Regulatory Alerts2023-04-05
Added · Updated
Breakdown of Industry Comments for Chapter 5 Retirement Funds
Namibia Financial Institutions Supervision Authority (NAMFISA) issued this regulatory breakdown to require retirement funds to implement flexible payment options, revise late contribution interest calculations, and refine governance tenure limits based on industry feedback. The proposed amendments allow members to choose between lump sum withdrawals and life or living annuities, change the prescribed interest rate to a repo rate plus four percent, and adjust trustee, auditor, and valuator term limits to strengthen board independence. Industry stakeholders recommend postponing implementation for broader consultations, clarifying the seventy-five percent preservation versus withdrawal split, and consulting the Minister of Finance before finalizing these standards.