Enwealth Umbrella Fund has got the nod from the Retirement Benefits Authority (RBA) to manage tier II NSSF contributions from employers opting out of the State pension fund.
Enwealth becomes the latest pension administrator to get regulatory backing as private pension schemes battle for the control of new pension billions that have been minted from the amended mandatory contributions.
CPF Financial Services also recently got the RBA green light to manage the tier II contributions through its Taifa (Umbrella) Pension Fund.
The enhanced contributions are estimated at Sh12.43 billion in the first year of implementation, ending June 2024.
“We look forward to working with employers who would like to channel Tier II contributions to our umbrella retirement benefits scheme to provide them with higher investment income and more transparency needed to manage their members’ savings proficiently,” said Enwealth Financial Services CEO Simon Wafubwa.
Enwealth Financial Services holds in excess of Sh85 billion in assets under management, with a regional footprint in Kenya, Uganda and Mauritius. It has more than 200 corporate and 80,00 retail clients.