RSM Ashvir - Overview of the NSSF Act 2013
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Transcript of RSM Ashvir - Overview of the NSSF Act 2013
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The National Social Security Fund Act, 2013
Presented by:
Ashif Kassam
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NSSF Act 2013
Contents Commencement
Pension Fund
Provident Fund
Old Provident Fund
Other Provisions
Offences
Tax Deductions
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NSSF Act 2013
Commencement 10thJan 2014
Deferred to 31stMay 2014
This will enable the registration of employers and employees
and provision of general stakeholder education
Two types:
the Pension Fund
the Provident Fund
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NSSF Act 2013
Pension Fund Members include:
Members of the Old Provident Fund, other than those making voluntary
contributions.
Persons subject to the provisions of the Employment Act, are 18 years
and above, and have not attained pensionable age (60 years).
Exemptions:
Person exempt under any International Conventions.
Persons not ordinarily resident in Kenya for a period not exceeding 3
years (or longer as the CS may approve) at a time, who are entitled tobenefits from a social security fund of any other country approved by
the CS.
An exempt person may elect to register as a voluntary contributor.
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NSSF Act 2013
Pension Fund Employee:
Attained 18 years of age.
Employed in Kenya under a contract of service.
Ordinarily resident in Kenya and is employed outside Kenya (or partly in and
partly outside) under a contract with an employer who resides or has a place ofbusiness in Kenya.
Ordinarily resident in Kenya as a master, pilot, crew member of a ship or
aircraft where the owner of the ship or aircraft or the manager resides in or has
a place of business in Kenya.
Excludes anyone in full-time instruction or apprentice who is not in receipt of
wages which provide him wholly or substantially with a livelihood.
Employer - includes a person, public body, partnership, corporation which has
entered into a contract of service.
Contact of service - oral or written, express or implied, to employ for a period of time,
and includes a contract of apprenticeship or indentured learnership.
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NSSF Act 2013
Pension Fund Registration:
For all employers employing one employee or more.
Employer to also register all the employees as members.
Failure to register - employer commits an offence and liable to a fine
not exceeding Shs 50,000/=.
Registration is a pre-condition of dealing with or accessing public
services.
Employerscontinuing obligations:
Keep proper record of earnings and any other particulars of employeesas prescribed by Board of Trustees.
Produce records on demand to an officer of the Fund.
Retain records for a period prescribed by the Board of Trustees (not
exceeding 10 years).
Violation results in an offence - general penalty Shs 100,000/=.
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Pension Fund Contributions:
Employers contribution at 6% of the employees pensionable
earnings; and
Employees contribution at 6% of the employees pensionable
earnings deducted from the employees earnings.
For the first 5 years, the contributions shall be deducted at the
prescribed levels.
Pensionable earnings - Lower of the membersmonthly wages and the
Upper Earnings Limit.
Wages - includes all emoluments, excluding fluctuating emoluments,
payable to an employee, without deductions.
Upper Earnings Limit - Average level of earnings equal to 4 times the
National Average Earnings (NAE) (average wage earnings published in the
Economic Survey for the prior year). Graduated rates set out for the first 4
years from the commencement date.
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Pension Fund Contributions broken down into:
Tier I Contributions - Pensionable Earnings (lower of the
members monthly wages and the Upper Earnings Limit)
up to the Lower Earnings Limit (the average statutoryminimum monthly basic wage for the top urban centres,
second tier urban centres and rural areas for the year).
Tier II Contributions - Pensionable Earnings above the
Lower Earnings Limit. Employer is entitled to recover from the employees earnings
the employees contribution, but shall fund the employers
contributions from his own resources.
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Pension Fund Due date -One month after the end of the month in which the last
day of the contribution falls.
Penalty - 5% per month or part thereof of the amount of that
contribution. To be added to the contribution.
Payment in error refunded or applied to the current liability of the
person, without interest, subject to the satisfaction of the Managing
Trustee.
Statements:
For each member, the account will show the employer andmember contributions for both Tier 1 and Tier 2 contributions,
transfer payments into the account and interest credited into the
account.
Annual benefits statement to be provided to the member at the
end of each financial year (30thJune).
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Pension Fund Employer may opt to pay Tier II contributions into a contracted out scheme.
Conditions:
60 days prior notice in writing to the Retirements Benefits Authority (RBA)
required.
Notice to clearly spell out such details of the contracted-out scheme as theRBA shall require to determine if the scheme meets the Reference
Scheme Test.
Within 30 days of the receipt of the application, the RBA is required to
inform the employer of its decision and notify the Board of Trustees.
