TAIFA (UMBRELLA) PENSION FUND LAUNCH

PRESS RELEASE

CPF FINANCIAL SERVICES UNVEILS TAIFA PENSION FUND: A COMPREHENSIVE RETIREMENT SOLUTION FOR EMPLOYERS NATIONALLY

Nairobi, Kenya, 4th November 2024 – CPF Financial Services, in partnership with Standard Investment Bank, is thrilled to announce the launch of the Taifa Pension Fund. This pension scheme is specifically designed to cater to the needs of Kenyan workers who do not currently have access to a pension plan.

The launch of the Taifa Pension Fund marks a significant milestone for CPF Financial Services as the institution expands its reach to serve a broader segment of the Kenyan working population. The new scheme promises an inclusive and accessible pension solution to contribute to Kenyan workers' financial security and well-being during their retirement years. The Fund is premised on the idea of pension funds aggregation – bringing many employers under one umbrella in order to realize benefits of scale and minimize costs.

The Taifa Pension Fund, which is administered by CPF Financial Services and managed by Standard Investment Bank as the pioneering Fund Manager, is a scheme for all Kenyans from diverse working backgrounds, in both the private and public sectors. Taifa Pension Fund offers a comprehensive suite of benefits, including higher returns, global markets exposure, and diversified investment options.

As an umbrella fund, the scheme offers a cost-effective option for employers looking to establish employee pension benefits, pooling funds from participating employers to reduce the average cost per member in the scheme administration. This innovative solution is a testament to our shared dedication to providing world-class financial services that cater to your evolving needs.

“Our decades of experience in the financial sector have equipped us with the knowledge and expertise to develop a pension solution that is not only reliable but also accessible to all Kenyans. We believe that a financially secure population is the fuel that drives economic prosperity. Taifa Pension Fund is a cornerstone in our mission to ensure that every Kenyan worker has the opportunity to build a prosperous future." CPF Group Managing Director/CEO Dr. Hosea Kili, MBS

The new scheme, Taifa Pension Fund empowers employers to plan for their employees’ retirement future with its customizable plans tailored to various income levels. As a Defined Contribution Umbrella Fund, it offers members unparalleled flexibility and a comprehensive suite of benefits designed to ensure flexible retirement savings solutions. With the option for a lumpsum payout or lifetime pension plans, Kenyans can actively save for their future while enjoying the freedom to make additional voluntary contributions to meet their specific retirement aspirations.

"The launch of Taifa Pension Fund heralds a new era in Kenya's social security landscape. This scheme aligns perfectly with our government's vision of ensuring every Kenyan has access to a dignified retirement. By leveraging CPF's extensive experience and coupling it with modern, accessible solutions, Taifa Pension Fund has the potential to transform the retirement landscape for millions of Kenyans. I commend CPF Financial Services for this forward-thinking initiative and urge all employers to seize this opportunity to establish their financial future.” Prime Cabinet Secretary and the Cabinet Secretary, Ministry of Foreign and Diaspora Affairs, H.E. Musalia Mudavadi.

CPF Group, with its extensive experience in offering retirement solutions, is dedicated to offering Kenyans a dependable retirement savings solution. The Taifa Pension Fund is grounded on trust, reliability, and exceptional service. Members can confidently entrust their savings to expert management, knowing their funds will be invested prudently and grow steadily over time.

End…

For more information, please contact:

Irene Mbonge

Group Head, Corporate Affairs

Mobile: +254 721801863

E-Mail: imbonge@cpf.or.ke

Victor O Ooko

Manager, Marketing and Communications

Mobile: +254 711774272

E-Mail: communications@sib.co.ke

NOTES TO THE EDITOR

ABOUT CPF Group

CPF Financial Services offers a comprehensive range of services in Retirement Benefits Schemes Administration, Trust Fund Services, Archival Services, Wealth Management, Payments Platform, Transaction Advisory, Training, and Management Consulting. 

As an Administrator, CPF Financial Services administers both private and public pension funds; notably - the Public Service Superannuation Scheme (PSSS); The Local Authorities Pensions Trust (LAPTRUST), The Taifa Pension Fund, the County Pension Fund, and CPF Individual Pension Plan. The Net Fund Value of the pension funds under the administration of CPF Financial Services is over Kshs 200 billion, with a total membership of just over 500,000 members. 

Through its subsidiary companies, Laser Infrastructure & Technology Solutions (LITES), Laser Property Services, and Laser Insurance Brokers (LIB) - CPF Financial Services offers a wide range of services in ICT & Infrastructure solutions, Property Services, and Insurance Brokerage, respectively.

Derived from an uncompromised commitment to fulfilling lives, CPF Financial Services prioritizes new models and approaches in engineering turnkey solutions for clients across the region.

ABOUT STANDARD INVESTMENT BANK (SIB)

Standard Investment Bank (SIB) is a leading financial services firm in Kenya founded in the year 1995 with assets under management worth over KES 60bn. The firm offers the market a single point of entry for Asset Management, Securities Trading, Market Research, Investment Management and Corporate Finance. SIB is a member of the Nairobi Securities Exchange (NSE), the Central Depository and Settlement Corporation (CDSC), and the Kenya Association of Stockbrokers & Investment Banks (KASIB).

SIB is licensed by the Retirement Benefits Authority (RBA) to manage benefits schemes under the Retirement Benefits Act (1997).  The Firm is also licensed and regulated as an investment bank and a Special Collective Investment Scheme (CIS) by the Capital Markets Authority (CMA), Kenya. 

SIB’s Global Markets division offers exposure to global financial instruments through Mansa^X Special Fund (KES & USD), as well as Mansa^X Special Shariah Fund (KES & USD), which is offered through its Islamic investment banking window, SIB Najah.

SIB’s Corporate Finance division works with Kenya’s largest public and private institutions to inform their strategic growth, structure their balance sheets, raise capital and restructure their enterprises. To date, the firm has successfully closed over 70 project transactions worth KES 300 Billion.