Pension (Licensing and Registration of Pension Entities) Directive 2025

V. MEETINGS OF THE ............................................................................... COMMITTEE
Member Meeting Attendance Comment
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VI. MEETINGS OF THE .............................................................................. COMMITTEE
Member Meeting Attendance Comment
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Made this 7th day of February, 2025.
DR. M. M. MWALE
(REF. NO. FIN/PFSPD/01/06) Registrar of Financial Institutions GOVERNMENT NOTICE NO. 61 PENSION ACT (NO. 6 OF 2023) PENSION (LICENSING AND REGISTRATION OF PENSION ENTITIES) DIRECTIVE, 2025 ARRANGEMENT OF PARAGRAPHS
PART I__PRELIMINARY
PARAGRAPH

1. Citation
2. Interpretation
3. Objective
   400 4th July, 2025

PARAGRAPH
PART II__LICENSING AND REGISTRATION REQUIREMENTS FOR PENSION FUNDS
4. Additional registration criteria for pension funds and provident funds
5. Form of licence
6. Form of certificate of registration
7. Unrestricted provident fund
8. Additional registration criteria for unrestricted pension fund
9. Additional registration criteria for self-administered restricted
pension fund
10. Additional registration criteria for stand-alone restricted pension fund
PART III__REQUIREMENTS FOR CUSTODIANS, ADMINISTRATORS, INVESTMENT
MANAGERS AND TRUSTEES
11. Custodians
12. An administrator not to operate as a custodian or an investment
manager
13. Investment manager not to operate as a custodian
14. Requirements for trustee education and certification
15. Initial capital requirements
16. Foreign investors
PART IV__LICENSING AND REGISTRATION PROCEDURES
17. Applications to be made in prescribed form
18. Pension broker and pension advisor licence to expire
19. Processing fees
PART V__APPROVAL PROCESS
20. Approval criteria
21. Due diligence
PART VI__POST APPROVAL PROCESS
22. Commencement of business
23. Management or technical services agreements
PART VII__ENFORCEMENT
24. Monetary penalties
PART VIII__TRANSITIONAL ARRANGEMENT
25. Compliance with this directive
SCHEDULES
IN EXERCISE of the powers conferred by section 68 (1) of the Pension Act, 2023, I, DR.
MACDONALD MAFUTA MWALE, Registrar of Financial Institutions, issue the following Directive__
PART I__PRELIMINARY

1. This Directive may be cited as the Pension (Licensing and
   Registration of Pension Entities) Directive, 2025.
2. In this Directive, unless the context otherwise requires__
   “applicant” means a person who submits an application for a licence to operate a pension entity or to register a pension entity; 4th July, 2025 401 Citation Interpretation

“beneficial owner” has the same meaning ascribed to it under the Companies Act; “self-administered restricted pension fund” means a type of a restricted pension fund whose trustees act as an administrator of its own pension fund; and “stand-alone restricted pension fund” means a type of a restricted pension fund that is not a self-administered restricted pension fund.
3. The objective of this Directive is to set out requirements for licensing
and registration of pension entities.
PART II__LICENSING AND REGISTRATION REQUIREMENTS FOR PENSION
FUNDS
4. In addition to the registration criteria for pension funds and provident
funds as provided in section 22 of the Act, the Registrar shall register a pension fund or provident fund if he is satisfied that— (a) the fund rules provide that the fund shall be maintained solely to provide pension and other benefits as provided for in the Act; (b) the fund rules provide for contributions to the fund to be made at specified times and rates; (c) the fund rules comply with other financial services laws; (d) the trustee of the fund is licensed as required by the Act; (e) in the case of a restricted pension fund, the fund rules provide that a trustee and, if the trustee is a corporate trustee, the directors of the trustee, are not entitled to be paid a fee out of the fund assets for acting as trustee; (f) in the case of an unrestricted pension fund, the fund rules provide that the trustee may be paid a reasonable fee out of the fund assets for acting as trustee; (g) the fund rules of a restricted pension fund permit an independent trustee to be paid a reasonable fee out of the fund assets for acting as trustee; and (h) the principal officer of the fund satisfies the fit and proper requirements.
5. A licence issued under section 27 (1) of the Act, shall be in the form
as prescribed in the First Schedule.
6. A certificate of registration issued under section 27 (2) of the Act,
shall be in the form as prescribed in the Second Schedule.
7. Notwithstanding section 19 of the Act, a pension services company
may establish an unrestricted provident fund.
8. In addition to the registration criteria provided under the Act, an
application for registration as an unrestricted pension fund shall only be made by a pension services company 402 4th July, 2025 Cap 46:03 Objective Additional registration criteria for pension funds and provident funds Form of licence Form of certificate of registration Unrestricted provident fund Additional criteria for registration of unrestricted

