Genghis rolls out two pension products
Barry Silah @obel_barry
Kenyan investment bank, Genghis Capital asset management arm, has announced its entry into the Retirement Benefits Industry with the launch of two offerings.
The two products will add depth to their portfolio. Gencap Individual Pension will allow members of the public, both in the formal and informal sector to save for retirement and enjoy above market average returns while the Gencap Income Drawdown Fund is designed to enable retirees access their retirement benefits as regular income during their retirement years by investing them into the income drawdown fund and in return draw periodic payments from the fund, depending on their needs, while at the same time enjoying investment income from the professionally managed fund.
“We have seen the Retirement Benefits Authority (RBA) embark on rigorous training around the country to educate members of the public on the importance of saving for retirement, which is key to reducing old-age poverty, with statistics indicating that less than five per cent of Kenyans are comfortable during their retirement years.
Increased urbanisation has led to the disintegration of the traditional practices so it is imperative to have retirement savings that will sustain you during old age,” said Genghis Capital senior manager Maurice Oduor.
Speaking during the internal launch, Alice Kamau, who is the product development officer at Genghis Capital said that Gencap Individual Pension Plan would seek to leverage on technology to make it efficient and thus reach a wide section of the public.
“We are working on automating our products to ensure anyone in any part of the country can join the Gencap Individual Pension Plan with ease from the mobile phones and at the same time enjoy above average income through a professionally managed fund.
The Gencap Income Drawdown Fund will be positioned as an attractive option for retirees who are looking to earn attractive income from their retirement savings,” she said.