CPF Group Schemes ’ AGM Takes Place Virtually For The Second Year Running
The CPF Group held its Annual General Meeting ( AGM ) for the Financial Year ( FY ) 2020 on Wednesday 23 June 2021 . The Group announced significantly improved financial performance in 2020 with increased assets and membership despite the challenges posed by the COVID crisis in 2020 .
CPF Group Managing Director / CEO , Hosea Kili , OGW told members and stakeholders at the firm ’ s AGM held virtually that the County Pension Fund , which is the scheme adopted by all County Governments in Kenya , continued to record impressive growth in membership and fund value .
“ The County Pension Fund has 160 sponsors comprising County Governments and Associated Organizations as well as private organizations who choose to join the umbrella fund for their employees ’ benefits . Timely-payout of benefits and consistently delivering outstanding returns is key to the growth and sustainability of the fund . To this end , the pension scheme ’ s operation model is tailored to contribute to both the economic and social development for all members and stakeholders . In the year under review , the fund maintained its growth trajectory with a corresponding growth in net assets and net return on investments ,” said CPF Group managing Director / CEO , Mr . Hosea Kili , OGW .
The County Pension Fund ’ s fund value for the year ended 31 December 2020 stood at Kshs . s . 21.92 Billion ; up from Kshs . s . 15.5 Billion in the year ended 31 December 2019 . Additionally , active membership of the fund membership increased from 51,075 members in the year ended 31 December 2019 to 57,279 as at 31 December 2020 .
The CPF Individual Pension Plan ( IPP ) – also known as M-Pension - exhibited remarkable performance in the year under review . Net Assets as at December 31 , 2 2020 stood at Kshs . 3.52 Billion compared to Kshs . 2.01 Billion in the year ended December 31 2019 . Moreover , fund ’ s active members were 12 , 315 in the year ended 2020 compared to 5,989 members in year ended 2019 .
CPF Spotlight | Edition 02 12