Concerns over the future of retirement savings are growing as members of the National Social Security Fund prepare for a crucial annual meeting scheduled for February 6, 2026.
The meeting will be held online and comes at a time when public debate is intensifying around the government’s intention to rely more on local savings to fund major development projects.
Many contributors are uneasy because the government has openly discussed using pension funds as part of its strategy to reduce dependence on foreign loans.
President William Ruto has said the country must turn inward and make better use of locally available resources, including long-term savings held by institutions such as NSSF.
While this approach is presented as a way to ease pressure from rising debt, it has raised serious questions about how safe workers’ retirement money will be under such plans.
The upcoming AGM will be the eighth for NSSF and will cover a wide range of issues touching on the fund’s operations. Members will review reports from the Managing Trustee and the Board of Trustees, as well as the actuarial report and audited financial statements for the year ending June 30, 2025.
Reports on fund management and custodial services will also be presented. NSSF has encouraged members to register early so they can take part in the discussions and raise their concerns directly.
NSSF Chief Executive Officer David Korros is expected to face tough questions during the meeting.
Since launching the Corporate Strategic Plan for 2023 to 2027, he has overseen a period of major changes at the fund. Members are likely to seek clear explanations on whether pension savings could be invested in government-backed projects and what safeguards are in place to protect contributors if such investments are approved.
The debate gained momentum after President Ruto revealed that NSSF had collected about Ksh320 billion by December 2022. He added that this figure could rise to about Ksh670 billion by the end of January 2026 and possibly reach Ksh1 trillion by June 2027.
According to the President, such savings could reduce the need for borrowing from countries like China. However, critics argue that the size of the fund makes it even more important to protect it from political influence and risky decisions.
For most workers, NSSF contributions are mandatory and are shared equally between employees and employers.
Depending on income, monthly contributions range from Ksh960 to Ksh8,640. Under the 2025 rules, contributions are capped at six percent of pensionable earnings, with a maximum of Ksh4,320 from the employee and the same amount from the employer.
For many Kenyans, this money represents their main hope for financial security after retirement.
Some supporters of the government’s approach believe that carefully managed investments in infrastructure could deliver steady returns while supporting national development. Others warn that pension funds exist primarily to protect retirees and should not be exposed to political pressure or poorly planned projects.
Expectations are high that NSSF officials will provide honest answers and clear assurances. The meeting is likely to test the strength of the fund’s governance and the trust members have in its leadership.
Many see it as an important moment that could shape how Kenya balances development needs with the responsibility to protect the savings of millions of workers.
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