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{
    "id": 802999,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/802999/?format=api",
    "text_counter": 171,
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    "speaker": null,
    "content": "the Stakeholders Retirement Authority, Council of Governors who had a lot of interest in this Bill, LAPTRUST, NSSF, county government workers, KNUT; everybody came and gave their views. The Committee will have, in my view, a lot of difficulties in moving a lot of the amendments. The ultimate intention of this Bill is contained in Clause 54, the Saving and Transitional Provisions, LAPFUND, LAPTRUST, Local Authorities Pension Fund and Trust - what happens to all these pension schemes once this Bill comes into force. Mr. Deputy Speaker, Sir, under Clause 55, the Committee has provided that an eligible employee of a sponsor, who immediately before the commencement of this Act was a member of the Local Authorities Provident Fund (LAPFUND) or the Local Authority Pensions Trust (LAPTRUST) Ambulary Retirement Fund shall upon commencement of this Act be deemed to be a member. I have seen views to the extent that you cannot merge these two bodies; the LAPFUND and LAPTRUST. The Committee will persuade us during the Third Reading how we will transition these two bodies. Mr. Deputy Speaker, Sir, there has been a problem about contribution that the two schemes and workers in the counties are contributing differently towards the pension scheme. This Bill attempts to synchronize although the stakeholders are of the view that since it is the province of county governments under Section 132 of the County Governments Act to set up county schemes of this nature, each county should be allowed its latitude to contribute between themselves and the employer what amounts they think best. The Bill seeks to reduce the benefits of members from 12 to 15 to 7.5 and 15.5 on employee contribution. Mr. Deputy Speaker, Sir, the Bill also makes provisions to contribute to the NSSF, that is Clause 25 and many other clauses which, in my view, are still matters that are out for debate and the committee will persuade us on some of the amendments proposed by stakeholders. The amendments to as to who should be included in the administration of the county government scheme are very important. Clause 27(2) is on the withdraw of membership from the fund. There is the proposal to do away with Clause 52 of the Bill. There were various contributions that were given to the Committee. Most importantly, is to say this: most of the retired workers from corporations like KPLC and Kenya Telkom have ended up not benefiting from the investments done by the retirement schemes. This Bill attempts to find a method where the trustees can be put to task in terms of any investments they make toward the funds of their retirees. Mr. Deputy |Speaker, Sir, all over the world, people should look forward to retirement. The investments made by the bodies and the trustees must be of benefit to the retirement scheme. I will put a specific clause banning gambling, pyramid schemes or any other schemes that would attempt to put the contributions of pensioners to risk because that is where these people end up losing their money. With those few remarks, I will be very anxious to see the several amendments and to listen to the Committee on the more than 35 amendments proposed to all the clauses in this Bill by the Council of Governors, inclusion of a clause on trust, transitional and a The electronic version of the Senate Hansard Report is for information purposes only. A certified version of this Report can be obtained from the Hansard Editor, Senate."
}