County governments have proposed to merge their employees’ two pension schemes.
In the proposal submitted to the Retirement Benefits Authority (RBA), the Council of Governors (CoG) said the merger of Lapfund and Laptrust schemes will reduce duplication and wastage of public resources thereby ensuring workers’ funds are safe and secured.
“The schemes will continue to exist, with Laptrust and Lapfund operating only as closed schemes while the County Pension Fund will be the new entity for new employees,” said CoG chair Peter Munya. Counties have also sought power to take over the management of the funds from the current trustees.
GoG said that county governments ought to be actively involved in the management and use of the funds. Mr Munya said that the 47 counties were ready to appoint representatives to the merged body.
Uniform norms and standards across counties, he said, would allow for portability of benefits and smooth movement of staff across counties.
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