Head of Public Service Felix Koskei has announced that public savings and pension funds will soon become a key source of financing for major national infrastructure projects, including roads, dams and electricity generation, through Public-Private Partnership (PPP) arrangements.
Speaking during the Telposta Pension Scheme Annual General Meeting held at the Kenyatta International Convention Centre (KICC) on Thursday, Koskei revealed that Kenyan pensioners have currently accrued over KSh 2.9 trillion in savings, presenting a significant opportunity for domestic investment in development.
Koskei lauded the country’s growing savings culture, attributing the sharp rise in pension assets to recent legal and policy reforms. He noted that the new pension law has helped grow pension savings by over KSh 2 trillion, strengthening the sector’s ability to support national development.
Drawing lessons from countries such as Singapore and other developed economies, Koskei said the government is now exploring partnerships with pension schemes to fund large-scale infrastructure projects through structured PPP models.
However, he expressed concern over the low pension penetration in the country, revealing that only 26 per cent of Kenya’s working population is currently enrolled in pension schemes, with the informal sector largely left out.
The Head of Public Service also raised alarm over the low registration of retirees with the Social Health Authority (SHA), warning that many pensioners risk being left without access to healthcare services despite their long service and contributions.
Retirees and members of the Telposta Pension Scheme gathered at KICC for the annual meeting, where key discussions focused on savings growth, investment strategies, and the welfare of pensioners.
Koskei called for increased inclusion in pension schemes and urged retirees to prioritize health insurance registration to safeguard their wellbeing in retirement.
