Regulatory Alerts2024-01-01
Pension (Payment of Pension and Provident Fund Benefits) Directive, 2024
Issued by the Registrar of Financial Institutions under the Pension Act, this directive establishes standardized procedures and timelines for trustees to process pension and provident fund benefit payments and transfers. Trustees must complete payments within fourteen days of receiving a valid application or investigation report, while late disbursements incur daily penalty interest at the Reserve Bank of Malawi policy rate. The directive also outlines eligibility criteria for early, disability, emigration, and death benefits, defines lump-sum thresholds by age, and imposes monetary penalties of up to fifty million Kwacha for trustee non-compliance.
Share