Advantages of the new Pension Scheme for teachers and Civil Servants

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.