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NSSF doubles interest on savings as income falls

NSSF ACTING CHIEF EXECUTIVE ANTHONY OMERIKWA. FILE PHOTO | NMG
NSSF ACTING CHIEF EXECUTIVE ANTHONY OMERIKWA. FILE PHOTO | NMG  

State-run pension scheme, the National Social Security Fund (NSSF), has doubled the interest payable on retirement savings for the year ended June 2016 despite reporting a drop in net investment income.

The fund has declared a six per cent investment return up from the three per cent it paid on savings the previous year even as net investment income dipped by Sh9.7 billion in the year ended June 30, 2016.

The payouts are expected to be credited to beneficiaries’ accounts following publication of the higher yields in a gazette notice last week.

“The board of trustees approved an interest of six per cent based on actuarial valuation of the fund by Alexander Forbes, Financial Services Ltd,” NSSF said.

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