NSSF return on assets drops 40 per cent

Net returns on investments by the National Social Security Fund (NSSF) dropped 40 per cent despite a 14 per cent rise in assets under management.

The manager’s return on investment dropped from Sh27.32 billion in 2013 to Sh16.3 billion in 2014.

Assets under management rose from Sh134.9 billion in 2013 to Sh153 billion in 2014, statistics from the State run pensions fund show.

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Similarly over the period contributions to the State run Fund increased from Sh7.8 billion in 2013 to Sh8.4 billion in 2014, an increase of 8 per cent according to the Fund’s Financial Statements.

Among assets under management by NSSF include Sh8.9 billion worth of undeveloped land, land and buildings worth Sh20.6 billion and quoted stocks worth Sh56 billion.

UNDEVELOPED LAND

Undeveloped land includes the Sh88.1 million Tassia estate, Sh3.2 billion plots in Mavoko, and a plot along Kenyatta Avenue worth Sh3.2 billion.

Others are Sh970 million plots in Bamburi, a plot in Mtwapa estimated to cost Sh580 million, a Sh160 million plot in Kisumu, and a plot in Upper hill worth Sh110 million. Others are a Sh520 million plot along Bishops Road.

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Buildings include the Sh7.5 billion Social Security House and Annex in Nairobi, the Sh2.4 billion Bruce House, the Sh1.2 Social Security House building in Mombasa, the Sh2.8 billion Hazina Trade Center in Nairobi, the Sh255 million Hazina Estate, the Sh1.2 Billion Hazina Towers and a Sh1.2 development along State House Road. Others are the Sh963 million Nyayo Estate in Embakasi and the Sh480 Milimani flats in Kisumu.

Assets held in quoted shares by the Fund amount to Sh56.3 billion as at the period.

They include shares worth Sh11.5 billion in Kenya Commercial Bank, Sh8.6 billion in East African Breweries Limited, and Sh9.9 in Bamburi Cement.