NAIROBI, Kenya, Sep 14 – CPF Financial Services is set to administer the Public Service Superannuation Fund after the Court of Appeal directed the fund’s Board of Trustees to honor a contract that the company had won within 30 days.
A bench of three judges ruled that while CPF had successfully bid for the civil service pensions contract, the board of trustees employed delaying tactics to deny them the tender.
CPF was the only bidder who managed to get to the financial proposals opening stage after attaining a technical score of 95.2 per cent.
Following the victory at the Court of Appeal, CPF Financial Services is poised to be a one-stop shop for all pension needs for both County Government employees as well as National Government civil servants.
Under the Public Service Superannuation Scheme (PSSS), workers who resign from public service are entitled to pension benefits after five years with no age restrictions.
This is unlike the previous scheme where it took 10 years from the time a worker resigned from the government to get benefits or on the attainment of the age of 50.
“We have tripled the administration company turnover in less than five years, to stand at over Sh1.4billion. This has provided the cushion that members needed during their times of need – most recent being the Covid-19 pandemic that disrupted lives and livelihoods,” said Group Managing Director Hosea Kili.
CPF Financial Services currently caters to over 100,000 members across Laptrust, County Pension Fund, and CPF Individual Pension Plan.
The net fund value of the pension funds under CPF administration is Sh68.4billion with a total membership of just over 100,000 members
CPF Financial Services offers a comprehensive range of services in Retirement Benefits Schemes’ Administration, Trust Fund Services, Archival Services, Wealth Management, Training, and Management Consulting.