9. In addition to the registration criteria under the Act, an application
   for registration as a self-administered restricted pension fund shall not be granted, unless the pension fund has__ (a) assets worth more than twenty billion Kwacha; (b) trustees, a principal officer and other responsible persons that have satisfied the fit and proper requirements; and (c) satisfied administration and management information system requirements prescribed under the Act.
10. In addition to the registration criteria under the Act, a stand-alone
    restricted pension fund shall be registered if the pension fund has assets worth more than ten billion Kwacha.
    PART III__REQUIREMENTS FOR CUSTODIANS, ADMINISTRATORS,
    INVESTMENT MANAGERS AND TRUSTEES
11. A custodian of pension fund assets shall__
    (a) have professional and technical capacity to provide custodial services; (b) adequately insure pension assets in its custody against any loss resulting from eventualities including fire, theft and natural catastrophe; (c) possess appropriate information and communication technology to handle online real-time transactions and keep proper records; and (d) ensure that assets of a pension fund are segregated from all other assets held by the custodian.
12. An administrator shall not operate as a custodian or an investment
    manager of a pension fund.
13. An investment manager shall not operate as a custodian of a
    pension fund.
    14.(1) A trustee or director of a corporate trustee shall undergo a trustee training program recognised by the Registrar and obtain certification within six months of licensing. (2) Where a trustee or a director of a corporate trustee fails to obtain the certification within the period stipulated in subparagraph (1), the Registrar may revoke the licence or order that the director be removed. 15.(1) An application for a licence to operate as an administrator shall not be granted, unless the applicant has a minimum capital of seven hundred and fifty million Kwacha. 4th July, 2025 403 Additional criteria for the registration of self￾administered restricted Additional criteria for registration of stand-alone restricted pension fund Custodians An administrator not to operate as a custodian or an investment manager Investment managers not to operate as custodian Requirements for trustee education and certification Initial capital requirements

(2) An application for a licence to operate as a pension services company shall not be granted, unless the applicant has a minimum capital of seven hundred and fifty million Kwacha. (3) An application for a licence to operate as a provider of programmed withdrawal shall not be granted unless the applicant has a minimum capital of seven hundred and fifty million Kwacha. (4) An application to operate as a pension broker shall not be granted, unless the applicant has a minimum capital of thirty million Kwacha. (5) An application to operate as a pension advisor shall not be granted, unless the applicant has a minimum capital of thirty million Kwacha. (6) The minimum capital prescribed in subparagraphs (1), (2) and (3) shall, at the time of licensing, comprise the following__ (a) at least fifty per cent represented by cash or cash equivalent to meet operating expenses; and (b) at least fifty per cent represented by other pre-establishment costs that may include management information systems. (7) An administrator, a pension services company, a provider of programmed withdrawal, pension advisor and pension broker shall maintain the minimum capital at all times. (8) Where the capital falls below the minimum as provided in this paragraph, an administrator, a pension services company, a provider of programmed withdrawal, pension advisor or pension broker shall regularize the position within ninety days, failing which, the licence may be revoked.
16. Where an applicant for a licence as an administrator, or a pension
services company or a provider of programmed withdrawal, is a foreign investor and a regulated financial institution in the country where it is domiciled, the applicant shall submit to the Registrar a letter from the home supervisory authority authorising the applicant to establish a subsidiary in Malawi.
PART IV__LICENSING AND REGISTRATION PROCEDURES
17.__(1) An application for a licence or registration of a pension entity shall be made in accordance with this paragraph. (2) An application referred to in subparagraph (1) shall be in the form as prescribed in the Third Schedule. (3) An applicant shall submit completed and signed application forms and all supporting documents to the Registrar in both electronic and hard copy form. (4) Where the information submitted is not adequate, the Registrar may, in writing, request the applicant to submit additional information. (5) An applicant shall, in completing an application, be guided by the licensing and registration guidelines issued by the Registrar. 404 4th July, 2025 Foreign investors Applications to be made in prescribed form

