Lapfund - Local Authorities Provident Fund

Lapfund is a Defined Contribution Scheme registered and regulated by the Retirement Benefits Act of 1997 and Subsequent Regulations. Lapfund is a State Corporation established in 1960 by an Act of Parliament Cap. 272, Laws of Kenya. Lapfund caters for all employees of County Governments and Water Companies, where Members contribute 12% while the Sponsors contributes 15% of the Member’s gross salary (basic salary plus house allowance).

Having been established in 1960, Lapfund is one of the oldest retirement benefits schemes in Kenya.  Currently Lapfund has over 52,000 members spread over all County Governments and Water & Sewerage Companies. Its investments are held in various asset classes as outlined and regulated by RBA. These are government securities, equities and deposits, and property. Lapfund is exploring other investment diversification avenues. Lapfund operates as a parastatal under the National Treasury; regulated by the Retirement Benefits Authority (RBA); Audited by the Kenya National Audit Office (KENAO); and supervised by the Inspectorate of State Corporations.