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    The Registrar of Financial Institutions, Reserve Bank of Malawi (RBM) Governor endorsed Press Corporation Group Pension Fund to enhance Programmed Withdrawal Service

    Posted On 13 Nov 2021
    By : New Africa Business News, Staff Correspondent
    Comments: 14

    By Abdul Rahman Bangura–

    Reserve Bank of Malawi
    Photo Credit: Capital Markets in Africa

    NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone – Press Corporation Group Pension Fund’s Principal Officer, Bidronce Chiphaso, in a consultation on Thursday, November 11th, 2021 announced, the improvement mean a lot. He explained that their programmed withdrawal option is a strategy by which resigning from employees shall, in line with authorized decumulation criteria, collect their retirement benefits in periodic sums spread throughout the length of their computed life span.

    “Time has come for willing retiring members to take control of their retirement funds and participate in decision making and management of their retirement funds. Eligible retiring employees will have the freedom of choosing between either annuities or our programmed withdrawal option as their preferred decumulation option on retirement.”

    “Annuities are common on the market but there was a scarcity of approved providers for programmed withdrawal. This development will provide an alternative decumulation option for retiring members who do not prefer an annuity on retirement,”Chiphaso remarked.

    He wishes that, other licensed pension administrators would contemplate administration of programmed withdrawal and offer options to retiring members as is the spirit of section 67 (1)(a) of the Pension Act, 2010.

    Reserve Bank of Malawi (RBM) pension and insurance regulation principal examiner Pachalo Luhanga stated that, the nation’s pension sector proceeds to face substantial adherence issues particularly on non–placement of employees on pension and non– remittance of pension payments.

     

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    For New Africa Business News (NABN) Abdul Rahman Bangura Reports,  Africa Correspondent

    About the Author
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    14 Comments

    1. Phillip November 13, 2021 at 4:52 am Reply

      Malawi and other African countries are investing towards our senior citizens pensions. Lusaka ZAMBIA. Phillip

      • New Africa Business News, Staff Correspondent November 13, 2021 at 5:25 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    2. Dofi November 13, 2021 at 4:56 am Reply

      Our hard working retirees should all over Afrika should have retirement benefits. Abuja in Nigeria. Dofi

      • New Africa Business News, Staff Correspondent November 13, 2021 at 5:25 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    3. Victor November 13, 2021 at 4:59 am Reply

      Love the weekend newsletters. Thank you. Johannesburg in South Africa. Victor

      • New Africa Business News, Staff Correspondent November 13, 2021 at 5:24 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    4. Paul November 13, 2021 at 5:07 am Reply

      African governments, businesses and individual’s need to contribute more towards retirements, through private or public investments. Kampala in Uganda. Paul

      • New Africa Business News, Staff Correspondent November 13, 2021 at 5:24 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    5. Ahmed November 13, 2021 at 5:10 am Reply

      Private investments is way forward. Thank you for the reports. Cairo Egypt. Ahmed

      • New Africa Business News, Staff Correspondent November 13, 2021 at 5:23 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    6. Zira November 13, 2021 at 5:17 am Reply

      Thank you for this report. I think our law makers all over Afrika should pass good laws to take care this retirement problem. Luanda in Angola. Zira

      • New Africa Business News, Staff Correspondent November 13, 2021 at 5:23 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    7. Joe November 13, 2021 at 5:21 am Reply

      Fan of your online newspaper and thank you for the unlimited access of the reports. Oslo, Norway. Joe

      • New Africa Business News, Staff Correspondent November 13, 2021 at 5:23 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

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