18.(1) A licence to operate as a pension broker or a pension advisor shall be valid until 30th April of each year and may be subject to renewal. (2) An application for renewal of a licence to operate as a pension broker or pension advisor shall be in the form as prescribed in the First Schedule. (3) A pension broker or pension advisor shall submit an application for renewal of the licence in subparagraph (1) to the Registrar before 31st March of each year. (4) An application for renewal submitted after 31st March shall attract an initial penalty of K100, 000 and K10, 000 for each additional month of non￾compliance. 19.(1) An application for a licence, registration or renewal of a licence of a pension entity shall be accompanied by a non-refundable processing fee prescribed in the Fourth Schedule. (2) The processing fee shall be paid through any form of electronic payment.
PART V__APPROVAL PROCESS
20. In considering an application for a licence or registration, the
Registrar may, in addition to the requirements in the Act, take into account the following__ (a) whether the applicant has submitted all the required information as prescribed in the First Schedule, including additional information where needed; (b) whether the applicant has fulfilled the relevant licensing requirements as stipulated in the Financial Crimes Act and other financial services laws; (c) the business plan of the applicant; (d) the corporate structure to which the entity belongs; (e) the financial capacity of the shareholders to support the pension business; (f) whether the applicant has demonstrated commitment to good corporate governance practices; and (g) the risk management systems to be adopted.
21. The Registrar shall carry out due diligence of an applicant as part
of the approval process.
PART VI__POST APPROVAL PROCESS
22.__(1) An administrator, a pension services company or provider of programmed withdrawal, shall commence pension business within twelve months from the date of issue of the licence. 4th July, 2025 405 Pension broker and pension advisor licence to expire Processing fees Approval criteria Cap. 7:07 Due diligence Commence￾ment of business

(2) Where an administrator, a pension services company or provider of programmed withdrawal fails to commence pension business as stipulated in subparagraph (1), the licence shall be revoked.
23. A management or technical services agreement involving an
administrator, a pension services company and provider of programmed withdrawal shall be subject to the approval of the Registrar.
PART VII__ENFORCEMENT
24.(1) The Registrar may impose the following penalties for violations of this Directive, for (a) an administrator, a pension services company or a provider of programmed withdrawal, a monetary penalty of K50, 000, 000; (b) a pension broker or pension advisor, a monetary penalty of K10, 000, 000; and (c) a natural person who is a member of the board, or senior management official, a monetary penalty of K10, 000, 000. (2) The monetary penalties in subparagraph (1) shall be paid through an electronic bank transfer in favor of the Reserve Bank of Malawi, within ten working days after being notified of the violation.
PART VIII__TRANSITIONAL ARRANGEMENTS
25.__(1) An existing pension services company, administrator, provider of programmed withdrawal, pension broker and pension advisor shall comply with minimum capital requirements stipulated under this Directive within six months from the commencement date of this Directive. (2) An existing restricted pension fund shall comply with the minimum amount of fund assets stipulated under this Directive within six months from the commencement date of this Directive. (3) An existing trustee shall be required to obtain trustee certification stipulated under this Directive within two years from the commencement date of this Directive. FIRST SCHEDULE (para. 5) REGISTRAR OF FINANCIAL INSTITUTIONS PENSION ACT, 2023 LICENCE
A LICENCE is hereby issued to:..............................................................................................
(Name of Entity)
Located in ................................................................................................................................
(Address of Entity)
406 4th July, 2025
Management or technical services
Monetary penalties
Compliance with this
Directive

