Unclaimed pension benefits in Namibia

Every pension benefit tells a story — of years worked, contributions made, and futures planned. Yet across Namibia and beyond, many pensioners and their beneficiaries remain unaware that pension payments are due to them. If a pension payment suddenly stops, it is not necessarily because the funds are exhausted. It could be that the pension was suspended due to the fund losing contact with the pensioner. These funds then lie dormant and ultimately risk being transferred to the Guardian’s Fund if no valid claim is made.This article sheds light on why pensions get suspended and become unclaimed, what suspension means, how it can be prevented, and what individuals can do if they suspect abenefit is due.What is a pension?A pension is a regular payment made by to individuals who have retired from work. These payments are typically funded by contributions made during their working years. These benefitsare designed to provide financial support during retirement and can come from various sources, such as employer-sponsored pension plans, government programs, or personal retirementsavings accounts. Pension benefits can include:Monthly payments: Regular income provided to pensioners to help cover livingexpenses.Survivor benefits: Payments made to the spouse or beneficiaries of a deceasedpensioner.The goal of pension benefits is to ensure that individuals have a stable and secure financialfoundation during their retirement years.Understanding Suspended Pension BenefitsSuspended pension benefits refer to pension payments that are put on hold due to a lack of valid information or response from the pensioner or beneficiaries. To ensure only validpayments are made funds request pensioners to provide proof of existence on a regular basis, mostly annually. WhenWhen the administrator cannot verify the identity, eligibility, or whereabouts of the beneficiary, the pension benefit is suspended — effectively frozen — until the rightful claimant comesforward and provide the required evidence of existence to the fund.Why Pension Benefits become suspendedThere are several reasons why benefits end up suspended:Poor Record-Keeping or Documentation. Over time, especially when retirees move after retirement, records can become fragmented. Missing ID numbers, incorrect names, or outdated addresses make it difficult to communicate to and trace rightful beneficiaries.Lack of CommunicationMany individuals are unaware of the need to provide the fund with a regular update on their personal details and submit suitable proof of existence when requested to do so. This oftenresults in pensioners being unreachable and therefore being uninformed of changes to their benefits or the request to provide proof of existence.Unawareness of EntitlementIn some cases when the pension stops the pensioners believe that their pension savings ran out and do not enquire from the fund. Similarly, family members or beneficiaries are simplyunaware that a benefit exists — especially in the event of the pensioner’s death. It is therefore important to contact all sources of income received by a pensioner upon his or her death toinform them of the passing. This enables the entities who made payments to the pensioner to determine if a further pension is due to the surviving spouse or if any benefit is due tobeneficiaries. If no further benefit is due, the pension will be terminated.Consequences of InactionIf a pension benefit is legally payable but remains suspended or unclaimed, legislation mandates that such benefits be transferred to the Guardian’s Fund after five years of becoming unclaimed. While these funds are still recoverable, the process is more complex and can be lengthy. More importantly, suspended benefits represent lost opportunities for retirees and their families to secure financial stability, especially in later years when such support is most needed.How This Can Be PreventedTo avoid the suspension of your pension benefits please take note of the following actions:Keep Personal Information UpdatedNotify your fund of changes in address, banking details, marital status, or next-of-kin.Respond to requests for proof of existence or any other information requested by the fundEnsure that you retain contact with your fund through either the receipt of regular pay slips or remembering to submit proof of existence when requested. If it has been a while since you had any communication from your fund, make a point of contacting them to ensure that they have your correct contact information.Educate BeneficiariesEnsure your family members are aware of the pension benefits you receive and whom to contact in the event of your passing.Administrators Must Trace ProactivelyPension administrators should use tracing agents, media and technology to locate inactive pensioners regularly.What To Do If You Believe You May Be AffectedMomentum Metropolitan Namibia is committed to helping reconnect individuals with their rightful pension benefits. If you or someone you know may be entitled to a pension – even if that pension stopped or the person passed away some time ago, we urge you to:Visit our website to view the current list of suspended pensioners: www.momentummetropolitan.com.na/momentum-corporateReview the names listed in the notice. If a name is recognised, gather any available documentation — such as ID copies, employment records, or death certificates.Contact us as soon as possible to validate membership and submit a claim.Email: ebnamannuities@momentum.com.naReclaiming What’s YoursPension funds are not just financial instruments — they are the legacies of workers who built industries, served communities, and sustained families. By taking a few simple steps, we can ensure that these legacies are honoured and that every Namibian receives what is due to them.

Unclaimed pension benefits in Namibia

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Namibian Sun 2025-06-13

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Unclaimed pension benefits in Namibia

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Namibian Sun 2025-06-13

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