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Chairperson board of trustees Commissioner Joan Otieno (center), (Right row) Deputy Commission Secretary Mr. Remmy Mulati,

Assistant Director HRMD Mr Francis lemarkat, Deputy Director Planning Mr William Migwi, Assistant Director finance CPA Nelson Kanja,

(left row) Senior ICT officer Mr Collins Mbaluto, HRM Assistant Ms Faith Chemtai and the Director HRMD Ms Joan Machayo(Trust Secretary)

during the AGM at the Commission house

 

 

 

The public Service Commission (PSC) pension scheme has registered a whopping Ksh152 million growth in net assets value during the fiscal year ending June 2021 amid tough regional and global economic times occasioned by the impact of Covid-19.

 

According to the financial statements released on 16th June 2022 during the Scheme’s General Meeting (AGM), the scheme’s current assets net worth is Kshs.692,210,959, up from Kshs. 539,608,220 cumulated by 2020.

 

Speaking during the virtual AGM at the Commission House, the Chairperson Board of Trustees, Commissioner Joan Otieno attributed the growth to prudent investments of scheme assets in line with the Investment Policy statement.

 

“I am happy to note that the scheme fund value grew by 28%. This is a quite remarkable growth. I must admit, it was largely as a result of increased contributions remittances and positive investment income,” she said.

 

She noted that the incredible results in the past fiscal year were a product of the work the Board did to contribute to the sustainability of the Scheme.

PSC CEO Dr. Simon Rotich assured members of the sponsor's commitment to supporting initiatives by the Board of Trustees to enhance the growth and value of members’ savings.

“We have to ensure that our business plans are aligned to the dynamic business environment that we find ourselves in, driven by rapid changes in the economic, social, political, technological and legal environment” he asserted.

 

PSC Pension Scheme is governed by a Trust deed dated 1st July 2014. It was registered on 15th December 2014.

 

The Scheme is contributory whereby the employees and employer contribute 10% and 20% of employees’ basic salaries respectively.

The public Service Commission (PSC) pension scheme has registered a whopping Ksh152 million growth in net assets value during the fiscal year ending June 2021 amid tough regional and global economic times occasioned by the impact of Covid-19.

 

According to the financial statements released on 16th June 2022 during the Scheme’s General Meeting (AGM), the scheme’s current assets net worth is Kshs.692,210,959, up from Kshs. 539,608,220 cumulated by 2020.

 

Speaking during the virtual AGM at the Commission House, the Chairperson Board of Trustees, Commissioner Joan Otieno attributed the growth to prudent investments of scheme assets in line with the Investment Policy statement.

 

“I am happy to note that the scheme fund value grew by 28%. This is a quite remarkable growth. I must admit, it was largely as a result of increased contributions remittances and positive investment income,” she said.

 

She noted that the incredible results in the past fiscal year were a product of the work the Board did to contribute to the sustainability of the Scheme.

PSC CEO Dr. Simon Rotich assured members of the sponsor's commitment to supporting initiatives by the Board of Trustees to enhance the growth and value of members’ savings.

“We have to ensure that our business plans are aligned to the dynamic business environment that we find ourselves in, driven by rapid changes in the economic, social, political, technological and legal environment” he asserted.

 

PSC Pension Scheme is governed by a Trust deed dated 1st July 2014. It was registered on 15th December 2014.

 

The Scheme is contributory whereby the employees and employer contribute 10% and 20% of employees’ basic salaries respectively.

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