Minet Kenya sats it plans to grow its management portfolio to more than Sh180 billion following clearance to receive and manage National Social Security Fund (NSSF) Tier II contributions
The approval from the Retirement Benefits Authority (RBA) grants pension administration services to employers who would like to opt out of Tier II NSSF contributions and channel their members’ remittances into other RBA certified scheme.
Minet Kenya’s Chief Executive Officer, Sammy Muthui said following the clearance, they will support employers who would like to channel Tier II contributions to the Minet Kenya Umbrella Retirement Fund and Minet Individual Pension Plan.
“As Kenya’s oldest Pension Scheme administrator, Minet is ready to offer its many years of expertise in pension administration to secure the future of Kenya’s working population with solutions that guarantee them a comfortable retirement,” said Muthui.
Under the revised NSSF Act Tier I contributions from both the employee and the employer are capped at Sh720 for NSSF.
The rest of the contributions above Sh720 up to a maximum of Sh1,440 categorised as Tier II are now to be managed by private asset managers.
Minet Kenya manages over 200 Employer Pension Funds with assets under administration of Sh180 billion and at least Sh3.5 billion in pension funds.
The risk advisor has in the past three years seen the number of employer pension plans under its watch expand by 15.