Any Tier II Pension Fund Credits transferred from the Pension Fund to thecontracted-out scheme.
Contracted-out scheme shall maintain an accurate record of the Protected
Rights (benefits derived from a contracted-out scheme which must be
provided in a specified form and condition) and pay benefits as prescribed
in the Act.
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Pension Fund Reference Scheme Test (for an occupational, umbrella or individual
retirement benefits scheme):
Registered with RBA.
Registered with Kenya Revenue Authority as an exempt scheme.
Maintains an accurate record of the Protected Rights.
Complies with the Investment Guidelines and other requirements of the
RBA.
Provides benefits commensurate with the Fourth Schedule of the Act.
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Pension FundYear Lower Earning Limit - Shs Upper Earning Limit
1 6,000/= 50% of National Average
Earnings
2 7,000/= 1 times National Average
Earnings
3 8,000/= 2 times National Average
Earnings
4 9,000/= 3 times National Average
Earnings
5 and
onwards
Lower Earnings Limit- Gazetted by
the CS as the average statutory
minimum monthly basic wage for the
top urban centres, second tier urban
centres and rural areas for the year.
4 times National Average
Earnings
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Pension Fund
Salary -Shs
Lower
Earnings
Limit -Shs
Upper
Earnings
Limit -Shs
Monthly
Pensionable
Earnings -Shs
Employer -Shs
Employee -Shs
Tier 1
Contribution -Shs
Tier 1
Contribution -Shs
Tier 1
Contribution -Shs
Tier 1
Contribution -Shs
(i) (ii) (iii)
(iv) - Lower
of (i) and (iii)
5,000 6,000 18,034 5,000 300 300 300 300 - -
6,000 6,000 18,034 6,000 360 360 360 360 - -
15,000 6,000 18,034 15,000 900 900 360 360 540 540
18,034 6,000 18,034 18,034 1,082 1,082 360 360 722 722
Any wageover
18,034 6,000 18,034 18,034 1,082 1,082 360 360 722 722
Total Pension
Contribution Employer's Contribution Employee's Contribution
Upper Earnings Limit per month for 2014 is (50% of Shs 432802.9/12) = Shs 18,034/=
6% of (iv)
In 5 years time, assuming an average inflationary wage increase of 5% p.a., the monthly Upper Earnings
Limit will go up from Shs 18,034/= in 2014 to Shs 184,126/= meaning that for an employee earning that salary
or more, the employer and employee contribution will be Shs 11,048/= for each.
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Pension Fund Interpretation of year for the determination of the National
Average Earnings - financial year or Government year.
Where an employee has multiple employments, each employer
is responsible only for his obligations under this Act and anyamount in excess of that due shall be refunded to both the
employer and the employee.
Regulations may cover:
Determination of liability for the payment of contributions in case of aperson who works under the general control or management of a
person who is not his immediate employer; and
Determination of circumstances in which a person is regarded as being
concurrently employed by more that one employer.
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Pension FundBenefits
Retirement pension
Attained pensionable age (60 years) or opted for early retirement (50
years). Lump sum can be taken as a benefit for 100% of the Tier I Pension
Fund Credit and 1/3 of the Tier II Pension Fund Credit.
Can elect at retirement to have the value of the pension credit
converted into a pension plan that may be purchased from a registered
insurer of his choice. Such pension from the insurance company shallbe compulsory, non-commutable, non-assignable, payable for life and
subject to a minimum 10-year guarantee period.
Combine benefits from the contracted-out scheme with the benefits
from the Pension Credit Fund to secure a pension from the Fund or a
registered insurer.
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Pension FundBenefits
Retirement pension
Elect to take Tier II Pension Credit in the form of an income drawdown
as provided in the Retirement Benefits Act. In case of a pension which is of a Trivial Amount (determined from time
to time by the RBA which shall not be less than 50% of the average
statutory minimum wage prescribed by the CS), after taking into
account the allowed lump sum and other benefits in respect of
Protected Rights from a contracted out scheme, the member may elect
to commute for a lump sum the total Pension Fund Credit due to him
(and in determining the pension, the annuity rate applicable shall be for
a non-increasing pension with a provision for a 10-year guarantee).
Harmonize the retirement age with that in the contracted-out scheme.
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Pension FundBenefits
Survivorsbenefit
Paid within one year of death to the nominated beneficiaries in such
proportion as stipulated by the member.
Such benefit shall not form part of the assets of the estate.
