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{
    "id": 864791,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/864791/?format=api",
    "text_counter": 497,
    "type": "speech",
    "speaker_name": "Sen. Cherargei",
    "speaker_title": "",
    "speaker": {
        "id": 13217,
        "legal_name": "Cherarkey K Samson",
        "slug": "cherarkey-k-samson"
    },
    "content": "this Fund, so that they are not siphoned by predators who want to dip their hands into the cookie jar. For example, there have been allegations of corruption in the National Social Security Fund (NSSF). Therefore, we hope that the proposed Board will ensure that it protects the contributions of the people and ensure efficient management of the Scheme. Madam Temporary Speaker, there is an aspect of transition. I do not want to go to the specific provision on administration. However, I request that we amend that Clause so that we have an external administrator for the Local Authorities Pensions Trust (LAPTRUST) and the Local Authorities Provident Fund (LAPFUND). For example, LAPTRUST has assets of Kshs1.6 billion. They have around 230 employees and 50,000 members in county pension firms. Therefore, it is important to amend this Clause so that we move from in-house issues. We also need to look at the employees that work for these organisations. Madam Temporary Speaker, the appointed administrator should ensure that the technical Committees are well taken care of. Therefore, the Board must appoint external administrators to completely prevent commingled assets of the different schemes that arise if an in-house administrator is appointed to the Scheme. Therefore, to allow fairness, we must have external or corporate administrators. I am happy that my good Chairperson and the Senator for Nairobi, Sen. Sakaja, who is christened “ siasa safi ” is here so that he can listen to these issues. I know that he is worried about the matatu madness. However, I am happy that the madness has been suspended and now he can focus on this serious matter. Madam Temporary Speaker, we must have the technical committee as recommended in the administrative service of the Scheme which is important. We will look at the powers of the Board in Clause 14 and introduce some amendments. Clause 22(1) (c) states that- “The Board shall appoint a custodian of the Scheme who shall, in addition to the duties prescribed under the Retirement Benefits Act- (c) receive and keep in safe custody the title documents, securities and monies of the Scheme in trust for the members and beneficiaries” That is why we need an external or corporate administrator for the transition of any assets and liabilities between different funds, for example, LAPTRUST and LAPFUND. We must protect the custodian so that we prevent what has been happening in many schemes across the country and internationally. Madam Temporary Speaker, Clause 26 (1) states that- “A member shall not withdraw membership or retirement benefit from the Scheme while the member is in employment of a Sponsor”. Clause 26(2) states that- “A member may withdraw benefits from their account before normal retirement age in the following circumstances – (a) resignation; (b) dismissal; (c) ill health; (d) emigration.” The electronic version of the Senate Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor, Senate."
}