Kenya. Nairobi Pensioners risk not getting pay-outs owing to a Sh13billion City Hall debt to Laptrust
Retired City Hall employees risk losing their pension dues amounting to Sh13 billion. This follows failure by the Nairobi county government to remit contributions to the fund manager.
Local Authorities Pensions Trust (Laptrust) retirement scheme, which manages City Hall’s pensions scheme, says the county has not remitted pension deductions since 2013. It estimates the debt to be about Sh13 billion.
Laptrust, which also manages pension schemes for workers of other county governments in the country, has threatened to take over prime property owned by City Hall to settle the debt, which includes contribution arrears of Sh6 billion, accrued interest of Sh5.5 billion and actuarial deficit of Sh1.1 billion.
Read More: Standard Media
