Government securities continue to absorb the largest share of retirement savings in Kenya, according to Retirement Benefits Authority (RBA) figures for June 2026 published in the SanlamAllianz Retirement Benchmark Report Kenya.

State-backed debt instruments command 46.6 per cent of total pension asset allocations, making government debt the dominant investment choice for retirement scheme managers.

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Guaranteed funds represent the second-largest investment asset class, securing 19.4 per cent of the total portfolio. Quoted equities account for 14.4 per cent of pension investments, while direct allocation to immovable property stands at 8.0 per cent.

Liquid assets and international holdings comprise smaller portions of the overall retirement portfolio. Cash and bank deposits account for 3.6 per cent, while offshore investments make up 3.4 per cent of pension assets.

Corporate financing and alternative investments hold lower shares of retirement capital. Unlisted corporate debt and private equity each account for 1.4 per cent of total investments, while listed corporate bonds represent 1.2 per cent.

Real Estate Investment Trusts (REITs) hold 0.6 per cent of the asset distribution, with unquoted equities rounding out the remaining investments at 0.3 per cent.