The Jomo Kenyatta University of Agriculture and Technology (JKUAT) staff retirement benefit scheme Friday launched its 2.1 billion landmark ‘One Padmore Place’ building located in Kilimani, Nairobi.
The project is part of an initiative to diversify the scheme’s investment portfolio to protect pensioners’ investment against the ever dynamic market.
The 181, 000 sq. ft building is expected to accommodate rental offices, corporate retail services space and parking bay for clients and other motorists.
Ministry of Education Chief Administrative Secretary Simon Kachapin who represented the Treasury Cabinet Secretary Henry Rotich and his Education counterpart Amina Mohammed who were the Chief guests said the government is supporting pension scheme initiatives particularly, in meeting their legal and statutory requirement.
He at the same time assured that the government will continue to accord both local and foreign investors a condusive environment to invest and do business with maximum returns.
The government has always accorded investors support and autonomy in their operations to maximise returns on their investments, said Kachapin.
The Administrative Secretary encouraged contributors to increase their shares while seeking other avenues as a diversification strategy to cushion them in their future life after retirement.
Kachapin at the same time implored on the schemes management trustees to exercise prudence in the management of retirees’ fund and ensure satisfaction in the financial planning for the benefit of voluntary contribution.
This is a noble project, we need to sustain it so as to have value of our money in the future, he added.
He challenged university management to always be creative and initiate ways that would ensure survival and relevance in the ever dynamic environment.
JKUAT Chancellor Prof. Geoffrey ole Maloi called on the trustees of the scheme to maintain high standards of the investments to attract clients.
He commended the JKUAT Vice Chancellor Mabel Imbuga for her leadership that has seen the institution grow overtime in terms of academic and investment excellence.
The Chair , Board of Trustees Maurice Onyango commended the secretariat trustees and all stakeholders who pulled together and ensured the project started 11 years ago was a success.
He revealed that the One Padmore Place building had been rated to ‘AAA’ standard and would therefore attract clients to the same standard.
Mr. Onyango applauded the contractors and the secretariat for ensuring that the project was concluded within target period and budget projection.
JKUAT Vice Chancellor Prof. Mabel Imbuga said that the project will go a long way in turning around the social and economic lives and economic status of the members.
With the current economic hardship, this project will cushion members in their retirement ages, she noted.
Source: Kenya News Agency