National Social Security Fund (Kenya)
 | |
| Quasi-Government | |
| Industry | Social Security |
| Founded | 1965 |
| Headquarters | NSSF Building, Bishops Road, Nairobi, Kenya |
Key people |
Adan D. Mohamed Chairman Richard Langat Acting Managing Trustee Francis Atwoli Trustee |
| Products | Pension fund |
| Revenue |
 KSH 20.8 Billion (2010)[1] |
| Total assets |
KSH 100.7 Billion (2010)[2] |
| Website | Homepage |
The National Social Security Fund (NSSF) is a government agency responsible for the collection, safekeeping, responsible investment and distribution of retirement funds of employees in the both the formal and informal sectors of the Kenyan Economy. Participation for both employers and employees is compulsory. NSSF is both a Pension fund and Provident fund.[3]
History
NSSF was established in 1965 through an Act of Parliament Cap 258 of the Laws of Kenya. It initially operated as a Department of the Ministry of Labour until 1987 when the NSSF Act was amended transforming the Fund into a State Corporation under the Management of a Board of Trustees.[4]
The Board of Trustees is composed of workers' representatives through the Central Organization of Trade Unions, Employers' through the Federation of Kenya Employers and the Government of Kenya through the Ministries of Labour and Finance.[5] This composition ensures that the Board of Trustees accommodate the views and aspirations of the three social partners in policy formulation and running of the organization.
Investment Portfolio
The current National Social Security Fund investment portfolio includes the following:
- Fixed Income: This include Short term and Long term bonds. As at 31 December 2010, the investment in Long term bonds was KSH 24.64 Billion.[6]
- Real Estate:
- Land - As at 31 December 2010, the undeveloped land owned by NSSF was valued at KSH 7.86 Billion.[7]
- Buildings - As at 31 December 2010, the Buildings owned by NSSF were valued at KSH 31 Billion.[8]
- Commercial Buildings - These include NSSF Building, View park Towers and Hazina Trade Centre which is set to be the tallest building in the region.[9]
- Residential Buildings - These include Nyayo Estate Embakasi, Milimani Flats, Mountain View Estate, Hazina Estate and Nyayo Highrise Estate near Kibera.
- Equities:
- Private Equities - The main private equity held by NSSF is 11.2% of the issues share capital of the Consolidated Bank of Kenya.[10] Others include the Nairobi City Council Stock.[11]
- Listed Equities - The Fund is a leading investor on the Nairobi Securities Exchange. Companies invested in by NSSF in the NSE include the following:[12]
| National Social Security Fund NSE Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OwnershipThe NSSF is owned by the Government of Kenya on behalf of the workers and employers in Kenya. GovernanceGovernance of NSSF is overseen by a nine member board of trustees with Adan D. Mohamed as the Chairman and Richard Langat as the acting Managing Trustee.[13] In formulating the Fund’s policies the Board of Trustees act strictly in accordance with the NSSF Act. Branch NetworkThere are NSSF offices in major towns all over Kenya.[14] External linksSee also
References
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