PUBLIC SERVANTS SUPERANNUATION SCHEME (PSSS).
🪓Teachers 350,000 form 60% of the PSSS scheme.
🪓Teachers have a representative in the PSSS management who is service as a trustee, that’s the national treasurer WICKS NJENGA MWETHI.
🪓PSSS is housed at BIMA HOUSE in the National treasury thus is within the national treasury.
🪓 PSSS came to effect on 1st Jan 2021.
MERITS OF PSSS OVER THE OLD SCHEME
🪓Savings are accurued and portable. That’s, in case of a transfer from one employer to another, one is able to move with the savings as they keep growing.
🪓 Benefits are not predetermined, they depend on the savings by employee and the returns from the investment by the PSSS board.
🪓An officer who exits the service on resignation or dismissal can still access his/her accrued benefits.
🪓A member can be assess his/her personal savings for personal development during service.
🪓 It is Regulated by Retirement Benefits Authority .
🪓PSSS Covers the following public servants: Civil servants, teachers, disciplined forces, county employees etc.
🪓 Employees contribute 7.5% of basic pay while
government contributed 15% of basic pay per month.
🪓 On retirement, an employee is entitled to a Lumpsum not exceeding third of the savings.
Monthly payment followed by annual salary till death
🪓Allows Access to benefits before retirement and has lot’s of Member involvement.
🪓AGM for PSSS as per the law to be held in 2023.
🪓. PSSS money sits in custodial accounts in NCPBA, COOP and NIC STANBIC banks
🪓 Has board members from all sectors covering the contributors.
🪓 Claims processed within 30 days of presentation.
🪓 All PSSS service providers are regulated by Retirement Benefits Authority.
