• 5% to 31st December 2004
• 5.5% from 1st January 2005 to 31st December 2007
• 6% from 1st January 2008 onward

Every employer employing 15 or more employees has the duty to;

• Pay the employer portion of the contribution in respect of each of its employees continuously employed for 3 months or more
• Deduct from its employees pay the employee portion of the contribution
• Remit those contributions.

Failure to comply with contribution rules is considered a breach of fiduciary duty and may result in penalties or legal action.

A failure to perform the above duties amounts to an offense for which the employer may be prosecuted. If the company is found guilty and convicted of the offense, the following penalties will be imposed;

Failure to pay Employer Contribution:

• Fine not exceeding K100,000.00
• Imprisonment for a term not exceeding 2years
• Both of the above

Failure to Remit Contributions deducted:

• Fine not exceeding K500,000.00
• Imprisonment for a term not exceeding 15 years
• Both of the above

Note: where the offense continues after conviction, a default penalty fine of K5,000.00 a day will be imposed until the fine is paid.

• Employers must not reduce an employee’s salary or benefits because of superannuation obligations.
• Contributions must be made regardless of pay frequency (daily, weekly, fortnightly, monthly).
• Any contract clauses allowing contributions below the legal minimum are considered void.
• Both employers and employees may voluntarily contribute above the prescribed minimum rates.

• A Housing Advance Form (download);
• A Member Data Update Form (download);
• A copy of stamped Contract of Sale and Memorandum of Transfer;
• A letter of offer from your bank or approved financial institution confirming availability of further funding;
• A copy of title to the property (proof of ownership);
• Quotation from the supplier of building materials and labour/transport costs from the contractor who is going to build the house or carry out maintenance or improvement(s). This is important as the cheque will be made payable directly to the supplier of the materials or the contractor and not to you;
• If you are building a house on your own customary land or have already built a house but wish to carry out maintenance or improvement, you will have to complete a “Clan Land Usage Agreement” form. In the absence of a proper legal title, this document serves as proof of your ownership of land by customary right.

Nasfund members who are planning to:

• Purchase a home;
• Construct a home or;
• Carry out repairs and maintenance to a home that is a member’s principal place of residence.

Members can use their housing advance as equity to obtain housing loan from commercial banks.

Any breach of the Superannuation Act or misuse of the housing advance will render the application void. The Fund will cancel the application already paid or seek to recover the advance.

• Withdrawal of advance is a maximum of 100% of employee contribution;
• Cannot be paid directly to the member;
• Further advances are subject to full repayment of the previous advance;
• A further advance cannot exceed the initial advance.

• Purchase of principal place of residence for member.
• Deposit for a housing loan from a bank or licensed financial institution.
• Purchase of state land for the construction of a dwelling.
• Member is able to withdraw his/her contributions to construct a house located on his/her own customary land.
• Purchase of land or purchase and construction of a dwelling must occur within six (6) months of an advance.
• A declaration of completion must be furnished to Nasfund on finalization of the purchase or completion of the construction or addition to a house.
• Purchase of solar panels or generators for the house.
• Purchase of building materials to build a house.
• Purchase of a stove or refrigerator.
• Purchase of water tank &/or water pump.
• Substantial renovation or improvement of and existing home owned by the member (Over K1000).
• Labour & transportation costs of housing materials up to the value of K1000.00 only.
• Member to repay housing advance by a further 2% of contribution from the employee portion until the advance is repaid.

Note: Advances are only applicable to State or customary land.

1. You must be an active contributor to an Approved Superannuation Fund for five (5) consecutive years or more.
2. The amount you are applying for must be a minimum of K1,000 for your first advance.
3. Members may receive a second advance after fully repaying the first advance.