Mwavuli Pension Fund is structured as a multi-employer fund. This allows various employers to join Mwavuli and have their employees participate as members of Mwavuli.
How To Join
- An employer may join the scheme to be a participating employer by executing a deed of adherence . The deed of adherence specifies special rules that are applicable only to those employees of the participating employer.
- The special rules are in addition to the provisions and rules provided under the Trust Deed and Rules of Mwavuli. Part of the special rules may include provisions on the contribution rate to be made by the participating employer and their employees. It is worthwhile noting that under the new NSSF Act 2013,all employers will be required to make contributions into the NSSF.
What are the key benefits for the participating employer
- Employee Loyalty-Pension benefits form part of an employees compensation package and is beneficial in attracting and retaining employees.
- Flexibility -Mwavuli is structured to meet the diverse needs of various employers through special rules that may be made and tailored to the specific needs of an employer.
- Corporate Governance-Mwavuli is managed by a team of competent and licensed advisors thus providing comfort to an employer that member's retirement benefits will be professionally managed.
- Cost Efficiency-By allowing multiple employers to participate in one fund ,Mwavuli is able to generate cost efficiency for its members and participating employers.
- Tax Benefit -Contributions to Mwavuli are tax deductible both to employees and participating employers. Additionally ,returns earned on tax deductible contributions are tax exempt.
- Outsourced Management-A Participating employer is relieved of pension administration of the scheme and hence can focus on his core business activities.
- A Participating Employer can create multiple member categories.
Admission Policy for Participating Employers
- The employer application form is a mandatory requirement that has to be filled. Supporting Documents
- Sample of Employee contract.
- Certificate of incorporation/ registration of the company/ cooperative/ NGO etc.
- Number of employees to be admitted to the Fund.
The documents required for admission include: