Members of the Public Service Commission (PSC) Staff Pension Scheme today convened for their Annual General Meeting (AGM), with strong financial performance, improved governance, and forward-looking reforms taking centre stage.
Addressing members, the 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.
According to disclosures made at the meeting, the Scheme’s audit for the financial year ended 30 June 2025 was completed and audited accounts filed with the Retirement Benefits Authority (RBA) within statutory timelines. The Scheme’s closing fund value rose sharply to Kshs. 1.421 billion, up from Kshs. 1.057 billion the previous year, underscoring sustained growth in member savings.
Members also benefited from improved returns, with net income credited to individual pension accounts at 20.05% for the Registered (Tax-Exempt) portion and 16.99% for the Unregistered (Non-Tax-Exempt) portion, compared to 12.76% and 10.16% respectively in the previous financial year.
The CEO attributed this performance to strong governance and prudent management by the Trustees, noting with pride that the Scheme is now fully financially autonomous, able to meet all its operational costs independently.
“This achievement is a clear reflection of discipline, sound decision-making, and the unwavering commitment of our Trustees and management team,” the CEO said.
He further revealed that his confidence in the Scheme’s leadership was reinforced earlier in the year after attending a capacity-building programme for Trustees, where he observed intensive training aimed at strengthening stewardship and compliance.
Beyond financial performance, the AGM focused on the broader wellbeing of members. The CEO announced that preliminary discussions are underway between the Scheme and his office to explore the establishment of a Post-Retirement Medical Fund, an initiative aimed at enhancing healthcare security for retirees.
“Retirement with dignity goes beyond savings. It must also address health and long-term comfort,” he said, adding that the proposal is still at an early stage.
The meeting also highlighted the PSC’s continued support as Scheme sponsor. During the year under review, the employer remitted Kshs. 148.2 million in mandatory contributions. In addition, members benefited from Kshs. 12.6 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, which sets out a roadmap for growth, innovation, transparency, and enhanced member services over the next five years.