NAIROBI, Kenya, June 14 – Minet Kenya has been approved by the Retirement Benefits Authority (RBA) to manage the National Social Security Funds (NSSF) tier two contributions.
The RBA’s approvals now allow the insurer to provide pension administration services to employers who would like to opt out of Tier II NSSF contributions and channel their remittances into a scheme certified by the RBA for the purposes of receiving these contributions.
Minet Kenya CEO Sammy Muthui observed that the company is ready to offer its many years of expertise in pension administration to secure the future of the country’s working population.
“Minet is pleased to receive this approval from the regulator and looks forward to supporting employers who would like to channel Tier II contributions to the Minet Kenya Umbrella Retirement Fund and Minet Individual Pension Plan,” said Muthui.
Under NSSF Act No. 45 of 2013, Tier I contributions from both employees and employers that are capped at Sh720 go to NSSF, while the rest of the contributions, which are above Sh720 up to a maximum of Sh1,440 and categorized as Tier II, are now to be managed by private asset managers.
Minet offers an umbrella fund, an individual pension plan, actuarial services, post-retirement medical fund setup for respective schemes, financial wellness, and retirement planning.
