The Retirement Benefits Authority(RBA) has approved Minet Kenya to manage the National Social Security Funds (NSSF) tier two contributions.

Minet Kenya will provide pension administration services to employers who want to opt out of Tier II NSSF contributions and channel their remittances into a scheme certified by the RBA to receive 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.”

Under NSSF Act No. 45 of 2013, Tier I contributions from both employees and employers that are capped at Kes720 go to NSSF, while the rest of the contributions, which are above Kes720 up to a maximum of Kes1,440 and categorised as Tier II, are now to be managed by private asset managers.

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Minet offers an umbrella fund, an individual pension plan, actuarial services, post-retirement medical fund set up for respective schemes, financial wellness, and retirement planning.