and authorises the said Entity to operate as an ADMINISTRATOR/a PENSION SERVICES COMPANY/TRUSTEE in Malawi. This licence is issued subject to the provisions of the Pension Act, 2023.
Date of issue.....................................................
LICENCE No. ..................................................
........................................................ .............................................
Registrar of Financial Institutions (Signature) SECOND SCHEDULE (para. 6) REGISTRAR OF FINANCIAL INSTITUTIONS Pension Act, 2023 CERTIFICATE OF REGISTRATION
A CERTIFICATE is hereby granted to:....................................................................................
(Name of Entity)
Located in ................................................................................................................................
(Address of Entity) and authorises the said Entity to operate as a PENSION FUND / PROVIDENT FUND in Malawi. This certificate is issued subject to the provisions of the Pension Act, 2023.
Date of issue ........................................................................
REGISTRATION No. .........................................................
...............................................................
........................................................ .............................................
Registrar of Financial Institutions (Signature) THIRD SCHEDULE LICENSING AND REGISTRATION FORM PLR F1: APPLICANT DETAILS To be completed by an applicant for a licence to carry on business as pension services company, an administrator, pension broker, corporate trustee, pension advisor, or provider of programmed withdrawal.

1. Name of Applicant ............................................................................................................
2. Proposed Licence
   Administrator Include copy of company charter (memorandum and articles of association) Ref Pension Services Company Include copy of company charter (memorandum and articles of association Ref 4th July, 2025 407 para. 17

Corporate Trustee of a Include conforming trust deed and rules Ref Pension Fund Provider of Programmed Include product disclosure document Ref withdrawal Pension Advisor Include copy of company charter Ref Pension Broker Include copy of company charter Ref
3. Company Registration Number (issued by Registrar of Companies where applicable
Include copy of certificate of incorporation in application Ref
4. Copy of Tax Clearance Certificate (issued by Commissioner General of Malawi
Revenue Authority where applicable
Include Tax Payer’s Identification Number (TPIN) Ref
5. Registered office
Postal Address...................................................................................................................
Physical Address...............................................................................................................
Town/Area ............................................. District ...............................................
6. Principal place of business (if same as registered office, write “as above”)
Postal Address...................................................................................................................
Physical Address...............................................................................................................
Town/Area ............................................. District ...............................................
7. E-mail Address................................................................ Phone number........................
8. Website (if applicable)
9. Audited financial statements for the significant owner or beneficial owner for the
preceding three years are attached Yes........ No........ Ref.........................
10. The application should be accompanied by the following__
(a) memorandum and articles of association which must contain, among others, the following provisions__ (i) the sole objective being to conduct the business of a pension services company or an administrator, pension broker, corporate trustee, pension advisor, or provider of programmed withdrawal related services; (ii) a provision precluding the administrator from trading on its own account or purchasing or selling pension fund assets to itself, shareholders, directors, employees, affiliates or other related party; and (iii)a limitation on the issuance of any unissued share capital, rights issue, issuing preference shares or debentures by the pension services company or administrator, pension broker, corporate trustee, pension advisor, or provider of programmed withdrawal without prior written notification to the Registrar; 408 4th July, 2025

(b) the register of shareholders;
(c) share certificate for each significant owner or beneficial owner; (d) letters of appointment and acceptance of directors; (e) minutes of pre-commencement board meeting; (f) names and curricula vitae of proposed senior management; (g) charters or terms of reference for the board and its committees, including sign off of codes of practice for trustees; and (h) trust deed and rules for unrestricted fund or provident fund to be registered by the trustee (these documents must be signed off by third party legal adviser that the trust deed, rules and disclosure comply with the requirements of the Pension Act, 2023 and other financial services laws, prior to submission of the application). PLR F2: ADDITIONAL INFORMATION FOR REGISTRATION OF AN UNRESTRICTED PENSION FUND OR PROVIDENT FUND To be completed by applicant for corporate trustee of a pension fund.

