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New pension fund for county workers

The Local Authority Pension Trust will be transformed into a county fund in line with the country’s devolved governance structure.

The new outfit, to be known as the County Pension Fund (CPF), will cater for more than 150,000 members as it transits from catering for employees of the defunct local authorities to embrace the new county governments.

More than 100,000 workers are expected to join the Trust — popularly known by its acronym LAPTRUST — as it transits to CPF after nearly a century of catering for local authorities employees.

The Sh22 billion pension scheme currently has 30,000 members but the transition will increase the membership by an estimated 120,000 workers spread across the 47 counties.

For details of the story, go to: http://www.nation.co.ke/news