Cytonn Asset Managers Ltd (CAML) has received two more licences to offer personal retirement benefit scheme with a monthly payment platform.
Cytonn is now allowed by the Retirement Benefits Authority to manage segregated funds, personal pension funds and the income drawdown fund.
Under the drawdown fund licence, CAML will receive retirees’ lumpsum savings and decide how the same will be invested while disbursing monthly stipends depending on an individual retiree’s requirements.
CAML head of pension David Mwakitele said the licences expand its pension’s product portfolio giving them a leeway to moot new products that attract informal sector workers to save for old age use.
“CAML remains committed to supporting the Retirement Benefits Authority in enhancing education to the public on the importance of saving for retirement. Our objective is to increase pension’s penetration by delivering above average returns,” he said.