1. Name of the unrestricted pension fund or provident fund................................................

2. Largest 10 employers under unrestricted funds (if applicable)
   Number of
   Name of employer TPIN employees

3. Name of proposed principal officer ..................................................................................

4. Name of proposed administrator........................................................................................
   Licence number................................... Date appointed dd/mm/yyyy............................

5. Name of proposed custodian
   Licence number................................... Date appointed dd/mm/yyyy............................
   4th July, 2025 409

6. Name of proposed investment managers...........................................................................
   Licence number................................... Date appointed dd/mm/yyyy............................

7. Name of proposed external auditor – firm and audit manager
   ...........................................................................................................................................

8. Name of proposed actuary (if applicable)
   ...........................................................................................................................................

9. Name of proposed legal advisors (engaged to sign off of trust deed and rules)
   ...........................................................................................................................................
   PLR F3: RESPONSIBLE PERSON DETAILS– DIRECTOR
   This form is to be completed for each director at the time of licensing.
   Total number of directors

10. Name of director
    family name .....................................................................................................................
    Given name(s) ..................................................................................................................
    Executive or non-executive Independent

11. Telephone number(s)
    Direct business line ............................................. Mobile number .................................

12. Email ..............................................................................................................................

13. Residential address ...........................................................................................................
    ...........................................................................................................................................

14. Postal address ...................................................................................................................
    town/area.................................................... district................................................

15. Date of birth ................................ place and country of birth ..........................................

16. Nationality .......................................................................................................
    residential status.................................................. identification number ........................
    form of identification (att’d certified copy)......................................................................

17. Date of appointment as director dd/mm/yy ......................................................................

18. Other directorships held or financial benefit from related entities. Yes/No
    If yes provide description (see PLR F9)

19. Most recent copy of curriculum vitae attached
    Ref ..............................................................................................................................
    410 4th July, 20257

20. Fit and proper person questionnaire attached
    Ref ..............................................................................................................................

21. Names of other directors

PLR F4: RESPONSIBLE PERSON DETAILS– PRINCIPAL OFFICER This form is to be used for appointment of principal officer position in accordance with
section 43 of the Pension Act, 2023.

1. Name of principal officer
   Surname .......................................................................................................................
   Given name(s) ..................................................................................................................
2. Telephone number(s)
   Direct business line ............................................. Mobile number .................................
3. Email ..............................................................................................................................
4. Residential address .......................................................................................................
5. Postal address ..................................................................................................................
   town/area.................................................... district................................................
6. Date of birth ................................ place and country of birth ..........................................
7. Nationality .......................................................................................................
   residential status.................................................. identification number ........................
   form of identification (att’d certified copy)......................................................................
8. Date of appointment as director dd/mm/yy ......................................................................
9. Date of appointment as principal officer ..........................................................................
10. Other principal officer positions held or financial benefit from related entities
    Yes/No If yes provide description (see PLR F9)
    ...........................................................................................................................................
11. Most recent copy of curriculum vitae attached
    Ref .............................................................................................................................
12. Fit and proper person questionnaire attached
    Ref ....................................................................................................................................
    4th July, 2025 411

PLR F5: EXECUTIVE OFFICERS AND MANAGERS DETAILS This form is to be used for the appointment of an executive officer or manager in accordance with section 38 of the Act.

1. Name of executive officer or manager
   Surname .......................................................................................................................
   Given name(s) ..................................................................................................................
   Position/title .....................................................................................................................
   Brief job description .......................................................................................................
2. Telephone number(s)
   Direct business line ............................................. Mobile number .................................
3. Email ..............................................................................................................................
4. Residential address .......................................................................................................
5. Postal address ..................................................................................................................
   town/area.................................................... district................................................
6. Date of birth ................................ place and country of birth ..........................................
7. Nationality .......................................................................................................
   residential status.................................................. identification number ........................
   form of identification (att’d certified copy)......................................................................
8. Date of appointment .........................................................................................................
9. Other executive officer or manager positions held or financial benefit from related
   entities
   Yes/No If yes, provide description (see PLR F9)
10. Most recent copy of curriculum vitae attached
    Ref ....................................................................................................................................
11. Fit and proper person questionnaire attached
    Ref ....................................................................................................................................
    PLR F6: BENEFICIAL OWNERS
    To be completed for each beneficial owner
12. Name of beneficial owner
    Surname .......................................................................................................................
    Given name(s) ..................................................................................................................
    Position/title .....................................................................................................................
    412 4th July, 2025

