KENYA - Kenya is looking to the Sh210bn (US$3bn) pensions industry to fund the country's infrastructure and domestic needs in partnership with the International Finance Corporation (IFC) and World Bank.
Finance minister Amos Kimunya has announced the government will issue asset-backed securities to pay for roads and housing under the initiative Efficient Securities Markets Institutional Development (ESMID) Africa.
The $5.5m initiative began last year with funding from IFC, World Bank, OMX of Sweden and the Swedish Government.
Kimunya said the collaboration would attract investors and make long-term financing in local currencies more attainable.
The Kenyan pensions industry has grown from Sh174bn in September 2006 and is already a significant investor in the country’s domestic development.
The industry currently holds 22% of the government debt in sh77bn of securities.
Industry experts are calling on the government to act quickly on new pensions dashboard legislation. The DWP is looking at how to do it amid Brexit constraints, writes Kim Kaveh.
An interactive and hands-free technology that allows savers to track how much they have invested into their retirement pots has been launched by Smart Pension.
The Lighthouse Pensions Trust has recorded an 84% surge in the number of employers signed up to its auto-enrolment (AE) provision.
Melrose Industries's UK defined benefit (DB) schemes had a £5.5m combined deficit at the end of 2016, its annual results have revealed.