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The funding risk borne by sponsors of defined benefit pension funds and the residual risk borne by members of defined contribution pension funds have necessitated focus on the investment strategies employed by pension funds. We use secondary data from 206 pension funds in Kenya, to determine the nexus between the investment strategy, size and design. We then validate the results using focused group discussions with industry experts. Results from the regression models indicate that larger schemes adopted a riskier investment strategies compared to their smaller counterparts. However, the investment strategies are not informed by the fund designs. Trustees of retirement benefit schemes are therefore advised to focus their investment strategies to avoid exposing the residual claimants to excessive risk.

Nexus Between Pension Fund Size, Design and Investment Strategy: A Review of Occupational Retirement Benefits Schemes in Kenya