National Social Security Fund (Kenya)

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National Social Security Fund
Quasi-Government
Industry Social Security
Founded 1965
Headquarters NSSF Building, Bishops Road, Nairobi, Kenya
Key people
 Adan D. Mohamed
Chairman
Richard Langat
Acting Managing Trustee
Francis Atwoli
Trustee
Products Pension fund
Revenue Increase KSH 20.8 Billion (2010)[1]
Total assets Increase KSH 100.7 Billion (2010)[2]
Website Homepage

The National Social Security Fund (NSSF) is a government agency responsible for the collection, safekeeping, responsible investment and distribution of retirement funds of employees in both the formal and informal sectors of the Kenyan Economy. Participation for both employers and employees is compulsory. NSSF is both a Pension fund and Provident fund.[3]

History

NSSF was established in 1965 through an Act of Parliament Cap 258 of the Laws of Kenya. It initially operated as a Department of the Ministry of Labour until 1987 when the NSSF Act was amended transforming the Fund into a State Corporation under the Management of a Board of Trustees.[4] Under the National Social Security Act of 2013, both employed and the self-employed and their dependants qualify as contributing members.[5] The act (law) on pension requires all Kenyans that are above 18yrs of age to register to the program.

The Board of Trustees is composed of workers' representatives through the Central Organization of Trade Unions, Employers' through the Federation of Kenya Employers and the Government of Kenya through the Ministries of Labour and Finance.[6] This composition ensures that the Board of Trustees accommodate the views and aspirations of the three social partners in policy formulation and running of the organization.

Investment Portfolio

The current National Social Security Fund investment portfolio include Fixed Income, Real Estate and Equities.

Fixed Income

This include Short term and Long term bonds. As at 31 December 2010, the investment in Long term bonds was KSH 24.64 Billion.[7]

Real Estate

  • Land - As at 31 December 2010, the undeveloped land owned by NSSF was valued at KSH 7.86 Billion.[8]
  • Buildings - As at 31 December 2010, the Buildings owned by NSSF were valued at KSH 31 Billion.[9]
    • Commercial Buildings - These include NSSF Building, View park Towers and Hazina Trade Centre which is set to be the tallest building in the region.[10]
    • Residential Buildings - These include Nyayo Estate Embakasi, Milimani Flats, Mountain View Estate, Hazina Estate and Nyayo Highrise Estate near Kibera.

Equities

National Social Security Fund NSE Portfolio
Number Investment Industry
1 Kenya Power and Lighting Company Electricity Distribution
2 East African Breweries Brewing
3 British American Tobacco Kenya Tobacco & Cigarettes
4 Kenya Electricity Generating Company Electricity Generation
5 Bamburi Cement Construction Products
6 East Africa Portland Cement Construction Products
7 Kenya Commercial Bank Group Financial and Banking
8 Housing Finance Company of Kenya Financial, Banking and Mortgages
9 Sameer Africa Tyre Manufacturing
10 National Bank of Kenya Financial and Banking
11 Barclays Bank (Kenya) Financial and Banking
12 Standard Chartered Kenya Financial and Banking
13 Nation Media Group Media
14 Athi River Mining Construction Products
15 Kenya Re-Insurance Reinsurance
16 Safaricom telecommunications
17 Equity Group Holdings Limited[14] Financial and Banking

Ownership

The NSSF is owned by the Government of Kenya on behalf of the workers and employers in Kenya.

Governance

Governance of NSSF is overseen by a nine-member board of trustees with Adan D. Mohamed as the Chairman and Richard Langat as the acting Managing Trustee.[15] In formulating the Fund’s policies the Board of Trustees act strictly in accordance with the NSSF Act.

Branch Network

There are NSSF offices in major towns all over Kenya.[16]

External links

See also

References

  1. ↑ NSSF Financial Statement 2010
  2. ↑ NSSF Financial Statement 2010
  3. ↑ History of NSSF
  4. ↑ History of NSSF
  5. ↑ NSSF Pension Contributions
  6. ↑ NSSF Board of Trustees
  7. ↑ NSSF Financial Statement 2010 Page 21
  8. ↑ NSSF Financial Statement 2010 Page 16
  9. ↑ NSSF Financial Statement 2010 Page 16
  10. ↑ Sky Scraper in Nairobi
  11. ↑ Detailed Shareholding At December 2011
  12. ↑ NSSF Financial Statement 2010 Page 21
  13. ↑ NSSF Financial Statement 2010 Page 19&20
  14. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  15. ↑ NSSF Board of Trustees
  16. ↑ NSSF Branches
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