The regulatory approval solidifies the company’s position as a reliable pension provider
Kenya Orient Life Assurance has received approval from the Retirement Benefits Authority (RBA) to manage National Social Security Fund’s (NSSF) tier II contributions through its individual pension plan and umbrella pension scheme.
This comes following the amendment of the NSSF Act No. 45 of 2013 where tier I contributions from both the employee and the employer capped at Sh720 go to NSSF while the rest of the contributions above Sh720 up to a maximum of Sh1,440 categorised as tier II are now being managed by authorized private schemes.
“This milestone marks a significant step towards our continued commitment to providing comprehensive retirement solutions with great returns to our clients,” Kenya Orient Life Assurance Limited principal officer Jackson Muli, said.
He added that qualifying private pension schemes are issued with a reference scheme certificate by the RBA, which proves the scheme’s compliance with the current regulations.
“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.
In 2022, the insurance company was rated as the best pension scheme by RBA following a declared interest rate of 11% and a three-year average interest rate of 10.33%.