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Opting out of NSSF Act 2013
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kiterunner
#1 Posted : Wednesday, January 15, 2014 11:57:09 AM
Rank: Member

Joined: 7/9/2011
Posts: 730
Location: Nairobi
I have just received the following in an email:
Would those that are more informed please comment on this plan for opting out of the new NSSF mandatory deductions

Thank you


As you may be aware, the NSSF ACT 2013, which repeals the old NSSF ACT (cap 258), is only awaiting the commencement date and the attendant transition regulations to be effective.
For purposes of avoiding to miss out on the closure of the transition window, we strongly recommend that if you are not a member of a private pension scheme, to kindly complete the attached Zimele Personal Pension Plan (ZPPP) form to ensure automatic "opt out" once the Act comes into effect.
Opting out implies that your Tier II contributions will go to a registered individual pension scheme, such as the ZPPP. Failure to do so means ALL of your contributions will go to the NSSF after the commencement of the Act.
our goals are best achieved indirectly
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McReggae
#2 Posted : Wednesday, January 15, 2014 12:01:03 PM
Rank: Elder

Joined: 6/17/2008
Posts: 23,365
Location: Nairobi
@kiterunner, they are simply telling you to register with a private pension plan, otherwise you will automatically have to join NSSF!!!
..."Wewe ni mtu mdogo sana....na mwenye amekuandika pia ni mtu mdogo sana!".
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KulaRaha
#3 Posted : Wednesday, January 15, 2014 12:03:51 PM
Rank: Elder

Joined: 7/26/2007
Posts: 6,514
I will also opt out. Waste of my money to be honest. I am tired of thieves.
Business opportunities are like buses,there's always another one coming
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poundfoolish
#4 Posted : Wednesday, January 15, 2014 12:15:26 PM
Rank: Elder

Joined: 12/2/2009
Posts: 2,458
Location: Nairobi
So guys
It's as esy as signing up to another pension plan and i am off feeding the GoK corruption train?

Why do i also have a feeling the private pension plans had something to do with this bill. BRITAM Aiming 60bob in 3years
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King G
#5 Posted : Wednesday, January 15, 2014 12:20:14 PM
Rank: Elder

Joined: 6/20/2012
Posts: 3,855
Location: Othumo
KulaRaha wrote:
I will also opt out. Waste of my money to be honest. I am tired of thieves.


Where will you go!!!!!
Thieves
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KulaRaha
#6 Posted : Wednesday, January 15, 2014 12:22:55 PM
Rank: Elder

Joined: 7/26/2007
Posts: 6,514
King G wrote:
KulaRaha wrote:
I will also opt out. Waste of my money to be honest. I am tired of thieves.


Where will you go!!!!!


I will try some private pension...no way NSSF is eating my money anymore.
Business opportunities are like buses,there's always another one coming
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winston
#7 Posted : Wednesday, January 15, 2014 2:19:10 PM
Rank: Member

Joined: 4/14/2010
Posts: 806
Location: Nairobi
Contributions have been split into two - Tier 1 and Tier 2. Tier 1 MUST go to NSSF. You cant opt out.

Tier 2 can opt out of NSSF but only upon application to NSSF which will take a minimum of 60 days or so. Meaning at a minimum - Your Jan & Feb Tier 2 will also be invested with NSSF.

So if NSSF declines the opt out both your Tier 1 & Tier 2 will be with NSSF.

The law is an ass!
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KulaRaha
#8 Posted : Wednesday, January 15, 2014 2:42:31 PM
Rank: Elder

Joined: 7/26/2007
Posts: 6,514
How can NSSF decline the opt out when its my money and not theirs?

Someone needs to go to court and stop this nonsense!!
Business opportunities are like buses,there's always another one coming
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wilyum
#9 Posted : Wednesday, January 15, 2014 3:27:40 PM
Rank: Veteran

Joined: 12/21/2011
Posts: 1,010
winston wrote:
Contributions have been split into two - Tier 1 and Tier 2. Tier 1 MUST go to NSSF. You cant opt out.

Tier 2 can opt out of NSSF but only upon application to NSSF which will take a minimum of 60 days or so. Meaning at a minimum - Your Jan & Feb Tier 2 will also be invested with NSSF.

So if NSSF declines the opt out both your Tier 1 & Tier 2 will be with NSSF.

The law is an ass!



what percentage?
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karodhy
#10 Posted : Wednesday, January 15, 2014 5:01:47 PM
Rank: Hello

Joined: 1/15/2014
Posts: 1
Under the NSSF Act 2013, the Pension Contributions are a total of 12% of a person’s pensionable earnings divided as follows:-
>Employer's contributions of 6%
>Employee's contributions of 6%
Which are then divided into two categories;
>Tier I contributions : All are to be remitted to NSSF
>Tier II contributions:which can be remitted to NSSF or to a registered private pension scheme of which one is a valid member by the commencement date of the Act.
I recommend that you contact Zimele for a detailed and clear break down of the implications of NSSF Act.
I got this information from their facebook page
http://www.facebook.com/...t-Kenya/184973231528694
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