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"id": 853033,
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"type": "speech",
"speaker_name": "Mbeere North, JP",
"speaker_title": "Hon. Charles Njagagua",
"speaker": {
"id": 2336,
"legal_name": "Charles Muriuki Njagagua",
"slug": "charles-muriuki-njagagua"
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"content": "The Bill also proposes that we shall have tenure of office, which I have said will be three years. The trustees will be remunerated for the reasonable work they do. Once a vacancy arises, the relevant Cabinet Secretary will be in a position to fill that vacancy as per the provisions of this Act. The administrator will again be able to take care of the investment and the surplus funds of the scheme and also give audited accounts. The board will formulate policies related to the scheme. It will also collect contributions from the members and pay various benefits to people entitled to those benefits. Generally, the trustees will exercise prudent management skills in matters of members’ contribution. We have known a situation in the past where funds of members were misappropriated and members’ pensionable funds were not remitted. Anybody who gives false information to the board or wilfully neglects to remit money to the trustees is guilty of an offence and is liable to imprisonment for a term of two years or a maximum fine of Kshs5 million or to both the fine and imprisonment. The administrator shall again appoint a custodian. It is the custodian who will keep all the relevant titles, assets and receive monies for and on behalf of the trustee. The custodian again will execute all relevant documents for and on behalf of the board. As I said earlier, the administrator will be a corporate body and will incorporate the closed funds and this scheme. As I wind up, we must appreciate the role that the pension plays for Kenyans and the world at large. We have said that if pension funds are used prudently, we will not see a situation like that of former councillors. They were in executive positions but they were never pushed to make their remittances. That is why, with tremendous respect, they have now filed a petition to this Parliament that they need pension. We do not wish to see the staff, those seconded from various ministries to the county governments or the new members who are employed by county The electronic version of the Official Hansard Report is for information purposes only. Acertified version of this Report can be obtained from the Hansard Editor."
}