National pension still in starting blocks

12 August 2019 | Local News

Local pension fund administrator Marthinuz Fabianus has suggested that the Social Security Commission (SSC) consider a Namibian-based solution as it moves to establish a national pension fund.

He made the remarks in an industry newsletter recently.

The SSC, the champion of the envisaged national pension fund, initially came up the idea to establish the fund but has been struggling to get out of the starting blocks with the fund for over 20 years, a situation Fabianus finds perplexing.

According to Fabianus, the SSC has attempted without success to bring into operation the NPF law, at great cost to the taxpayer.

“The main reason for the failure has to be the fact that SSC has been using international experts who tried to copy and paste western world social security models to our local environment, which repeatedly proved not to be sensible,” he said.

Namibia, Fabianus said, had all the makings to ensure that the national pension fund would thrive.

“Namibia has a thriving and world-class occupational pension fund industry within a dynamic regulatory environment. I therefore submit that a National Pension Fund law should require that say all persons contributing to current Maternity Leave, Sick Leave, and Death Fund (MSD Fund) be required to contribute to a Retirement Fund,” Fabianus said.

“The rationale for my suggestion is that we should make best use as a country of our already existing infrastructure managing occupational pension funds, to extend retirement funding coverage to the [approximately] 389 000 qualifying and gainfully employed persons of our country, currently without occupational saving arrangement,” he added. Fabianus also dispelled any fears that the suggestions he was raised would benefit him because he manages a local pension fund administrator.

According to him, there is a lot of merit in using all existing infrastructure such as insurance companies that offer underwriting cover for group arrangements, access to world-class asset management firms, pension fund administrators with underutilised pension fund administration systems, and the current regulator of the occupational pension funds industry (the Namibia Financial Institutions Supervisory Authority), which he said had already built major capacity.

The SCC had in January this year told Namibian Sun that the national pension fund would be operational by the middle of 2019.

Its spokesperson, Unomengi Kauapirura, told Namibian Sun at the time that the pension fund task team was revisiting some of the design recommendations.

“The revised policy is currently being updated by the national pension fund team for consideration and approval by the minister of labour and the management of the ministry. If all project deadlines are met, the national pension fund should be fully operational by the middle of 2019,” she said.

According to Kauapirura, the ministry has reviewed the documents and recommended further revisions of the recommended design, following a consultation and briefing session between the labour minister, ministry officials and the SSC board in March 2018.

“Once the policy is approved, it will require the drafting of a Social Security Pension Scheme Bill to be submitted to parliament,” she said.

OGONE TLHAGE

Similar News

 

Windhoek among most expensive

1 day - 17 January 2020 | Local News

Namibia, and in particular Windhoek, remains one of the most expensive places to live in the sub-region and outperforms both Johannesburg and Pretoria on a...

Etungo lyomuhandjo gwoskola yaMungwelume otali pu momwedhi twataalela

1 day - 17 January 2020 | Local News

Omukuluntuskola mosekundoskola yaMungwelume, George Nanghanda okwa koleke koshifokundaneki shoNamibian Sun, kutya etungo lyomuhandjo gwoskola ngoka tagu tungwa poskola ndjoka otagu manithwa pehulilo lyomwedhi twa taalela.Pauyelele...

'Tate a kwata uukiintu gwaandje'

1 day - 17 January 2020 | Local News

Pahapu dhokamwayina hoka, oya pula okanona hoka oomvula ndatu dha piti kutya omolwashike iilyo yako yopaumwene ya tiligana, na oka yamukula kutya “Tate okwa kwata...

Land grabbers defiant

2 days ago - 16 January 2020 | Local News

Suspected land grabbers at Ombili informal settlement have defied orders by the Otjiwarongo municipality to vacate an unserviced plot they have occupied since November last...

