The Public Service Superannuation Scheme (PSSS) has officially launched its strategic plan for 2023-2027, with a clear focus on safeguarding the financial well-being of Kenya’s public employees.
The plan was unveiled today at the Kenya School of Government (KSG) by Mr. Felix Koskei, Chief of Staff and Head of Public Service.
“This strategic plan marks a pivotal moment in our commitment to ensuring the financial stability of our public servants,” declared Mr. Koskei.
He emphasized the significance of pensions, highlighting how they provide a steady income stream for retirees and contribute to Kenya’s economic development by fueling investments in the stock market and real estate.
National Treasury Underscores Support for Robust Retirement System
The launch event also featured remarks from PS Treasury Chris Kiptoo, who reaffirmed the National Treasury’s role as the PSSS sponsor. Kiptoo emphasized the Treasury’s dedication to fostering a robust retirement benefits industry in Kenya.
Kiptoo pointed to the National Retirement Benefits Policy 2023 and the Retirement Benefits Authority (RBA) as key measures undertaken by the Treasury to support the industry. The Policy aims to establish a coordinated framework, while the RBA works to ensure the sound management of retirement schemes and the protection of member benefits.
The CS highlighted the significant growth of the Kenyan pension system in recent years, with assets under administration by pension schemes surpassing KSh.1.7 trillion by December 2023.
The launch of the PSSS Strategic Plan 2023-2027 marks a significant step forward in aligning with the government’s vision for economic progress and prosperity. This strategic roadmap paves the way for guaranteeing financial security and overall well-being for Kenya’s public servants after retirement.
