Kenya Orient Life Assurance will handle Tier II National Social Security Fund contributions after regulatory approval by the Retirement Benefits Authority.
It will handle the contribution through the Kenya Orient Individual Pension Plan and Umbrella Pension Scheme.
The approval comes shortly after the amendment of the NSSF Act No. 45 of 2013, where Tier I contributions from both the employee and the employer capped at Kes 720 will go to NSSF, while the rest of the contributions above Kes 720 up to a maximum of Kes 1,440 categorized as Tier II are now being managed by authorized private schemes.
Kenya Orient Life Assurance Limited Principal Officer Jackson Muli noted that the approval marks a significant step towards their continued commitment to providing comprehensive retirement solutions with great customer returns.
In 2022, Kenya Orient Life Assurance was rated as the best pension scheme, following a declared interest rate of 11 per cent and a three-year average interest rate of 10.33 per cent.
Did you read this?
“We 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,” he said.
Qualifying private pension schemes are issued with a reference scheme certificate by the RBA, which proves the scheme’s compliance with RBA regulations.
