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CPF, SIB launch scheme to manage funds for those opted out of NSSF
CPF was cleared by the Retirement Benefits Authority (RBA) in April last year to be a custodian of the tier II contributions – those by workers earning above Sh18,000 – through the Taifa Fund which is designed for private and public sector employers and staff.
CPF Financial Services, in partnership with the Standard Investment Bank (SIB), have launched a pension scheme to manage tier II contributions from employers who opt out of the National Social Security Fund (NSSF).
In a joint announcement on Tuesday, the firms said the scheme dubbed Taifa Pension Fund will also target Kenyan workers who do not currently have access to a pension plan.
