Financial services company, Old Mutual Kenya has launched its first pension plan services as it expands business to the retail sector.The firm which specialises in unit trusts, savings, life insurance and asset management solutions is looking to tap to the growing need of Kenyans for diversified retirement saving plans.

Old Mutual's Personal Pension plan will enable individuals, self-employed professionals, employees of small and medium enterprises with no staff pension schemes and those of local and international start-up firms to save from Sh500 a month.

The firm has also launched the Old Mutual umbrella Scheme, an occupational pension scheme that pools together the retirement benefits of more than one employer, and their employees targeting small and medium sized enterprises.

Last year Old Mutual also extended its financial services to stock brokerage and has now fully integrated Old Mutual Securities into its operations.