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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.

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“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.

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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

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