NSSF ready for annual general meeting in 47 years

• The AGM will be held on Monday at the Moi International Sports Centre in Nairobi with four delegates from each of its 43 branches invited. Half of the delegates will represent the Federation of Kenya Employers while the rest will represent the Central Organisation of Trade Unions.
• The delegates represent employers and workers who both contribute to the statutory provident fund for one-off payment when workers retire. However, the meeting will be open to individual workers and employers who wish to attend.
• During the meeting the fund will release its financial statements for the year ended June 30, 2011, including a report on its investments. The Retirement Benefits Authority, the regulator of pension schemes, will also make a presentation on the NSSF’s compliance with RBA regulations.
• The Fund is not bound by law to hold AGMs.
• NSSF has been actively lobbying various stakeholders to win their support over the proposed National Social Security Bill 2012.
• The draft Bill, which is yet to be tabled in Parliament, has received the backing of both the FKE and the Central Organisation of Trade Unions (COTU). The Bill seeks to streamline NSSF with Article 43 of the Constitution which gives every Kenyan a right to social security. It also seeks to expand NSSF’s coverage and enhance the range of benefits.
• The proposed legislation promises members usual pension benefits, invalidity allowances, out of work support for six months, benefits to dependents, funeral grants and commuting of benefits for those working abroad. Members would be eligible for the benefit upon retirement or upon attaining the age of 50 years

National Social Security Fund (NSSF) has completed arrangements for its first annual general meeting in 47 years, a key plank in the body’s bid to enhance corporate governance.

The AGM will be held Monday at the Moi International Sports Centre in Nairobi with four delegates from each of its 43 branches invited.

Half of the delegates will represent the Federation of Kenya Employers while the rest will represent the Central Organisation of Trade Unions.

The delegates represent employers and workers who both contribute to the statutory provident fund for one-off payment when workers retire. However, the meeting will be open to individual workers and employers who wish to attend.

“As part of our rebranding, we are sincerely committed to maintaining world class corporate governance standards. The tenets of good corporate governance require that institutional platforms such as AGM’s be employed to keep our stakeholders abreast of what we are doing,” acting NSSF managing Trustee Tom Odongo said after inspecting the venue.

The Fund is not bound by law to hold AGMs.

NSSF rebranded on Wednesday ahead of its intended conversion into a pension fund, where members contribute regularly and are paid a living allowance every month after retirement.

READ: NSSF rebrands ahead of conversion into pension scheme

The change will be enabled through amendments to the NSSF Act which also seek to peg the members contribution to their salary level.

During the meeting the fund will release its financial statements for the year ended June 30, 2011, including a report on its investments.

The Retirement Benefits Authority, the regulator of pension schemes, will also make a presentation on the NSSF’s compliance with RBA regulations.

Mr Odongo said the representatives were nominated by employers and unions.

NSSF has been actively lobbying various stakeholders to win their support over the proposed National Social Security Bill 2012.

The draft Bill, which is yet to be tabled in Parliament, has received the backing of both the FKE and the Central Organisation of Trade Unions (COTU).

The Bill seeks to streamline NSSF with Article 43 of the Constitution which gives every Kenyan a right to social security.