Payable only if the member dies before reaching the pensionable age,
was contributing to the fund at the time of his death and had made at least
36 monthly contributions immediately preceding the date of death.
Where above conditions are not achieved, the dependent is entitled to a
lump sum payment benefit equal to the Pension Fund Credit.
Pension payment shall be the aggregate value of the Tier II Pension Credit
plus Tier 1 Pension Credit and increased by the last monthly Tier 1
contribution multiplied by the lower of 90 months and half of the months of
remaining potential employment between the date of death and attainment
of pensionable age.
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Pension FundBenefits
Invalidity pension
Payable to a member who has suffered physical or mental disability of
permanent total incapacity as certified by a medial board established by
the Board of Trustees, and such member has made at least 36 monthlycontributions preceding the date of invalidity.
Invalidity status to be reviewed periodically as determined by the Board of
Trustees.
Where 36 monthly contributions have not been made, the dependents
entitled to a lump sum payment benefit equal to the Pension Fund Credit. Pension payment shall be the aggregate of the Tier II Pension Credit plus
Tier 1 Pension Credit and increased by the last monthly Tier 1 contribution
multiplied by the lower of 90 months and half of the months of remaining
potential employment between the date of invalidity and attainment of
pensionable age.
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NSSF Act 2013
Pension FundBenefits
Funeral grant
Paid 6 monthly contributions immediately preceding his death.
Grant for defraying funeral expenses paid to next of kin in one lumpsum of Shs 10,000/=.
Claim to be submitted not later than 60 days from the death of the
member.
Next of kin is the survival spouse or in the case of an unmarried
person, the parents, siblings or the person responsible for the paymentof funeral expenses.
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NSSF Act 2013
Pension FundBenefits
Emigration benefit
Equal to the Pension Fund Credit.
Payable where a member emigrates from Kenya to another country(with which Kenya does not have a reciprocal agreement) without any
present intention of returning to reside in Kenya.
Misrepresentations when making benefit claims
Failure to disclose or misrepresenting any material facts (whether or
not fraudulent) - to repay the benefits so received within such period asthe Board of Trustees may direct.
Person also commits an offence and liable on conviction to a fine not
exceeding Shs 300,00/= or an imprisonment not exceeding 3 months,
or both.
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NSSF Act 2013
Provident Fund Members include:
Self-employed persons who voluntarily register.
Any class or description of employees specified in the regulations
developed by the Cabinet Secretary in consultation with the Board of
Trustees.
Persons who have retired from employment.
Any other person who does not meet the eligibility criteria for
membership of the Pension Fund.
Self-employed persons wanting to become members are required toregister with the Fund.
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NSSF Act 2013
Provident Fund Contributions:
A minimum amount of Shs 200/=.
A minimum aggregate contribution in a year of Shs
4,800/=. Contributions can be paid to a designated Fund office or by
mobile money or any other electronic transfer.
The account for each voluntary contributor shall show the
amount of voluntary contributions, transfer payments andinterest credited.
Annual benefits statement to be provided to the member at the
end of each financial year (30thJune).
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NSSF Act 2013
Provident FundBenefits
Age benefit
Entitled to at the age of 50 years.
Lump sum equal to the Provident Fund Credit at date of entitlement.
Survivorsbenefit
Payable to nominated persons based on the Provident Fund Credit at the
date of death.
Paid within one year of death to the nominated beneficiaries in such
proportion as stipulated by the member.
Such benefit shall not form part of the assets of the estate.
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NSSF Act 2013
Provident FundBenefits
Invalidity benefit
Payable to a member who has suffered physical or mental disability of
permanent total incapacity as certified by a medial board established
by the Board of Trustees, or has suffered from partial incapacity of apermanent nature and is unable as a reason thereof to earn a
reasonable living.
Invalidity status to be reviewed periodically as determined by the Board
of Trustees.
Withdrawal benefit
Lump sum withdrawal of the amount to the Provident Fund Credit if he
is no longer in self-employment.
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NSSF Act 2013
Provident FundBenefits
Emigration benefit
Equal to the Provident Fund Credit.
Payable where a member emigrates from Kenya to another country(with which Kenya does not have a reciprocal agreement) without any
present intention of returning to reside in Kenya.
Misrepresentations when making benefit claims
Failure to disclose or misrepresenting any material facts (whether or
not fraudulent) - to repay the benefits so received within such period asthe Board of Trustees may direct.
Person also commits an offence and liable on conviction to a fine not
exceeding Shs 300,00/= or an imprisonment not exceeding 3 months,
or both.
