Nairobi, March 22 -- Pension industry assets under management (AUM) grew at their slowest pace in seven years in 2022 after an erosion in the value of equities, property and offshore investments in the period.

The Retirement Benefits Authority (RBA) industry report for December 2022 shows that total assets rose by just two percent or Sh28.8 billion to Sh1.576 trillion last year.

This is the lowest annual expansion since 2015 when the assets rose by Sh25.9 billion or three percent to Sh814.1 billion.

The lethargic appreciation of the value of pension-saver assets was mainly due to a Sh39.4 billion contraction in the valuation of listed equities on the books of pension funds to Sh215.24 billion.

Last year, the stock market was hit by su...