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How new NSSF rates could affect the future of private pension schemes

Savings dilemma. Some employers could with time fully migrate their employees to saving for retirement with NSSF, ditching the private pension schemes. [iStockphoto]

The implementation of the remaining clauses of the National Social Security Fund (NSSF) Act, 2013 is set to drastically transform the local pensions industry.

Among the major changes is the possibility that some employers could with time, fully migrate their employees to saving for retirement with NSSF, ditching the private pension schemes they have been sponsoring.

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