Nairobi County staff and guests during the Laptrust/CPF 90th anniversary
at Charter hall on June 3, 2019. CPF said the national government
should consider settling Sh 24 billion in unremitted pension dues. PHOTO
| DIANA NGILA | NMG
The pension industry Monday kicked off the 90th anniversary
celebrations for the local authorities’ schemes (LapTrust) reeling from
Sh24 billion dues unremitted by the counties.
County
Pension Fund chief executive Hosea Kili said if paid, pension schemes
will partner with the government under a private-public arrangement for
implementation of the low-cost housing schemes in major urban centres.
“This
is an opportunity for Kenyan workers to contribute towards development
of their country by using pension funds to build low-cost houses as well
as sponsor development of public projects via infrastructure bonds,” he
said.
Devolution Cabinet Secretary Eugene Wamalwa
speaking at the event said pension schemes and county governments should
consult on the best way to recover the monies.
“Kisumu,
Nakuru and Nairobi donated several residential estates to Laptrust to
enable it recover the unremitted dues. Under the ‘Big Four’, pension
schemes could sign equity shareholding agreements with county
governments and fund development of houses that will be sold to Kenyans
with both sharing the proceeds,” he said.
Governor Mike Sonko said Nairobi’s Mariakani estate, which was
taken over by LapTrust was open for such an arrangement for
redevelopment saying complete seizure was unacceptable since the
property had been undervalued at Sh1.2 billion instead of Sh4.2 billion.
“Let
us get an arrangement that benefits residents while opening up the land
for development of more housing units on multi-storeyed arrangement. We
could own 30 percent for our land and the pension schemes to develop
the properties for a 70percent shareholding,” he said.
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