APTAK Holds 2nd Annual International Conference
APTAK has held its 2 nd Annual International Conference.
The conference brought together key stakeholders from the pension industry and the social security sector in Kenya, Africa and the world.
The conference provided a unique opportunity for knowledge sharing and addressed strategic issues that will shape the future development of social security in our country, and beyond.
‘This year’s conference sets the stage to address emergent social economic challenges in addition to highlighting the support of the Government’s Social Protection agenda and its place in strengthening partnerships between the government and the industry players.’ said APTAK President Hosea Kili.
‘In line with this year’s Conference theme, which is – Recreating Sustainable Saving Solutions for the Pension & Social Security Sector, this second iteration of the APTAK International Conference will (over the next 3 days) unpack key themes and set priority areas for the industry.
‘These include the adequacy of current pension and social security benefits; how we as an industry can collaborate with the National and County Governments to deepen pension penetration in Kenya and the region; and how innovations can be leveraged to improve the efficiency and effectiveness of pension and social security systems.’ He addeed.
Kili further stated that as stewards of large pools of capital, and given the uncertain economic climate, members must constantly focus on developing and strengthening secure investments, to meet the needs of their customers whilst also ensuring that their pension funds enjoy long- term stability and financial success.
‘This means providing the education and resources necessary to achieve this goal, encouraging individuals to save for their retirement, rather than relying solely on social protection benefits, to promote
responsible financial behavior among our people.’
‘At this juncture, I wish to thank all our member institutions for taking an active role in shaping the industry through their involvement in APTAK initiatives, proposals for policy amendments and taking part in important industry discourse – all aimed at benefiting our members. I would like to point out that countries such as Lesotho, Zanzibar, South Africa, Namibia, Botswana, Rwanda and Mauritius among others, have established Universal Social Protection Funds for their citizens. The cost of delivering universal benefits is not beyond the means of resource-strained countries such as ours. For instance, the annual cost of implementing large-scale social pension schemes is less than 2% of GDP in Namibia and 1.4% in South Africa. Administration accounts for only 2%-3% of benefit payments in Botswana and Mauritius. These figures are a clear indication that indeed it can be done.’ He added.
On her part, Labor and Social Protection Cabinet Secretary Florence Bore said sustainability is key when it comes to long-term solutions for social protection.
‘Strategies such as diversifying investments, mitigating risk through hedging, and ensuring quality asset management can go a long way toward ensuring financial success. Fortunately, there have been some encouraging developments on this front. The government has introduced new investment vehicles with lucrative asset classes that will help to promote long-term savings solutions.’ She said.
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