Sharp Daily
No Result
View All Result
Wednesday, July 30, 2025
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home Investments

Cytonn gets nod to manage NSSF Tier II pension funds

Brian Murimi by Brian Murimi
January 31, 2024
in Investments
Reading Time: 1 min read

Investment management firm Cytonn has received a major boost after being granted approval to oversee second-tier National Social Security Fund (NSSF) contributions. This allows the company to manage pension contributions from employers opting out of the state pension scheme.

The development comes after Kenya’s retirement benefits regulator, the Retirement Benefits Authority (RBA), gave Cytonn the green light this week.

“Expressing enthusiasm about this approval, Grace Weru, the Principal Officer at Cytonn Asset Managers Ltd, stated, “We are pleased to receive this approval from the regulator, and eagerly anticipate collaborating with employers, small and medium enterprises and all clients that seek to direct Tier II contributions to our Pension Schemes,” said Grace Weru, Principal Officer at Cytonn Asset Managers.

Under the new NSSF Act enacted last year, employees must contribute 6% of their monthly earnings to the NSSF, matched by a further 6% contribution from their employer. Lower earnings below KES 6,000 go into Tier I accounts managed directly by the state. But contributions between KES 6,000-18,000 can be allocated to private schemes like Cytonn’s under Tier II.

RELATEDPOSTS

Your First Investment should be an emergency fund with Cytonn Money Market Fund

June 16, 2025

Still sending tier II contributions to NSSF by default? Time to reconsider.

June 13, 2025

“Our goal is to provide higher returns and efficiency for members’ savings,” Ms Weru stated. Cytonn aims to streamline the opt-out process for employers through its new Cytonn Umbrella and Personal retirement schemes.

The approval provides a lifeline for small firms struggling with the changes.

Cytonn is positioning itself alongside industry leaders managing the new private accounts. Its funds have delivered strong returns in the past through transparent investments.

The company will file opt-out requests to the RBA on behalf of clients looking to switch from the state fund. Employers have 60 days before opting out to inform the regulator.

Cytonn combines real estate developments and high-return investment products. Its regulated affiliate Cytonn Asset Managers focuses on pensions and collective investments.

Previous Post

Completion of major roads in Mombasa pose threat on ferry services 

Next Post

KRA announces tax exemption for Muslims during this year’s Ramadhan period

Brian Murimi

Brian Murimi

Brian Murimi is a journalist with major interests in covering tech, corporates, startups and business news. When he's not writing, you can find him gaming, watching football or sipping a nice cup of tea. Send tips via bireri@thesharpdaily.com

Related Posts

Analysis

Transferring Your Retirement Benefits Between Pension Schemes in Kenya

July 23, 2025
Investments

Invest in stability: introducing the Cytonn USD money market fund

July 18, 2025
Analysis

Park your money where it grows: Why more Kenyans are turning to Cytonn Money Market Fund

July 16, 2025
Analysis

Nvidia becomes the first company globally to hit USD 4.0 trillion market value

July 10, 2025
Analysis

Lessons from the Kuramo-TransCentury fallout

July 3, 2025
Analysis

Kenya’s CIS market: Q1′ 2025 shows a surge, setting the stage for future expansion.

June 26, 2025

LATEST STORIES

Shri Krishana Overseas lists on NSE

July 25, 2025

Why young professionals should care about pensions

July 23, 2025

How Kenya can reinforce fiscal rules to prevent recurrent budget overruns

July 23, 2025
commercial illustrator

Why Kenyan private equity firms should consider continuation funds as an exit strategy

July 23, 2025

Transferring Your Retirement Benefits Between Pension Schemes in Kenya

July 23, 2025

Invest in stability: introducing the Cytonn USD money market fund

July 18, 2025

The Importance of Asset Diversification on Kenyan Pension Funds

July 18, 2025

Park your money where it grows: Why more Kenyans are turning to Cytonn Money Market Fund

July 16, 2025
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team

Sharp Daily © 2024