Fima: Consultations on pension preservation commence

Consultations on the Financial Institutions and Market Act (Fima) regarding pension preservation rules are set to commence in due course.This was announced by technical advisory committee chairperson Manfred Zamuee following objections to the regulations aimed at preserving pension pay-outs for persons below the age of 60.If implemented in their current form, the regulations would only allow members of pension funds to withdraw 25% of their pensions before the age of 60, while the remainder would be left to grow until maturity.“The ministry is pleased to announce the commencement of public consultations on standards and regulations, including Regulation RF.R.5.10 (Preservation of Retirement Savings Regulation), intended to be issued under Chapter 5 of Fima,” Zamuee said.Various industry stakeholders will share their inputs with regard to the mooted regulations, he added.Fair and conducive“The technical advisory committee on standards and regulations - comprising experts in the financial, labour and pension sectors - has been assembled to ensure that regulations governing financial institutions and markets are robust, fair and conducive to the growth and stability of the financial sector,” he said.“Their task includes soliciting input and feedback from stakeholders, including the general public, to create regulations that best serve the interests of our nation.“The public consultations are designed to be accessible to everyone, with a focus on inclusivity and diversity,” Zamuee added.It’s their moneyFormer deputy finance minister Natangue Ithete last year blasted the mooted reforms, saying it was up to individuals to manage their pension pay-outs responsibly. Speaking during a Parliamentary Standing Committee on Economics and Public Administration meeting on the planned reforms, he said: “Do not conclude by saying that if you give the entire nation their money, everyone will misuse it.“You rather keeping it and giving them their money later is wrong. Let people have their money, and invest in what they want,” he added.“It is wrong to say if a few misuse their money, then all are disadvantaged.”

Fima: Consultations on pension preservation commence

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Namibian Sun 2025-09-30

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Fima: Consultations on pension preservation commence

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Namibian Sun 2025-09-30

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