| National Social Security Fund | |
| Type: | Quasi-Government |
| Key People: | Dr. Anthony Omerikwa (Acting Chief Executive Officer/Managing Trustee), Francis Atwoli (Trustee) |
| Industry: | Social Security |
| Products: | Pension fund |
| Revenue: | KSh.20.8 billion/= (2016)[1] |
| Assets: | KSh.171.17 billion/= (2016) |
| Location: | NSSF Building, Bishops Road, Nairobi, Kenya |
The National Social Security Fund is a Kenyan 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. The fund is both a pension fund and provident fund.[2]
The National Social Security Fund was established in 1965 through the 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 act was amended, transforming the fund into a state corporation under the management of a board of trustees.[2] Under the National Social Security Fund Act of 2013, both employed and the self-employed and their dependents qualify as contributing members.[3] The Act on pension requires all Kenyans that are above 18 years 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.[4] This composition ensures that the board accommodates the views and aspirations of the three social partners in policy formulation and running of the organization.
The current National Social Security Fund investment portfolio includes fixed income, real estate, and equities.
This includes short term and long term bonds. As of 31 December 2010, the investment in long term bonds was KSh.24.64 billion/=.[5]
| 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[10] | Financial and Banking |
The fund is owned by the Government of Kenya on behalf of the workers and employers in Kenya.
Governance is overseen by a nine-member board of trustees with Dr. Anthony Omerikwa as the acting managing trustee.[4] In formulating the fund’s policies the board of trustees acts strictly in accordance with the NSSF Act.
There are fund offices in major towns all over Kenya.[11]