Elongo lyoshali moNamibia ondjodhi yowala

2 days ago - 16 January 2020 | Local News

Oshikako oshipe shoskola osha tameka naavali yamwe oshowo ooskola itaya vulu elongo lyoshali ndyoka lya tulwa miilonga kepangelo momvula yo 2013.Omulandu ngoka gwelongo omupe otagu...

Omukokele a kwata onkonga okamona

2 days ago - 16 January 2020 | Local News

Omukokele gwoomvula 68 okwa tulwa miipandeko mEtitano lya piti, na okwa holoka komeho yOmpangu yaMangestrata mOmaandaha moRehoboth, ta tamanekelwa oshipotha shekwatonkonga lyokamona kokakadhona koomvula hetatu.Omukokele...

A tomeke omulilo egumbo lyohonda ye

2 days ago - 16 January 2020 | Local News

Omunamimvo 24 okwa tulwa miipandeko mondoolopa yaMariental mOlyomakaya ga piti, omolwa eyonagulo lyomaliko sho kwa lopotwa a tomeke omulilo egumbo lyohonda ye nokuyonagula omakende gohauto...

A tomeke omulilo egumbo lyohonda ye

3 days ago - 15 January 2020 | Local News

NAMPA Omunamimvo 24 okwa tulwa miipandeko mondoolopa yaMariental mOlyomakaya ga piti, omolwa eyonagulo lyomaliko sho kwa lopotwa a tomeke omulilo egumbo lyohonda ye nokuyonagula omakende...

Ta ningi omalunduluko moonkalamwenyo dhaakwashigwana

3 days ago - 15 January 2020 | Local News

ILENI NANDJATO Omunamimvo 71 omupangi nale keithano gwomOndangwa okwa gandja oondya kaantu ya thika po 300 mondoolopa moka oshowo momukunda gwaandjawo Epinga, moshitopolwa shaHangwena.Mayola...

Sharing smiles through free haircuts

4 days ago - 14 January 2020 | Local News

Ester Kamati Heading back to school is on everyone’s minds and K Hair Studio is not letting this moment pass them by – they’re congratulating...

Latest News

Make education your New Year’s...

1 day - 17 January 2020 | People

Albin JacobsWith the holiday season drawing to a close it is time to focus on the new year, 2020. Almost everyone makes some kind of...

Suspended Okahandja CEO postpones swearing-in...

1 day - 17 January 2020 | Government

Okahandja municipal CEO Martha Mutilifa, who was put on suspension by the town's councillors, cancelled the swearing-in ceremony of office bearers at the town while...

Louw suspended for Cash Converters...

1 day - 17 January 2020 | Politics

The Electoral Commission of Namibia has suspended its technical director, Milton Shaanika Louw, who allegedly pawned five laptops belonging to the Commission. “I can...

EVMs challenged amid by-election joy

1 day - 17 January 2020 | Politics

The opposition, which now comprises of the new independent candidacy phenomenon, yesterday celebrated by-election victories against Swapo at Walvis Bay and Keetmanshoop on the eve...

Who's who in EVM Supreme...

1 day - 17 January 2020 | Justice

The bench Chief Justice Peter Shivute Justice Sylvester Mainga Justice Dave Smuts Justice Elton Hoff Justice Baaitse Nkabinde ...

Fearless manager - Game of...

1 day - 17 January 2020 | People

Michelline NawatisesLeandro van Wyk, call centre manager at MultiChoice Namibia, started his career in the banking industry in 2001 as a back-office ledgers clerk, after...

Connecting clients to the correct...

1 day - 17 January 2020 | People

Ester Kamati With internet connection, there is no stopping Macveren Kapukare, a telecommunication engineering graduate who is passionate about making a difference in the world...

Supreme Court must seal EVM...

1 day - 17 January 2020 | Opinion

Today the Supreme Court hears arguments about the use of electronic voting machines (EVMs) in Namibian elections, particularly those held on November 27 last year....

Leading by example

1 day - 17 January 2020 | People

Mariselle Stofberg A strong leader is able to inspire their colleagues to be the best version of themselves and encourage them to reach their full...

Load More