Brief job description .......................................................................................................
Relationship to applicant
2. Telephone number(s)
Direct business line ............................................. Mobile number .................................
3. Email ..............................................................................................................................
4. Residential address .......................................................................................................
5. Postal address ..................................................................................................................
town/area.................................................... district................................................
6. Date of birth ................................ place and country of birth ..........................................
7. Nationality .......................................................................................................
residential status.................................................. identification number ........................
form of identification (att’d certified copy)......................................................................
8. Date of initial acquisition of shareholding or control......................................................
day month year
9. Details of shares subscribed by the beneficial owner
number ................................ value ...................................... percentage ................
10. Fit and proper person questionnaire attached
Ref ....................................................................................................................................
11. Description of shareholding, control, benefit or influence
PLR F7: SIGNIFICANT OWNERS – CORPORATIONS
To be completed for each company or other body corporate that is a significant owner.

1. Name of corporation ........................................................................................................
2. Relationship to the applicant ............................................................................................
3. Incorporation number .......................................................................................................
4. Physical address ..............................................................................................................
5. Postal address ..................................................................................................................
6. Telephone number(s)
   Direct business line ............................................. Mobile number .................................
7. Website (if applicable) ....................................................................................................
8. Contact person
   Surname .......................................................................................................................
   Given name(s) ..................................................................................................................
   4th July, 2025 413

Position held ...................................................................................................................
9 Telephone number(s)
Direct business line ............................................. Mobile number .................................
10 Email ..............................................................................................................................
11. Date of initial acquisition of shares .................................................................................
12. Details of shares subscribed by the significant owner
number ................................ value ...................................... percentage ................
13. Fit and proper person questionnaire attached
Ref ....................................................................................................................................
PLR F8: SIGNIFICANT OWNERS – NATURAL PERSON
To be completed by a significant owner that is a natural person.

1. Name of significant owner
   Surname .......................................................................................................................
   Given name(s) ..................................................................................................................
2. Telephone number(s)
   Direct business line ............................................. Mobile number .................................
3. Email ..............................................................................................................................
4. Residential address ......................................................................................................
5. Postal address ..................................................................................................................
6. Date of birth...........................................................................day month year
   place and country of birth.................................................................................................
7. Nationality .......................................................................................................
   residential status.................................................. identification number ........................
   form of identification (att’d certified copy)......................................................................
8. Date of initial acquisition of shareholding or control ......................................................
   day month year
9. Details of shares subscribed by the significant owner
   number ................................ value ...................................... percentage ................
10. Fit and proper person questionnaire attached
    Ref ....................................................................................................................................
    414 4th July, 20257

PLR F9: OTHER DIRECTORSHIPS OR FINANCIAL BENEFITS FROM RELATED ENTITIES To be completed for each person where the person holds other directorships or receives additional financial benefits from entities related to the applicant.

1. Full name...........................................................................................................................
   Position/title .....................................................................................................................
2. Other positions currently held...........................................................................................
   company name country of incorporation date appointed (if applicable) dd/mm/yyy
3. Other financial benefits
   company name nature of financial benefit value of benefit mk’000 4th July, 2025 415

PLR F10: APPLICANT DETAILS – INDIVIDUAL TRUSTEE To be completed for the registration of a restricted pension fund and licensing of each individual trustee under section 24 of the Pension Act, 2023.
Total Number of Trustees.........................................................................................................

