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NICO LIFE PUSHES FOR RETIREMENT FUNDS LAW
30/06/09
 NICO Life Insurance Company Limited has pushed for the passing of the Retirement Funds Bill (2007) into law, saying it will bring proper regulatory framework for pension funds and instil confidence in the market.
Oscar Mpando, NICO Life Insurance general manager, said this in an interview in Blantyre. He said when passed into law, the bill will give a clear picture of who can be a trustee and who can manage pension funds as well as outlining responsibilities and duties of pension fund managers.
"Currently, there is no law to guide the management of pension funds. That is left in the hands of MRA [Malawi Revenue Authority] for taxation purposes on retirement funds," he said on the sidelines of the 2009 NICO Life Insurance pension scheme trustees' seminar. He noted that the law will bring all issues to do with pensions in one domain unlike now when anybody can just set up a pension fund. "This law will safeguard the interests of pensioners. It is good for the industry," he said. Mpando also said the provision has already been reviewed by the Reserve Bank of Malawi (RBM) and he is hopeful it will be taken to Parliament this year. He said NICO Life Insurance is championing the enactment of the Bill so that the industry has the confidence of various players it deals with on pension fund management.
In an earlier interview, RBM executive secretary Samuel Malitoni assured the public that there is no cause for worry in the absence of an enabling legislation on pension funds. He said the bill is with the Ministry of Justice for review before it is tabled in Parliament.
During the seminar, NICO Life officials reminded the trustees of some of the products they offer that includes cash generator endowment assurance with profits, group funeral insurance policy and death fund insurance policy.
Below are some highlights in pictures of the event
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