SanlamAllianz Kenya has launched a strategic plan focused on transforming the retirement framework in the nation, positioning its Income Drawdown (IDD) fund as the natural progression of retirement income.
With a strong capital adequacy ratio of 283%, the insurer promotes flexibility and capital expansion for retirees in Kenya.
SanlamAllianz’s IDD fund benefits from the company’s heritage as the first provider of annuities in the Kenyan market.
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It acts as a modern, flexible alternative to traditional annuities for retirees seeking independence and lasting support. Traditional retirement plans have mainly concentrated on savings growth during an individual's career, but SanlamAllianz is now focusing on the spending phase by launching the IDD fund, while also managing a monthly pension annuity distribution averaging KSh 150 million.
"Retirement does not mean a lack of dependable income," remarked Jacqueline Karasha, CEO of SanlamAllianz Life Insurance. "With the SanlamAllianz Income Drawdown Fund, your savings continue to increase while you obtain steady income, available monthly, quarterly, or yearly." It is flexible, trustworthy, and designed to make your retirement years truly pleasurable.
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The IDD fund operates like a retirement savings account that maintains its investments effectively. It allows retirees to receive regular payouts while the remaining balance continues to increase through market investments.
She noted that the fund assists retirees in various sectors, highlighting that in 2024, it realized a net return of 15%, with assets handled in the SanlamAllianz Deposit Administration Fund, guaranteeing reliable competitive growth.
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She also mentioned that the fund provides a minimum return of 5%, ensuring the investment remains above the principal amount, which provides comfort in volatile markets.
“Members can choose payment intervals (monthly, quarterly, or annually) and modify terms annually, with a cap of 12% of the fund balance each year.”
