CPF Group pension funds post record asset growth, membership surge

The County Pension Fund (CPF) has posted a remarkable performance, nearly doubling its net assets to Kshs 51.67 billion in the year ended 2024, up from Kshs 36.97 billion in 2023.

This was the standout highlight during the CPF Group’s Annual General Meeting (AGM) held in Bungoma on Thursday.

Active membership in the scheme surged to 94,116 following the addition of 17,523 new members, while the number of contributing sponsors rose to 194, comprising county governments, affiliated agencies, and private institutions. The scheme declared an interest rate of 8.8%, signaling strong returns in a volatile economic environment.

Other CPF-administered schemes also reported positive performance:

• LAPTRUST DB Scheme recorded a net asset growth to Ksh.28.10 billion from Ksh.26.99 billion. However, active membership slightly declined from 14,771 to 13,782, attributed to natural attrition and retirements.
• The CPF Individual Pension Scheme saw net assets rise by 42.4%, from Ksh.2.88 billion to Ksh.4.11 billion.
• The Salih Fund, a Shariah-compliant option, grew its membership to 9,895, though assets dropped from Ksh.1.5 billion to Ksh.1.1 billion.
• The Post-Retirement Medical Fund (PRMF), established in 2022, continued to gain ground with asset growth from Ksh.32.8 million to Ksh.55.2 million and membership increasing from 370 to 464.

The Group Managing Director and CEO, Dr. Hosea Kili, attributed the growth to prudent fund management and a focus on long-term financial sustainability.

“We are committed to our members’ financial security through strategic investments and sound governance,” he said. “We will continue to work closely with the regulator and seek the invaluable support of the national government to ensure that policies are always aligned with the best interests of our members.”

CPF Board Chairperson Maurice Nduranu noted the organization is now looking at investment opportunities that will not only enhance returns but also contribute to Kenya’s broader economic development. “Looking ahead, we are exploring investment opportunities that will not only enhance returns but also contribute positively to national economic development,” he said.