The National Social Security Fund (NSSF) spent more than 40 per cent of the workers’ contributions on administration costs in the period ending June 2016, squeezing retirees’ returns The state-run pension scheme used Sh172 to manage each Sh400 monthly contribution, translating to 42.9 per cent of collections, the latest financial statements show.
With costs amounting to 3.1 per cent of total assets, NSSF is in breach of the set two per cent ceiling.
