[Photo/business daily]A section of workers are at risk of missing out on pension payments upon retirement, as The National Social Security Fund (NSSF) is holding Sh764 million from unidentified contributors.As at June 2016, the State-run pension scheme was holding the cash in a suspense account which is in breach of Kenya’s pension rules requiring all schemes to maintain proper records identifying each worker and amount contributed.Auditor-General Edward Ouko suggested the figure could be higher if all files were examined on NSSF’s latest books of accounts.Mr Ouko said, “No explanation has been provided in the financial statements as to why the suspense account balance increased instead of reducing and a mechanism to clear the balance”.The revised NSSF Act came into force in January 2014 and subjects the public scheme to rules stipulated by the Retirement Benefits Act and the industry regulator.The regulators are in the opinion that some of the ghost contributors are casuals or those who temporarily lost their jobs or lack permanent addresses hence their accounts are not updated.A section of workers are at risk of missing out on pension pay upon retirement, as The National Social Security Fund (NSSF) is holding Sh764 million from unidentified contributors.As at June 2016, the State-run pension scheme was holding the cash in a suspense account which is in breach of Kenya’s pension rules requiring all schemes to maintain proper records identifying each worker and amount contributed.Auditor-General Edward Ouko suggested the figure could be higher if all files were examined on NSSF’s latest books of accounts.Mr Ouko said, “No explanation has been provided in the financial statements as to why the suspense account balance increased instead of reducing and mechanism to clear the balance”.The revised NSSF Act came into force in January 2014 and subjects the public scheme to rules stipulated by the Retirement Benefits Act and the industry regulator.The regulators are in the opinion that some of the ghost contributors are casuals or those who temporarily lost their jobs or lack permanent addresses hence their accounts are not updated.

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