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{
"id": 144943,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/144943/?format=api",
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"type": "speech",
"speaker_name": "Dr. Oburu",
"speaker_title": "The Assistant Minister, Office of the Deputy Prime Minister and Ministry of Finance",
"speaker": {
"id": 194,
"legal_name": "Oburu Ngona Odinga",
"slug": "oburu-odinga"
},
"content": " Mr. Speaker, Sir, I beg to reply. (a) There is no requirement for retirement benefits schemes to report to the Government on members who have deferred their benefits after leaving service prior to retirement age. There is, therefore, no comprehensive data on the number of workers with deferred benefits. (b) Deferred retirement benefits are invested together with other assets of retirement benefit schemes. Those assets are invested by registered fund managers in different asset classes in accordance with the investment guidelines and other provisions of the Retirement Benefits Act. The diversified investment portfolio results in different interest rates being earned by different classes for each particular retirement benefit scheme. As at December, 2008, the total investment of occupational retirement benefits schemes amounted to Kshs193.7 billion. (c) The Government has, through the Retirement Benefits Act, put in place measures to ensure that the deferred membersâ benefits and other retirement benefits assets are safe and secure. Those include separation of scheme assets from company assets, creation of schemes under irrevocable trust managed by an independent board of trustees and issuance of the retireeâs annual benefits statement that clearly outlines their contributions and total benefits accrued to date, and a summarized report of the scheme"
}