FIMA

15 May

Government halts retirement preservation

ObserverNational NewsFIMA, Financial Institutions and Market Act (FIMA), Namibia Financial Institutions Supervisory Authority (NAMFISA)

Tujoromajo Kasuto The Minister of Finance Ipumbu Shiimi has postpone the compulsory preservation of retirement benefits to allow for adequate time for broader consultations on the envisaged regulation. He said the modalities on how the consultations will be undertaken will be announced in due course. The final standards and regulations were to be published in the Government Gazette on 1 October 2022 when the Financial Institutions and Market Act (FIMA) was to become operational. In terms of the new regulation when someone resigns, changes jobs or stops working they will be required to preserve 75 percent of their individual pension,…

Compulsory pension savings on horizon ….no withdrawal of 75 percent of pension money until 55 years

ObserverUncategorisedCompulsory pension savings on horizon, Erna Motinga, FIMA, Kenneth Matomola

Tujoromajo Kasuto The Namibia Financial Institutions Supervisory Authority (NAMFISA) Deputy Chief Executive Officer, Erna Motinga cautioned the Namibian public against mass resignations in an attempt to Access their pension savings, because of the introduction of compulsory preservation of retirement benefits for people who withdraw from their retirement funds before retirement age. In terms of this new regulation when someone resign, change jobs or stop working they will be required to preserve 75 percent of their minimum individual pension reserve, until the prescribed early retirement age of 55 years. This has ignited heated public debate on social media and news platforms,…