JOIN APT, URGES NICO LIFE - 27/April/2009

NICO Life Insurance Company Limited, who manage Associated Pensions Trust (APT), has urged individuals and small institutions to join the APT fund as it provides a wide range of products to suit the needs of the individual employers. NICO Life Insurance's marketing manager Moffat Katundulu also said APT runs a big pension fund. Katundulu said this during the prize presentation ceremony of the APT Ball-pool golf tournament at the Blantyre Sports Club.

"The value of this fund is in excess of K700 million. It was set up to cater for individuals, organisations and institutions that are very small. "So, with APT, however small a company or institution is, you can set up a fund and it declares very competitive returns," said Katundulu. Outlining the background of the trust, Katundulu said the APT Limited was incorporated on January 1, 1970 to provide retirement benefits, death benefits and withdrawal benefits to employees of the participating employers of the trust. The total assets of the APT Trust exceed K1.5 billion. "The trust provides a wide range of products to suit the needs of the individual employers, that is defined benefit and defined contribution arrangements with specific benefit structures," he said.

The APT Fund is valued every year by competent actuaries to assess whether the assets of the fund are adequate to meet the accrued liabilities. When surpluses are disclosed, bonuses are declared to the separate employer's accounts. Pension increases are also declared.

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