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{
    "id": 489131,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/489131/?format=api",
    "text_counter": 713,
    "type": "speech",
    "speaker_name": "Hon. (Ms.) Nyasuna",
    "speaker_title": "",
    "speaker": {
        "id": 590,
        "legal_name": "Gladys Atieno Nyasuna",
        "slug": "gladys-atieno-nyasuna"
    },
    "content": "Hon. Temporary Deputy Chairman, let me just explain the reason for this deletion as we agreed in our Committee. The amendment was suggesting that we insert after “Pension Fund” the words “Provident Funds” as funds that you can move from the NSSF to another secondary provider. The old funds were all provident funds. The funds as included in the old Act were all provident. They have now been ring- fenced as provident. Right now, in the NSSF Act, there are two areas, namely, pension and provident. In a pension fund, you can contribute tier one up to a certain level and then when you go to tier two, you can now decide as an employer to move those funds to another secondary provider. But when you include the words “Provident Fund”, it means you are giving an opening to even take some of the old funds that existed in the NSSF to another body."
}