Fund expects more civil servants to retire

NAMBAWAN Super Ltd (NSL) expects a number of exits in the coming years due to government’s right sizing of the public service, chief investment officer David Kitchnoge.
Kitchnoge said it would be manageable since the fund had sufficient liquidity to pay out members.
Currently the NSL pays out K5 million to K10 million weekly for members who exit.
He, however, said presently the fund had not had much movement in its membership in terms of exits.
“We are quite lucky in that a majority of our members are public servants,” he said.
“In the height of Coronavirus (Covid-19) pandemic, the government actually issued an order guaranteeing the employment of the public servants.
“So we haven’t had much movement in terms of our membership exits what’s coming up is we know that the government is currently implementing a right sizing of the public service,” he said.
“Once that is fully implemented that will obviously see some of our members being displaced and so on so we are expecting a few member exits in the coming year but I think its manageable.
“We have heard announcements by the police department about exiting long serving members of the force so that will occur and obviously when they exit they will need to recruit new people to take their place.”