Kenya Orient Life Assurance Limited has received approval by the Retirement Benefits Authority (RBA) to manage NSSF tier II contributions through the Kenya Orient Individual Pension Plan and Umbrella Pension Scheme.
This nod 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 KES. 720 go to NSSF while the rest of the contributions above KES. 720 up to a maximum of KES. 1,440 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,” said Kenya Orient Life Assurance Limited Principal Officer Jackson Muli.
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.
“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.