The Scheme started in 2011 with an Initial Membership of 303 and, by the end of 2022, had more than tripled to 971 Members, reflecting significant growth over the years. The highest number of Active Members was recorded in 2014 and 2013, with 239 and 212 Members respectively. Conversely, the Scheme experienced the highest number of Leavers in 2023, with 54 and 35 Members exiting. In 2016, the number of Non-Contributing Members peaked at 28, while the highest number of Deferred Members, totalling 25, was recorded in 2014.
The Scheme’s financial performance reflects steady growth over the years. The Scheme Fund Value has maintained an upward trend, with cumulative income representing the amount available by the end of each Financial Year, as of June 30th. As at 30th June 2024, the Fund Value stood at Ksh. 4,364,141,407. This growth is partly attributed to a consistent rise in Members’ Contributions, driven by continuous membership expansion. Additionally, the Scheme recorded its highest Investment Income in 2021 and 2024.
During the period under review, the Scheme’s highest incurred expense was Taxation, followed by Management Expenses, while Administrative Expenses ranked as the lowest. Notably, in the year 2024, the Scheme recorded its highest payout amounting to Ksh. 146,954,819, largely driven by a significant number of Member Exits. It was also observed that the same year saw the highest taxation and administrative expenses incurred by the Scheme, indicating increased financial activity and operational demands during that period.
