Cytonn Asset Managers get green light to offer Retirement Benefits Scheme, Income Drawdown Fund

By / May 22, 2019 : 15:04 / BUSINESS, Corporate News / No Comments
Cytonn Asset Managers get green light to offer Retirement Benefits Scheme, Income Drawdown Fund

Cytonn Asset Managers Limited, CAML, the regulated affiliate of Cytonn Investments, has received two licenses from the Retirement Benefits Authority (RBA) for the Cytonn Personal Retirement Benefits Scheme and the Cytonn Income Drawdown Fund.

 

These additional two licenses come on the back of the December 2018 approval by RBA that gave CAML the license to manage pension funds. This means Cytonn can now manage segregated funds, personal pension funds and the income draw down fund.

 

Cytonn Personal Retirement Benefits Scheme is designed to enable individuals to save for their retirement by making regular contributions into this scheme during their working years and grow their retirement savings. This will be an opportunity for individuals without an employer pension scheme to contribute to their own pension.

READ: Met Department Issues New Heavy Rainfall Advisory

On the other hand, The Cytonn Income Drawdown Fund will allow retirees to invest their accumulated retirement benefits in this fund and access them as regular income depending on their requirements.

READ:Government endorses, pledges support to startups enabling body launched in Kenya

Speaking on this development, David Mwakitele – Head of Pension at Cytonn Asset Managers Limited noted,

“Our pursuit for these licenses from RBA was driven by the need to expand our pension’s product portfolio which is in line with our core objective of increasing pension’s penetration within the country. We shall bring the same Cytonn ethos of delivering above average returns and focusing on the interest of the client to the management of these funds. As Cytonn Asset Managers Limited, we remain committed to supporting the Authority in enhancing education to the public on the importance of saving for retirement to secure your financial future post-retirement”

 

309 total views, 1 views today

Spread the love

SMS 'Truth' to 22285 for EXCLUSIVE & BREAKING NEWS.

Kevin Joel

The author didn't add any Information to his profile yet.

Leave a comment

Your email address will not be published. Required fields are marked. *

Enjoyed this post? Please spread the word :)