National Social Security Fund (Kenya)

National Social Security Fund

Type	Quasi-Government
Industry	Social Security
Founded	1965
Headquarters	NSSF Building, Bishops Road, Nairobi, Kenya
Key people	Adan D. Mohamed Chairman Richard Langat Acting Managing Trustee Francis Atwoli Trustee
Products	Pension fund
Revenue	KSH 20.8 Billion (2010)^[1]
Total assets	KSH 100.7 Billion (2010)^[2]
Website	Homepage

The National Social Security Fund (NSSF) is a government agency responsible for the collection, safekeeping, responsible investment and distribution of retirement funds of employees in both the formal and informal sectors of the Kenyan Economy. Participation for both employers and employees is compulsory. NSSF is both a Pension fund and Provident fund.^[3]

History

NSSF was established in 1965 through an Act of Parliament Cap 258 of the Laws of Kenya. It initially operated as a Department of the Ministry of Labour until 1987 when the NSSF Act was amended transforming the Fund into a State Corporation under the Management of a Board of Trustees.^[4] Under the National Social Security Act of 2013, both employed and the self-employed and their dependants qualify as contributing members.^[5] The act (law) on pension requires all Kenyans that are above 18yrs of age to register to the program.

The Board of Trustees is composed of workers' representatives through the Central Organization of Trade Unions, Employers' through the Federation of Kenya Employers and the Government of Kenya through the Ministries of Labour and Finance.^[6] This composition ensures that the Board of Trustees accommodate the views and aspirations of the three social partners in policy formulation and running of the organization.

Investment Portfolio

The current National Social Security Fund investment portfolio include Fixed Income, Real Estate and Equities.

Fixed Income

This include Short term and Long term bonds. As at 31 December 2010, the investment in Long term bonds was KSH 24.64 Billion.^[7]

Real Estate

Land - As at 31 December 2010, the undeveloped land owned by NSSF was valued at KSH 7.86 Billion.^[8]
Buildings - As at 31 December 2010, the Buildings owned by NSSF were valued at KSH 31 Billion.^[9]
- Commercial Buildings - These include NSSF Building, View park Towers and Hazina Trade Centre which is set to be the tallest building in the region.^[10]
- Residential Buildings - These include Nyayo Estate Embakasi, Milimani Flats, Mountain View Estate, Hazina Estate and Nyayo Highrise Estate near Kibera.

Equities

Private Equities - The main private equity held by NSSF is 11.2% of the issues share capital of the Consolidated Bank of Kenya.^[11] Others include the Nairobi City Council Stock.^[12]
Listed Equities - The Fund is a leading investor on the Nairobi Securities Exchange. Companies invested in by NSSF in the NSE include the following:^[13]

National Social Security Fund NSE Portfolio

Number	Investment	Industry
1	Kenya Power and Lighting Company	Electricity Distribution
2	East African Breweries	Brewing
3	British American Tobacco Kenya	Tobacco & Cigarettes
4	Kenya Electricity Generating Company	Electricity Generation
5	Bamburi Cement	Construction Products
6	East Africa Portland Cement	Construction Products
7	Kenya Commercial Bank Group	Financial and Banking
8	Housing Finance Company of Kenya	Financial, Banking and Mortgages
9	Sameer Africa	Tyre Manufacturing
10	National Bank of Kenya	Financial and Banking
11	Barclays Bank (Kenya)	Financial and Banking
12	Standard Chartered Kenya	Financial and Banking
13	Nation Media Group	Media
14	Athi River Mining	Construction Products
15	Kenya Re-Insurance	Reinsurance
16	Safaricom	telecommunications
17	Equity Group Holdings Limited^[14]	Financial and Banking

Ownership

The NSSF is owned by the Government of Kenya on behalf of the workers and employers in Kenya.

Governance

Governance of NSSF is overseen by a nine-member board of trustees with Adan D. Mohamed as the Chairman and Richard Langat as the acting Managing Trustee.^[15] In formulating the Fund’s policies the Board of Trustees act strictly in accordance with the NSSF Act.

Branch Network

There are NSSF offices in major towns all over Kenya.^[16]

External links

References

Economy of Kenya

Currency	Kenyan Shilling (KES) Central Bank of Kenya

History	Kenya Economic Stimulus Program History of Trade Corruption

Industry and business	Agriculture Automotive Industry Beer Coffee Energy Real Estate Tourism

Government agencies	Open Government The Treasury NOCK KenGen Kenya Ports Authority KPC Kenya Railways Corporation

Companies and Counties	Companies Bamburi Cement Kenya Airways East African Breweries Counties

Transport and Infrastructure	Airports Roads Railway Thika Road Mombasa Port Jomo Kenyatta International Airport (JKIA)

Communications	Safaricom Bharti Airtel (Kenya) Orange (Kenya) YU Network (Kenya) SEACOM EASSy TEAMS

Finance and banking	Nairobi Securities Exchange Traded companies NSE 20 share Index NSEASI FTSE-NSE Banks Insurance

Economic Blocs	East African Community COMESA CEN-SAD AGOA

Energy	Geothermal Power Hydro Power Nuclear Petroleum Renewable Energy Solar Power Wind Power

Future	Kenya Vision 2030 LAPSSET Konza Technology City Greenfield Terminal (JKIA)

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