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Private pension funds cede more contributions to the NSSF
Private pension schemes are allowed by the law to handle a portion of the deductions in exchange for a management fee but the cash forms part of the NSSF’s cash stockpile.
The National Social Security Fund (NSSF) is expected to put more pressure on private pension schemes as deductions to the State-controlled fund are scaled further this month.
The third year of implementation of the NSSF Act 2013 will see employers with internal pension arrangements redirecting more contributions to the fund from private pension schemes to shield themselves from higher operating costs.
