The news of the Court of Appeal judgment hit the retirement benefits sector like a thunderbolt. A three-judge bench delivered a ruling that threatened to upend the entire legal framework under which the National Social Security Fund (NSSF) operates, threatening to drag the industry back to the old regime where monthly contributions were pegged at a measly Sh200.
It was a staggering, out-of-the-blue development. What the judges ruled on was a low-stakes, almost-forgotten application for a stay of execution filed by the NSSF way back in October 2022.
