New Trustees of the Kenya Railways Staff Retirement Benefits Scheme

Following the recent resignation of the Trustees of the Kenya Railways Staff Retirement Benefits Scheme (the Scheme), appointed by the Sponsor, (Kenya Railways Corporation), the Board of Directors of the Corporation has appointed the following persons as Trustees of the Scheme in line with the provisions of the Trust Deed and Rules establishing the Scheme for a term of three years:

1. Capt. (Rtd.) Ahmed Mumin Abdille (A retired Senior Military Officer).

2. Mrs. Rhoda Kemunto Muriungi (A prominent Nairobi Advocate and a member of the KRC Board of Directors)

3. Mr. Johnstone K. Mwinzi -(A retired Chief Government Valuer)

4. Mrs. Josephine Masibo - (Head of Human Resources at KRC)

5. Mr. Arthur Runyenje Namu — (A Financial Services Consultant).

6. Ms. Josephine Kabura Gichuhi — (An expert in Finance and Administration).

The appointments made by the Board of the Corporation are to ensure that the Scheme fully meets its mandate as specified in the Trust Deed establishing it and fully complies with the Retirement Benefits Authority Act and Regulations.

It is also noted that the election of three Trustees by the members of the Scheme will take place on 27th April 2012 after which the full Board of Trustees of the Scheme will be in place.

Background Information

The Kenya Railways Staff Retirement Benefits Scheme was formed in 2006 to take care of the retirement benefits for approximately 9,500 pensioners and 2021 active members (deferred members).

The pension Liability at the time of the formation of the scheme was Ksh. 12.6 Billion and to cover for this liability, the Government of Kenya approved the transfer of assets worth Ksh. 12.4 Billion from Kenya Railways Corporation to the Scheme.

Kenya Railways being the Sponsor of the Scheme is obliged to ensure that the Scheme succeeds for the benefit of its past and current workers.


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