Follow due process to merge pension funds, says Lapfund

Lapfund Chief Executive David Koross says the process must be guided by the provisions of the law and upon proper due diligence. [PHOTO: GEORGE MULALA]

NAIROBI, KENYA: The Local Authorities Provident Fund (Lapfund) is ready to merge with the Local Authorities Pension Trust to offer retirement benefits to county government workers.

Lapfund Chief Executive Officer David Koross however said the process must be guided by “the provisions of the law and upon proper due diligence into governance, legal structure and establishment, financial and actuarial soundness of both entities”. Mr Koross’s assertion follows the Council of Governors’ (CoG) statement on October 2, indicating that Laptrust and Lapfund schemes should be closed to new members but continue to exist with their current membership as closed schemes.