Liberty Life Assurance Kenya has recorded a zero return on its retirement saving scheme, the Guaranteed Pension Portfolio.
Liberty Life Assurance Kenya Board of Directors attributed the decrease to low returns from the investment markets, especially equities and Treasury bonds.
“Further, we wish to advise that the board of directors of Liberty life Assurance Limited recently met and reviewed the company’s financial perfomance for the year 2023. Consequently, the final rate of return for the year 2023 for the pooled guaranteed pension portfolio is zero,” managing director Nkoregamba Mwebesa said.
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.”
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Nonetheless, it announced that it will offer a 9 percent guarantee rate for the 5 years 2024–2025.
