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{
    "id": 568319,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/568319/?format=api",
    "text_counter": 380,
    "type": "other",
    "speaker_name": "",
    "speaker_title": "",
    "speaker": null,
    "content": "We must also ensure that this Fund defines its investment policy. This is because investment policy is not within the purview of an Act of Parliament to define it. However, we can encourage that if this Fund will be controlling Kshs50 billion, there has to be some priority given to projects that strengthen the capacity of our county governments. We have seen that pension schemes are significant contributors to real estate. That is one of the asset pluses. The RBA Act has given some guidelines on portfolio diversification. Let this body not just build buildings in Nairobi. We would like to see a situation where they also invest in commercially viable real estate ventures across the counties. We should also see a situation where they become the best friend of the governors, especially when they are looking for funds to undertake commercially viable initiatives. At the end of the day, what the County Retirement Benefits Act intends to do or the body that it intends to set up must engage in commercially viable activities. I do not think that this is where we want to start experimenting with some socially correct activities. At the end of the day, because this is a defined contribution scheme, the workers who subscribe to this expect that they will get their money back, including the contribution by their employers, plus interest. With those remarks, I want to encourage that we consult properly and also encourage Kenyans to have a strong savings culture. We should pass this Bill with the necessary amendments at the Committee stage to see to it that our elders who toiled so hard for this country, when they retire, they do not become beggars and desperados. Thank you."
}