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NSSF Act 2013
Old Provident Fund Board to retain and continue to operate the Old Provident Fundexclusively for the purpose of dealing with and settling all matters
outstanding under the repealed Act.
Assets and liabilities to be ring-fenced and not transferrable to the new
Fund.All benefits granted and any liabilities payable to be processed from the
Old Fund on existing basis with exception of funeral grant.
Person liable to pay sum of money to the Old Fund to settle with the
same.
Employees and trustees of the Old Fund deemed to continue in office.
Old Provident Fund liabilities to be settled within 5 years of the
commencement of the new Provident Fund.
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NSSF Act 2013
Other Provisions Fund may be assigned and used by a member to secure amortgage loan from a bank, building society or other similar
institutions on such terms and conditions prescribed under the
Retirement Benefits Act.
Benefits payable under the Act cannot otherwise be:
Assigned, pledged, transferred or sequestered;
Set-off against any debt of the member entailed to the benefit; or
Attached, levied or executed in any form under a judgement or order of
a Court of Law.
Any officer of the fund who contravenes the provision commits an
offence - subject to a general penalty.
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NSSF Act 2013
Other Provisions Member required to furnish particulars concerning himself and his dependentrelatives who shall receive benefits upon his death. Nominations can be changed at
any time and in any event annually.
Board of Trustees shall regard the nominations to be the absolute intention of the
member and are therefore not responsible for any errors of omission or inclusion.
Board may decline to pay benefits to a person validly nominated or vary the person,
and furnish its reasons thereof.
Administration expenses to be capped at 2% of the total Fund assets and reduced to
1.5% in the 6thyear after commencement.
To provide to the Auditor General within 6 months of the year-end the financial
statements of the Fund. Within 3 months of the completion of the audit process, thefinancial statements to be published on 2 dailies.
Actuarial valuation once every 3 years.
Fund exempt from Income Tax and Stamp Duty.
In case of insolvency or bankruptcy of the contributor - unremitted contributions shall
rank in priority to secured creditors
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NSSF Act 2013
Other Provisions Dispute resolution on matters relating to contributions, benefits, registration,rejection or variation of dependents or cancellation arising from application
of the Act - officer appointed by the CS or Tribunal appointed under the
Retirement Benefits Act.
Questions of law arising in connection with the decision of the ManagingTrustee, an officer or agent of the Fund or Tribunal may be referred to the
High Court.
AGM to be convened with 6 months of the end of the financial year to be
conducted in accordance with the provisions of the Retirement Benefits Act
and attended by delegates representing employers and employees. Reciprocal agreements (other than East African countries):
Ensuring that such agreements do not confer a right to double benefit.
Determining the basis on which rights accrue.
Administration and enforcement provisions.
Making of any necessary financial adjustments of payments in and out of theFund.
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NSSF Act 2013
Other ProvisionsReciprocal Arrangements - East African Countries - Co-ordination to ensure: Member, while in a member state, is duly registered.
That the member makes the required contributions and that the corresponding
benefits are preserved and protected.
Exportability of the benefits is guaranteed and that there is actual physicaltransmission of the contributions and benefits accrued.
That on death, the Board can pursue the membersaccount.
Preservation of the records in the foreign scheme until the members rights in the
scheme are fully exhausted.
Provisions to share information with the foreign schemes and, where necessary,
seek assistance of the respective Government.
Where an employee transfers of seconds an employee to work in another country for
up to 3 years - continue to remit money to the Fund.
More than 3 years - employer to ensure that contributions are made in the country of
work and also give notice to the Fund setting out details of contributions being made
and particulars of the continued stay in the foreign country.
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NSSF Act 2013
Offences by an Officer and a Trustee Misconduct by an officer of the fund including solicitation, improperdisclosure, conspiring to defraud the fund, and using improperly the position
to enrich himself - fine not exceeding Shs 2 million, or imprisonment not
exceeding 5 years, or both; and forfeiture of any money, property or reward
obtained fraudulently.
Person with the intention of defrauding the fund offers to an officer any
reward or inducement - fine not exceeding Shs 2 million, or imprisonment
not exceeding 2 years, or both; and forfeiture of any money, property or
reward obtained fraudulently.
Conspires, aids or abets another person - fine not exceeding Shs 2 million,or imprisonment not exceeding 2 years, or both; and forfeiture of any
money, property or reward obtained fraudulently.
Fine is in addition to any other disciplinary action that the Board of Trustees
may take.
