The Public Service Commission (PSC) Staff Pension Scheme has recorded strong financial performance, improved governance, and forward-looking reforms.
Speaking during the Annual General Meeting (AGM), PSC Chief Executive Officer Mr. Paul Famba lauded the Scheme for a year marked by significant growth and institutional strengthening, terming it a “milestone period” in securing members’ retirement futures.
Disclosures at the meeting showed that the Scheme’s audit for the financial year ended 30 June 2025 was completed and filed with the Retirement Benefits Authority (RBA) within statutory timelines. The Scheme’s closing fund value rose sharply to Sh1.421 billion, up from Sh1.057 billion the previous year, reflecting sustained growth in member savings.
Members also benefited from improved returns, with net income credited to individual pension accounts at 19.45 percent for the Registered (Tax-Exempt) portion and 16.75 percent for the Unregistered (Non-Tax-Exempt) portion, compared to 12.76 percent and 10.16 percent respectively in the previous financial year.
The CEO attributed the strong performance to prudent management and effective governance by the Trustees, noting that the Scheme is now fully financially autonomous and able to meet all operational costs independently.
“This achievement is a reflection of discipline, sound decision-making, and the unwavering commitment of our Trustees and management team,” said Mr. Famba. He added that his confidence in the Scheme’s leadership was reinforced after attending a capacity-building programme for Trustees, which focused on strengthening stewardship and compliance.
Beyond financial performance, the AGM emphasized members’ broader wellbeing. Preliminary discussions are underway to explore establishing a Post-Retirement Medical Fund, aimed at enhancing healthcare security for retirees. “Retirement with dignity goes beyond savings. It must also address health and long-term comfort,” said the CEO, noting that the initiative is in early stages.
The meeting highlighted PSC’s continued support as Scheme sponsor. During the year under review, the employer remitted Sh148.2 million in mandatory contributions. Additionally, members benefited from Sh12.6 million paid out under the Commission’s Group Life Cover to support families during critical times.
A key highlight of the AGM was the official unveiling of the PSC Staff Pension Scheme Strategic Plan 2025–2030, outlining a roadmap for growth, innovation, transparency, and enhanced member services over the next five years.
by Joseph Ng’ang’a
