Distribution of death benefits from pension funds mandatory

Stefanus Nashama The Namibia Financial Institutions Supervisory Authority (NAMFSA) announced that the institution will ensure pension benefits will be distributed to the beneficiaries of deceased Pension Fund members, as stated by the Pension Funds Act. The process required to be followed by pension funds on the manner of distribution of the benefits following the death of a member. This entails tracing dependents and nominees of members, said NAMFISA Spokesperson, Victoria Muranda in a media statement. Muranda indicated that should the Pension Fund fail to trace any dependents or nominees within a period of 12 months, the balance in the fund…