NSSF told to cut cost and raise returns to retirees

Labour Cabinet secretary Ukur Yatani. FILE PHOTO | NMG 

By JAMES NGUNJIRI

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Summary

• Cabinet secretary Ukur Yatani said the NSSF should increase value-for-money for members as well as the quality of services, especially in the settlement of claims.

Labour minister has directed state-owned pension scheme National Social Security Fund (NSSF) to cut expenses and increase investment returns to its members.

Cabinet secretary Ukur Yatani said the NSSF should increase value-for-money for members as well as the quality of services, especially in the settlement of claims.

“Investments should be well diversified to ensure good returns for members.

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“In line with recent government’s directives, you will further be required to ensure that there is complete transparency in procurement processes and in the overall utilisation of resources by the fund,” he said.

Speaking at NSSF’s board of trustees and management strategy retreat in Nanyuki, the minister said he expects the fund to be creative and innovative to save costs and increase net contributions.

The overall NSSF portfolio is heavily invested in government securities, quoted securities and immovable property such as prime land in Nairobi and several other urban centres at 39.76 per cent, 28.58 per cent and 20.57 per cent respectively.