghis Capital Ltd |
| 8 | ICEA LION Income Drawdown Fund | ICEA LION Assurance Company Ltd |
| 9 | ILAM Staafu Income Drawdown Fund | ICEA Lion Asset Management Limited |
| 10 | Jubilee Life Income Drawdown Fund | Jubilee Life Insurance Company Ltd |
| 11 | Kesho Hela Liberty Drawdown Fund | Enwealth Financial Services Ltd |
| 12 | Kuza Income Drawdown Fund | Kuza Asset Management Ltd |
| 13 | Liberty Life Income Drawdown Fund | Liberty Life Assurance (K) Ltd |
| 14 | Lofty-Corban Income Drawdown Fund | Lofty-Corban Investments Limited |
| 15 | Mavuno Tele Income Drawdown Fund | Kenindia Assurance Company Ltd |
| 16 | Milele Income Drawdown Fund | GenAfrica Asset Managers Ltd |
| 17 | Minet Kenya Income Drawdown Fund | Minet Kenya Financial Services Limited |
| 18 | Mwavuli Income Drawdown Fund | Wadhamini Fiduciary Services Ltd |
| 19 | Nawiri Income Drawdown Fund | Octagon Pension Services Limited |
| 20 | NCBA Income Drawdown Fund | NCBA Investment Bank Ltd |
| 21 | NTISL Income Draw Down Fund | Natbank Trustee & Investment Services Ltd |
| 22 | Prudential Income Drawdown Fund | Prudential Life Assurance (K) Ltd |
| 23 | Qijito Personal Pension Plan | – |
| 24 | Sanlam Life Personal Pension Plan | Sanlam Life Insurance Ltd |
| 25 | Sportpesa Staff Pension Scheme | – |
| 26 | Heritage AII Income Drawdown Fund | – |
| 27 | Kenya Alliance New Life Income Drawdown Fund | – |
| 28 | Monarch Personal Pension Plan | – |
| 29 | UAP Life Assurance Income Drawdown Plan | UAP Life Assurance Limited |
| 30 | Ustawi Personal Pension Plan | – |
| 31 | Wakili Personal Retirement Benefits Scheme | – |
| 32 | Zamara Vuna Pension Plan | Zamara Actuaries Administrators and Consultants |
| 33 | Zimele Guaranteed Personal Pension Plan | – |
| 34 | Zimele Personal Pension Plan | – |
Retirement Benefits Authority Contact Information
For more information about income drawdown funds or assistance with joining a fund, you can reach out to the Retirement Benefits Authority:
- Address: Rahimtulla Tower, 13th Floor, Upper Hill Road, Opposite UK High Commission
- Phone: 020 280 9000 / Toll-Free: 0800 720 300 (Safaricom)
Final Thoughts
Registered Income Drawdown Funds in Kenya offer a flexible, safe, and tax-efficient way for retirees to access their savings while allowing continued growth. With a wide range of funds to choose from, retirees can select a plan that fits their financial goals and lifestyle needs. Be sure to verify that the plan you choose is approved by the Retirement Benefits Authority to ensure your savings are secure.