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NSSF Act 2013
Offences Relating to ContributionsOffence Fine
Evades payment of any contribution or
any other amount due
Remit the fund plus interest at the mean
bank rates
Making a false statement or
representation or produces materiallyfalse information in order to benefit
himself or another person
Remit the fund plus interest at the mean
bank ratesTo produce the records in question
Fine of an amount equivalent to that
owed to the fund, or imprisonment of a
term not exceeding 3 years, or both
Wilfully misrepresents or fails to disclose
any material facts or fails to pay the fundwithin the time prescribed
Fine not exceeding Shs 500,000, or
imprisonment of a term not exceeding 3years, or both
Fails to disclose or misrepresents any
material facts and receives any benefits
not entitled to
Remit the fund plus interest at the mean
bank rates
Fine of an amount equivalent to that
owed to the fund, or imprisonment of aterm not exceeding 3 years, or both
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NSSF Act 2013
Offences Relating to ContributionsOffence Fine
Fails to comply with any regulations
which results in a loss to the fund or
leading to an inability of records of any
member or matter not to be properlymaintained
To pay in full the loss to the fund
occasioned by the offence
Obtains consent of employer or
employee under duress or undue
influence
Fine not exceeding Shs 500,000
Deducting contributions in access of theprescribed limits
To make a refund of the excessdeduction to the employee together with
interest thereon at mean bank rates
Board of Trustees may recommend to the CS to waive interest on unpaid contribution
in event of uncertainty of law or fact, hardship and undue collection costs, however
such applications will not be granted in case of concealment of material facts,
fraudulent misrepresentation and investigations by the Fund.
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NSSF Act 2013
Tax Deductions NSSF Act - Contributions tax deductible
ITA - Deductions for registered funds Is the lesser of:
Total sum contributed by the employers and the employee (including
NSSF); or 30% of the pensionable income (taxable income); or
Shs 240,000 p.a.;
Less the amount claimed by the employee.1 2 3 4 5 6 7 8 9 10 11
Shs Shs Shs Shs Shs Shs Shs Shs Shs Shs Shs
Employee 1 5,000,000 1,500,000 250,000 240,000 240,000 240,000 250,000 500,000 240,000 - 250,000
Employee 2 3,000,000 900,000 150,000 240,000 150,000 150,000 150,000 300,000 240,000 90,000 60,000
Employee 3 1,000,000 300,000 50,000 240,000 50,000 50,000 50,000 100,000 100,000 50,000 -
450,000 450,000 900,000 140,000 310,000
Amounts
claimed byemployee
against
P.AY.E. for
the year
Company's
contribution
for the year
Total
contribution
for the year
( 3 + 7 )
Totalallowable
contribution
(Lower of 2,
4 & 8 )
Total
allowable
contribution
less claimed
by employee(Amount
allowed to
company 9 -
6 )
Add back on
tax
computation
(7 - 10)Name of employee
Yearly
taxable
salary
30% of
yearly
taxable
salary
Actual
employee
contribution
for the year
20,000p.m.
x no. ofmonths in
employment
during the
year
Allowableto
employee
(Lower of
2, 3 and 4)
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CAVEATThis slide presentation has been prepared for general guidance only, and does not constitute professional advice. You
should not act upon the information contained in these slides without obtaining specific professional advice. Accordingly,
RSM Ashvir, its associates and its employees and agents accept no liability, and disclaim all responsibility, for the
consequences of anyone acting, or refraining from acting, in reliance on the information contained in these slides or for
any decision based on it, or for any consequential, special or similar damages even if advised of the possibility of such
damages.
The guidance reflects our interpretation of the NSSF Act 2013 and is not binding on the relevant authorities.Consequently, the guidance should not be considered as an assurance that the relevant authorities will agree with it.
No part of the presentation may be reproduced or published without prior written consent. Where any information
therein, is used with our specific prior consent, acknowledgement shall be given to RSM Ashvir.
RSM Ashvir is a member firm of RSM International, a worldwide network of accounting and consulting firms. RSM
International does not offer professional services in its own name. Each member firm of RSM International is a legally
separate and independent national firm and is not a member of one international partnership, and member firms are notlegal partners with each other. One member firm is not responsible for the services or acts of any other member firm.
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THANK YOU!Contact Information:
1st Floor, Reliance Centre,
Woodvale Grove, Westlands
P.O. Box 349, 00606
Nairobi, Kenya
Tel: +254 204451747/8/9 /
706347950 / 772786111
Fax: +254 204451773
Contact Person:
Ashif Kassam, O.G.W
Executive Chairman
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RSM Ashvir offices in Kenya and
Tanzania have Regular Status
to conduct USAID audits.
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