{"id":100476,"date":"2023-08-14T19:38:43","date_gmt":"2023-08-14T19:38:43","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/all-news\/kenya-orient-enlisted-to-manage-nssf-tier-ii-cash"},"modified":"2023-08-14T20:29:38","modified_gmt":"2023-08-14T20:29:38","slug":"kenya-orient-enlisted-to-manage-nssf-tier-ii-cash","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/all-news\/kenya-orient-enlisted-to-manage-nssf-tier-ii-cash","title":{"rendered":"Kenya Orient enlisted to manage NSSF Tier II cash"},"content":{"rendered":"

Africa-Press – Kenya. <\/strong><\/span>Kenya Orient Life Assurance Limited has joined 84 private pension firms so far cleared to handle National Social Security Fund (NSSF) tier-II contributions.<\/p>\n

This is after the firm received approval by the Retirement Benefits Authority (RBA) to manage the contributions.<\/p>\n

The latest approval has set the stage for the private pension schemes to battle it out for the control of NSSF billions that will come in new pension contributions.<\/p>\n

This follows the amendment of the NSSF Act of 2013 where Tier I contributions from both the employee and the employer capped at Sh720 goes to NSSF.<\/p>\n

The rest of the contributions above Sh720 up to a maximum of Sh1,440 categorised as Tier II are now managed by authorised private schemes.<\/p>\n

Kenya Orient Life Assurance Limited Principal Officer Jackson Muli said the firm was granted RBA’s approval to manage the funds through the Kenya Orient Individual Pension Plan and Umbrella Pension Scheme.<\/p>\n

\u201cThis milestone marks a significant step towards our continued commitment to providing comprehensive retirement solutions with great returns to our clients,\u201d said Muli.<\/p>\n

The Tier-II contributions are secondary deductions made by persons with incomes above Sh18,000 at Sh720 a month an amount that is matched by employers.<\/p>\n

According to the regulator as at July, Tier-II contributions were estimated to yield Sh12.43 billion in new pension funds during the first year of the 2013 NSSF Act implementation up to June 2024.<\/p>\n

\u201cWe are happy to be joining other industry players in helping eligible employers with the opt-out process for Tier II contributions. This regulatory approval further solidifies our position as a reliable pension provider,\u201d he added.<\/p>\n

Qualifying private pension schemes are issued with a reference scheme certificate by the RBA, which proves the scheme\u2019s compliance .<\/p>\n

However, the Act gives employers an option to opt out of Tier II NSSF contributions provided they make their members’ remittances into a scheme certified by the RBA for the purposes of receiving these contributions.<\/p>\n

Workers earning above Sh18,000 are divided into two levels of contributions – Tier I and Tier II with the former being with respect to pensionable earnings up to the lower limit of Sh6,000.<\/p>\n

Tier II contributions are those in respect of pensionable earnings above the lower earnings limit.<\/p>\n

The NSSF estimates that the higher contributions would unlock Sh18 billion in the 2023\/24 financial year with the Tier I impact being Sh5.71 billion.<\/p>\n

For More News And Analysis About Kenya<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Kenya. Kenya Orient Life Assurance Limited has joined 84 private pension firms so far cleared to handle National Social Security Fund (NSSF) tier-II contributions. This is after the firm received approval by the Retirement Benefits Authority (RBA) to manage the contributions. The latest approval has set the stage for the private pension schemes […]<\/p>\n","protected":false},"author":84,"featured_media":100475,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[6857,7003,544],"class_list":["post-100476","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-kenya","tag-kenya"],"yoast_head":"\nKenya Orient enlisted to manage NSSF Tier II cash - kenya<\/title>\n<meta name=\"description\" content=\"Kenya Orient Life Assurance Limited has joined 84 private pension firms so far cleared to handle National Social Securit ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/all-news\/kenya-orient-enlisted-to-manage-nssf-tier-ii-cash\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kenya Orient enlisted to manage NSSF Tier II cash\" \/>\n<meta property=\"og:description\" content=\"Kenya Orient Life Assurance Limited has joined 84 private pension firms so far cleared to handle National Social Securit ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/all-news\/kenya-orient-enlisted-to-manage-nssf-tier-ii-cash\" \/>\n<meta property=\"og:site_name\" content=\"kenya\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-14T19:38:43+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-14T20:29:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2023\/08\/sm_1692028219.090706.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"524\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/kenya-orient-enlisted-to-manage-nssf-tier-ii-cash#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/kenya-orient-enlisted-to-manage-nssf-tier-ii-cash\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Kenya Orient enlisted to manage NSSF Tier II cash\",\"datePublished\":\"2023-08-14T19:38:43+00:00\",\"dateModified\":\"2023-08-14T20:29:38+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/kenya-orient-enlisted-to-manage-nssf-tier-ii-cash\"},\"wordCount\":410,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/kenya-orient-enlisted-to-manage-nssf-tier-ii-cash#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2023\/08\/sm_1692028219.090706.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Kenya\",\"Kenya\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/all-news\/kenya-orient-enlisted-to-manage-nssf-tier-ii-cash#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/kenya-orient-enlisted-to-manage-nssf-tier-ii-cash\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/kenya-orient-enlisted-to-manage-nssf-tier-ii-cash\",\"name\":\"Kenya Orient enlisted to manage NSSF Tier II cash - 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