NAIROBI, Kenya, April 9 – Liberty Life Assurance Kenya has announced a zero return on its retirement saving scheme, the Guaranteed Pension Portfolio.
The firm’s Board of Directors attributed the decrease to the low returns from the investment markets, especially the equities market and the Treasury bond market.
“Further, we wish to advice that the board of directors of Liberty life Assurance Limited recently met and reviewed the company’s financial perfomance for the year 2023,” its managing director, Nkoregamba Mwebesa, said.
“Consequently, the final rate of return for the year 2023 for the pooled guaranteed pension portfolio is zero,” he added.
However, the company assured that the necessary fund statements were furnished to the trustees to facilitate the scheme audit process for the financial year 2023 as of December 31.
“These were finalised, signed and filed with the regulator on 31 march 2023 in compliance with section 55 of the retirement benefits acts.”
Nonetheless, it announced that it will offer a 9 percent guarantee rate for the 5 year period 2024–2025.
