{"id":90864,"date":"2023-04-26T16:39:25","date_gmt":"2023-04-26T16:39:25","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/all-news\/enwealth-cleared-to-manage-tier-2-nssf-payments"},"modified":"2023-04-26T18:00:23","modified_gmt":"2023-04-26T18:00:23","slug":"enwealth-cleared-to-manage-tier-2-nssf-payments","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/all-news\/enwealth-cleared-to-manage-tier-2-nssf-payments","title":{"rendered":"Enwealth cleared to manage Tier 2 NSSF payments"},"content":{"rendered":"

Africa-Press – Kenya. <\/strong><\/span>Enwealth has received approval from the Retirement Benefits Authority(RBA) to manage Tier 2 NSSF contributions from employers who opt out of the state pension fund.<\/p>\n

The approval is expected to open floodgates for other private pension schemes which have already rationalised their validity with the regulators, even as RBA is expected to process applications within 60 days.<\/p>\n

This comes weeks after the NSSF Act 2013 took effect.<\/p>\n

The Act gives employers an option to opt out of Tier 2 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 earnings 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

Tier II contributions are meanwhile projected to funnel Sh12.43 billion in new pension cash even as the NSSF competes with other pension funds for the new contributions.<\/p>\n

Many employers are expected to divert the graduated contributions into private administration funds which offer members higher investment incomes.<\/p>\n

The private sector\u2019s returns have averaged in double digits in the past decade – attributed to more efficient processes, higher transparency in investment decisions making and lower administrative expenses.<\/p>\n

“We are excited to receive this approval from the regulator, and look forward to working with employers who would like to channel Tier II contributions to our Umbrella Retirement Benefits Scheme,” Enwealth Financial Services CEO, Simon Wafubwa said.<\/p>\n

He said they are committed to providing them with higher investment income and more transparency needed to manage their members\u2019 savings proficiently.<\/p>\n

“At Enwealth, we have heavily invested in our technological infrastructure to ensure compliance with the NSSF Act and enable us to serve our higher number of clients effectively,” he said.<\/p>\n

The enhanced NSSF contributions, which took effect in February this year, aim to widen pension coverage and adequacy to ensure financial security for Kenyans in their old age.<\/p>\n

Tier II contributions are pegged at six of the employee\u2019s pensionable earnings between the lower and upper earning limits as per the defined deductions schedule.<\/p>\n

Employers who want to opt-out have to make a written request to the Authority at least 60 days before opting to contract out.<\/p>\n

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

Africa-Press – Kenya. Enwealth has received approval from the Retirement Benefits Authority(RBA) to manage Tier 2 NSSF contributions from employers who opt out of the state pension fund. The approval is expected to open floodgates for other private pension schemes which have already rationalised their validity with the regulators, even as RBA is expected to […]<\/p>\n","protected":false},"author":84,"featured_media":90862,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[6857,7003,544],"class_list":["post-90864","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":"\nEnwealth cleared to manage Tier 2 NSSF payments - kenya<\/title>\n<meta name=\"description\" content=\"Enwealth has received approval from the Retirement Benefits Authority(RBA) to manage Tier 2 NSSF contributions from empl ...\" \/>\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\/enwealth-cleared-to-manage-tier-2-nssf-payments\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Enwealth cleared to manage Tier 2 NSSF payments\" \/>\n<meta property=\"og:description\" content=\"Enwealth has received approval from the Retirement Benefits Authority(RBA) to manage Tier 2 NSSF contributions from empl ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/all-news\/enwealth-cleared-to-manage-tier-2-nssf-payments\" \/>\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=\"2023-04-26T16:39:25+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-26T18:00:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2023\/04\/postQueueImg_1682510975.96.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\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\/enwealth-cleared-to-manage-tier-2-nssf-payments#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/enwealth-cleared-to-manage-tier-2-nssf-payments\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Enwealth cleared to manage Tier 2 NSSF payments\",\"datePublished\":\"2023-04-26T16:39:25+00:00\",\"dateModified\":\"2023-04-26T18:00:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/enwealth-cleared-to-manage-tier-2-nssf-payments\"},\"wordCount\":431,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/enwealth-cleared-to-manage-tier-2-nssf-payments#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2023\/04\/postQueueImg_1682510975.96.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\/enwealth-cleared-to-manage-tier-2-nssf-payments#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/enwealth-cleared-to-manage-tier-2-nssf-payments\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/enwealth-cleared-to-manage-tier-2-nssf-payments\",\"name\":\"Enwealth cleared to manage Tier 2 NSSF payments - 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