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{
    "id": 1489588,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1489588/?format=api",
    "text_counter": 243,
    "type": "speech",
    "speaker_name": "Tigania West, UDA",
    "speaker_title": "Hon. John K. Mutunga",
    "speaker": null,
    "content": "Hon. Deputy Speaker, the Retirement Benefits Act of 1997 provides for, among other things, requirements for the effective management and investment of the pension funds in Kenya. The statute also establishes the Retirement Benefit Authority, which oversees the prudent management of pension schemes and ensures responsible investment of pension funds. The funds represent a significant pool of long-term capital that, when strategically invested, can greatly contribute to national development. By allocating a portion of the fund to well- planned infrastructure projects, renewable energy initiatives and affordable housing programs, pension funds can address key development challenges while ensuring stable long-term returns for retirees. This would also improve financial inclusivity, enhance the living standards of citizens and reduce the reliance on foreign debts. Hon. Deputy Speaker, it is against this background that I request for a statement from the Chairperson of the Departmental Committee on Finance and National Planning on the following: 1. Provide a report on the number of registered pension funds in the country and the total amount under management across the funds. 2. A list of the specific sectors where the pension funds have been invested and the terms of those investments. 3. Report on the proposal that money held in pension funds be invested in national development and the likely modalities for such arrangements. Thank you, Hon. Deputy Speaker."
}