NSSF member funds have grown despite tough economic times

National Social Security building. [File, Standard]

The National Social Security (NSSF) has registered a growth of 14 per cent of its member funds from Sh249 billion in June 2020 to Sh284 billion by June 2021, with a growth of 2.6 million contributing members. During the Fund's 6th Annual General Meeting, Labour Cabinet Secretary Simon Chelugui noted that strong governance structures at NSSF are bearing fruit.

According to the Economic Survey of 2021, NSSF is the largest pension fund controlling assets in excess of 18 per cent of the Sh1.5 trillion pension industry. Mr Chelugui further acknowledged that NSSF has come a long way to its current position in the pensions industry. The CS noted that the introduction of top tier Fund Managers, Custodians, Actuaries - all regulated by both the Capital Markets Authority (CMA) and Retirements Benefits Authority (RBA) - have greatly improved accountability and transparency in the investment decisions at the Fund.