Mr Daniel Kiilur, Chairman - Strathmore Staff Provident Fund Trustees

Strathmore staff Provident Fund grew from Kshs 45.5 to 59.3 million in the year 2006. Contributions from employees and their employers amounted to Kshs 9.1m compared to Kshs 7.8m in 2005. The fund earned an interest of Kshs 5.5m in 2006 compared to Kshs 3.1m the previous year.

In the fund's Annual General Meeting (AGM) held on Saturday, 8th September 2007, members approved that the management of the fund be fully transferred from the Insurance Company of East Africa (ICEA) to Jubilee Insurance Company (JIC) by the end of 2007.

In 2006, funds managed by ICEA earned an interest of 9% while those managed by JIC earned 12.75%. "Future earnings at JIC are expected to be high given the continued leadership of the firm in the market in the last five years," says Mr Daniel Kiilur, the Chairman of Trustee – Strathmore Staff Provident Fund .

Strathmore Staff Provident Fund Trustees, are looking into the possibility of managing all 2008 contributions outside the current guaranteed scheme with the sole purpose of maximising returns. "We are consulting with various fund managers with a view to moving in that direction," says Mr Kiilur.

For purposes of balancing risks, the Trustees would like to retain the accumulated funds estimated at above Kshs 70m by end of 2007 with JIC Guaranteed Fund Scheme. A guaranteed scheme means the fund manager commits to return a given interest on the funds under its management. The fund is currently getting a guaranteed 4% interest.

The fund draws membership from Strathmore University and School.  The University is exploring a possibility of making it mandatory to have its employees make a minimum contribution towards the fund as per general industry practice. The practice seeks to foster a saving culture. Currently, member contributions to the scheme are optional.