× Digital News Videos Opinion Special Reports Lifestyle Central Coast Eastern Nairobi North Eastern Nyanza Rift Valley Western Business News Stocks Financial Standard Africa Asia America Europe Weird News Editorial Commentary Letters Crazy World Features Entertainment Money & Careers Health & Science Sci & Tech Home & Away Generation Next Cartoon Education Pointblank Environment Travel & Destination Columns Kipkoech Tanui uReport Kiambu Murang'a Nyandarua Kirinyaga Nyeri Baringo Bomet Elgeyo Kajiado Kericho Laikipia Nakuru Nandi Narok Samburu Trans Nzoia Turkana Mombasa Kwale Kilifi Tanariver Taita Taveta Kakamega Vihiga Bungoma Busia Siaya Kisumu Homabay Migori Kisii Nyamira Nairobi Uasin Gishu West Pokot Sunday Magazine The Hague Trial Kenya @ 50 Education and Training Health and Environment Insurance and Financial Security Housing Current Affairs Humour Makau Mutua David Oginde Clay Muganda Comand Your Morning Mohamed Wehliye Wednesday Life Alexander Chagema Arts & Culture Kamotho Waiganjo Barrack Muluka Xn Iraki Urban Rights - By Steve Ouma Branding Voice KCB Fredrick Ogola Sunday Magazine Wanja Kavengi Njoki Kaigai David Oginde Ken Opalo Daisy Maritim Houghton Irungu Hustle News Group Stages Round of 16 Quarter Finals Semi Finals Finals Third Place play-offs Opinion Dr Pesa Podcasts Round Table Sepetuko Eve Woman Ramadhan Special Fact Check Correction Explainers The Standard Insider Blog E-Paper Lifestyle & Entertainment Nairobian Entertainment Eve Woman Travelog TV Stations KTN Home KTN News BTV KTN Farmers TV Radio Stations Radio Maisha Spice FM Vybez Radio Enterprise VAS E-Learning Digger Classified The Standard Group Corporate Contact Us Rate Card Vacancies DCX O.M Portal Corporate Email RMS

Counties seek approval for new pension scheme

By Patrick Alushula | August 16th 2016 at 12:00:00 GMT +0300

Retirement Benefits Authority chief executive Edward Odundo PHOTO: COURTESY

Counties have submitted a proposal to the Retirement Benefits Authority (RBA) seeking to adopt a new pension scheme for their workers.

Counties want to be the owners and sponsors of newly formed County Pension Scheme (CPF) and take charge of the affairs of the scheme through a Board of Trustees.

According to Council of Governors’ Chairman Peter Munya, counties are expected to submit their nominees for the CPF board, to pave way for appointments.

He added that he expects the fund to grow following an agreement across counties to enrol all employees into the scheme starting June 2016.

“We have been engaged in reviewing the structural framework of the retirement benefits schemes serving the county governments with a view to creating one strong entity to serve all county workers across the 47 counties in the long term,” he said.

Munya said the decision by counties to adopt CPF as a pension scheme is to provide a sustainable source of income for their members in retirement and beyond since counties will be actively involved.

Counties have also decided to merge the administration services of the existing schemes to avoid duplication and wastage of public resources in competition by Lapfund and Laptrust.

“The schemes will continue to exist, with Laptrust and Lapfund operating only as closed schemes and the County Pension as an active scheme where new employees will be enrolled going forward,” explained Munya.

According to Munya, having uniform norms and standards across all counties will allow for portability of benefits and smooth movement of employees across counties.

KENYA COUNTIES Retirement Benefits Authority BUSINESS
Share this story

Read More