Uhuru Kenyatta

All parliamentary appearances

Entries 1511 to 1520 of 1613.

• 11 Feb 2009 in National Assembly: defrauded of their pensions. view
• 11 Feb 2009 in National Assembly: (b) The assets held by private determined benefit schemes amount to a total of Kshs203 billion as at June, 2008. In the recent past, there are no schemes which have become insolvent. However, we have a number of old schemes which existed before the Authority came into existence in 2000, which operated as defined benefit schemes with under-funded liabilities. The schemes were required to be, at least, 80 per cent funded. However, they are not insolvent because they are still in operation. view
• 11 Feb 2009 in National Assembly: (c) Fifteen per cent of Kenya's working population is within the pension bracket. However, my Ministry is developing a national pension policy to increase the coverage of retirement benefits and to consider the feasibility of providing basic pension for non-working class or elder persons who are living in absolute poverty. view
• 11 Feb 2009 in National Assembly: Mr. Deputy Speaker, Sir, amongst some of the safeguards that have been taken include that the Retirement Benefits Authority (RBA) which is, first and foremost, mandated to register all pension schemes before they are allowed to operate. view
• 11 Feb 2009 in National Assembly: Key service providers of schemes which include custodian companies, fund management companies and scheme administration companies must also equally seek to obtain registration before they are allowed to offer services to schemes here in Kenya. All schemes are also required to have prudent investment policy statements prepared by approved professionals to guide the manner the assets will be invested by the asset managers. view
• 11 Feb 2009 in National Assembly: Mr. Deputy Speaker, Sir, furthermore, all schemes are required to make periodic returns to the Authority to enable off-site inspection of the position of the scheme's assets and indeed, the state of governance of those schemes. view
• 11 Feb 2009 in National Assembly: Mr. Deputy Speaker, Sir, equally, the Authority makes on-site inspections of schemes regularly to ensure compliance with the law. These, amongst other measures, ensure that the Authority is regularly monitoring the activities of all schemes, especially in light of the current situation that exists in the financial sector. view
• 11 Feb 2009 in National Assembly: Mr. Deputy Speaker, Sir, as I said, there were a number of under-funded schemes which were in existence prior to the introduction of the Authority in the year 2000. However, the Authority is carefully monitoring and each one of those schemes have been asked to provide remedial plans to the Authority and the Authority is closely monitoring those particular schemes to ensure that they move towards compliance in the shortest possible time. Of all the schemes that fall below the 80 per cent requirement, only two have yet to provide us with remedial plans. All the others, as of now, ... view
• 11 Feb 2009 in National Assembly: Mr. Deputy Speaker, Sir, furthermore, there are other schemes that have been established as defined contribution schemes and which under the law are required to be 100 per cent funded. However, owing to failure by employees to remit contributions to such schemes, they are not fully funded. These schemes, however, have been placed under interim administration and have also submitted remedial plans towards fully funding as is required by the law. The schemes affected by Fe bruary 11, 2009 PARLIAMENTAR Y DEBATES view
• 11 Feb 2009 in National Assembly: Mr. Deputy Speaker, Sir, the scheme is basically developed to take care, first and foremost, of those in our population who are living in absolute poverty. However, the hon. Members will have an opportunity, because the Ministry is planning to hold a national conference in May this year where we intend to discuss the Draft National Pensions Policy with all stakeholders prior to it being brought to the Cabinet and being put before this House. The hon. Member will have full opportunity to go through the policy itself and make his contribution. view