The Public Service Superannuation Scheme (PSSF) marked a significant milestone during its 3rd Annual General Meeting held at the Kenyatta International Convention Centre (KICC) under the leadership of its Chairman, H.E Gov Wycliffe Wangamati.
The event brought together key figures, including FCPA Hon. John Mbadi Ng’ongo, the Cabinet Secretary for National Treasury and Economic Planning, Hon. Justin B. N. Muturi, EGH, the Cabinet Secretary for Public Service and Human Capital Development and PS Treasury Hon. Chris Kiptoo, CBS.
In his opening remarks, Hon. Mbadi reaffirmed the government’s commitment to supporting the pension sector, emphasizing its vital role in ensuring financial security for public servants in retirement.
Record-Breaking Growth in Fund Value
Addressing the attendees, Wangamati highlighted the impressive growth of the PSSF, which has seen its fund value soar from Ksh 84.74 billion to Ksh 142.2 billion within a year.
The former Bungoma Governor attributed this success to sound investment strategies and strong asset management, which have not only secured members’ savings but also made them more productive. The Fund also achieved a significant increase in investment income, rising from Ksh 5.51 billion to Ksh 14.05 billion.
“This growth underscores our commitment to prudent financial management and the delivery of value to our members,” said Wangamati.
Commitment to Good Governance
Wangamati reiterated the importance of corporate governance, transparency and accountability in the Scheme’s operations. He announced the rollout of a new Corporate Social Responsibility (CSR) policy aimed at uplifting communities while upholding ethical standards.
He also highlighted the PSSF’s focus on enhancing technology to streamline service delivery. Members now enjoy real-time access to their statements and contributions, with plans to introduce more advancements under the Scheme’s new Strategic Plan.
“As we continue our journey, we must remain united in building a robust and reliable pension system,” he said.
About the PSSF
The PSSF, established under the Public Service Superannuation Scheme Act No. 8 of 2012, is a defined contribution retirement benefits fund designed to provide pensions for public servants. Launched on January 1, 2021, the Scheme is part of government reforms in the pensions sector and covers officers serving under the Public Service Commission, Teachers Service Commission, National Police Service Commission, and other designated public services.
With Wangamati’s visionary leadership, the PSSF is poised for continued success, further solidifying its position as a cornerstone of Kenya’s pension sector.
A Bright Political Future
Wangamati, whose stewardship at PSSF has garnered widespread acclaim, is widely regarded as a frontrunner for a second term after the anticipated retirement of Governor Kenneth Lusaka in 2027. His achievements at PSSF have bolstered his reputation as a transformative leader with a focus on long-term growth and sustainability.