By Dorris Kyalo
The county pension fund group schemes have demonstrated great performance and strategic growth, as most funds show impressive gains, despite economic challenges and a decrease in Laptrust assets, from the previous year’s report given during today’s annual general meeting.
Meanwhile, a new strategic plan for 2024-2028 was launched aimed at ensuring continued growth, financial stability, and enhanced customer satisfaction.
The financial performance overview revealed a decline in net assets for Laptrust, from SH. 31.26B in 2022 to SH.26.99B in 2023.
However, the CPF exhibited growth, increasing from SH.32.8B in 2022 to SH.39B in 2023, as the net fund value saw a significant rise from SH.686.8M to SH.1.5B, and the PRMS fund increased from SH. 14.5M to SH.32. 8M respectively.
The CPF’s CEO Hosea Kili attributed the achievements of 2024 to the dedicated efforts of the staff.
“Our achievements in 2024 would not have been possible without the significant effort and steadfast determination of our staff, for which I am incredibly grateful,” Kili stated.
Winfred Syombua, Laptrust’s board chairperson, reiterated their dedication to their customers, ensuring growth and sustainability.
“Our philosophy is grounded in our desire to deliver value for all stakeholders of the scheme and to do so through unrivalled customer focus,” stated Winfred.
“We therefore reaffirm our commitment to our stakeholders for the important roles that each of you continues to play in ensuring the sustainability and success of the Laptrust Defined Benefits Scheme,” Winfred added.
It was also noted that the active membership of CPF schemes grew significantly reaching 23,229 in 2023 from 10,931 in 2022, as that of Salih fund, increasing from 9086 in 2022 to 9131 in 2023.
On her part, Homabay County Governor Gladys Wanga has reaffirmed the county’s support to the CPF, stating that securing retirees’ futures and fostering economic resilience in the community should be a priority for the organization. She has also called for efforts to ensure the country becomes a better place for all youths.
Today’s AGM, marks a new beginning for CPF, ensuring its growth, financial resilience, and securing retirees’ futures.