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Onassis Ndegwa Wanyoike

College of Human Resource and Development,

Jomo Kenyatta University of Agriculture and Technology

P. O. Box 62000, 00200 Nairobi, Kenya

Corresponding Author email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it


Mr. Wicliffe Anyango

College of Human Resource and Development,

Jomo Kenyatta University of Agriculture and Technology

P. O. Box 62000, 00200 Nairobi, Kenya.


CITATION: Wanyoike, O., N., & Anyango, W. (2018). Effect of Pension Schemes On Financial Security of Retirees in Kenya: A Case of Mathioya Sub-County in Murang’a County. International Journal of Human Resources and Procurement. Vol. 7 (2) pp 1 – 22.


Social security as a fundamental human right, it is only befitting that government and other stakeholders provide retirement benefits to their older persons so that they can live in dignity in their sunset years. The projected rise in old age dependency demands that appropriate measures are put in place to ensure financial security of retirees is catered for. Pension schemes play a significant role to this end. As such, the prudent management of pension schemes is critical if this has to be achieved. The purpose of this study was to look at the impact of pension schemes in ensuring financial security of retirees. The objectives of this study were therefore to; determine the impact of pension schemes on financial security of retirees, find out the extent of coverage of pension schemes on retirees, establish the challenges facing pension schemes in providing financial security of retirees, and to establish management strategies for overcoming these challenges to pension schemes in Kenya. A cross-sectional survey was adopted for this study and a total of one hundred and thirty three retirees were the sample size for the study. The study’s validity and reliability was established through test-retest of the questionnaires during the pilot study. Data was collected through use of hybrid questionnaires and analysis done using SPSS software. The study used inferential and descriptive statistics such regression analysis, ANOVA, percentages and frequencies for data analysis and findings presented using tables, graphs and pie-charts. The study established that pension scheme were important in ensuring financial security of retirees. The study also established that pension schemes face numerous challenges such as poor governance, mismanagement, lack of awareness of their importance, external interference in their management and corruption. The study recommends that appropriate policies and legislations should be implemented to mitigate these challenges. Good governance is also critical in ensuring their success.

Key words: Financial Security, Member Factors, Governance, Benefits, Financial Plans



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