1. Name of individual trustee
   Surname .......................................................................................................................
   Given name(s) ..................................................................................................................
   employer or member representative or independent trustee ............................................
   previously licensed as a trustee yes/no
2. Telephone number(s)
   Direct business line ............................................. Mobile number .................................
3. Email ..............................................................................................................................
4. Postal address ..................................................................................................................
5. Residential address
   town/area.................................................. district................................................
6. Date of birth........................................................................... day month year
   place and country of birth.................................................................................................
7. Nationality .......................................................................................................
   residential status.................................................. identification number ........................
   form of identification (att’d certified copy)......................................................................
8. Date of appointment as trustee .........................................................................................
   day month year
9. Other trusteeships/directorships held or financial benefit from related entities
   Yes/No if Yes, provide description (see PLR F9)
10. Most recent copy of curriculum vitae attached
    Yes/No Ref ......................................................................................................................
11. Fit and proper person questionnaire attached
    Yes/No Ref ......................................................................................................................
    PLR F11: ADDITIONAL INFORMATION FOR REGISTRATION OF A RESTRICTED PENSION FUND OR PROVIDENT FUND To be completed by trustees for registration of a restricted pension fund or provident fund.
12. Name of the restricted pension fund or provident fund.....................................................
    Type of fund ......................................................................................................................
    416 4th July, 2025

standalone, self-administered defined contribution, defined benefit or hybrid
2. Employer or employers establishing the pension fund or provident fund
Name of company TPIN Number of employees
3. Name of proposed administrator ......................................................................................
licence number ...................................... date appointed dd/mm/yyyy ...........................
4. Name of proposed custodian ...........................................................................................
licence number ...................................... date appointed dd/mm/yyyy ...........................
5. Name of proposed investment managers
licence number date appointed
6. Name of proposed external auditor – firm and audit manager ........................................
....................................................................... date appointed....................................
7. Name of proposed actuary (required for defined benefit pension fund or hybrid pension
funds) ................................................................................................................................
date appointed ..................................................................................... dd/mm/yyyy
8. Attached signed actuarial valuation confirming all pensions and benefits are fully
funded (required for defined benefit pension fund or hybrid pension fund)
Yes/No Ref ......................................................................................................................
9. Attach certification by legal advisors that trust deed and rules comply with the financial
services laws Yes/No Ref ...................................................................
10. Name of legal advisors engaged to sign off trust deed and rules and contact
...........................................................................................................................................
4th July, 2025 417

PLR F12: CERTIFICATION– GROUP OF INDIVIDUAL TRUSTEES To be submitted in support of the registration of a restricted pension fund or provident fund and licensing of individual trustees.

1. Name of restricted pension fund or provident fund
   All trustees endorse the completed application. We all together and individually state that its contents are true and correct to the best of our knowledge. We acknowledge that we may be individually liable to prosecution under the Laws of Malawi for any false or misleading information contained in the application. Further we have read and commit to the Code of Practice for Trustees. Signatures of individual trustees
   Full name: ..............................................................................................................................
   Signature: .............................................................. Date:...................................................
   Full name: ..............................................................................................................................
   Signature: .............................................................. Date:...................................................
   Full name: ..............................................................................................................................
   Signature: .............................................................. Date:...................................................
   Full name: ..............................................................................................................................
   Signature: .............................................................. Date:...................................................
   Full name: ..............................................................................................................................
   Signature: .............................................................. Date:...................................................
   Full name: ..............................................................................................................................
   Signature: .............................................................. Date:...................................................
   PLR F13: CERTIFICATION – COMPANY
   To be submitted in support of the application for a licence for an administrator, corporate trustee, provider of programmed withdrawal and registration of unrestricted pension fund, pension broker, or any other service provider.
2. Name of applicant ............................................................................................................
3. Incorporation number .......................................................................................................
4. Proposed licence ..............................................................................................................
   The applicant certifies that the application is complete and all information and material submitted is true and correct and acknowledges that the directors may be individually liable to prosecution under the Laws of Malawi for any false or misleading information contained in the application Company certification 418 4th July, 2025

Persons authorized to sign on behalf of the applicant must sign this certificate and attach its seal as appropriate
Full name: ..............................................................................................................................
position : ..............................................................................................................................
Signature: .............................................................. Date:...................................................
Full name: ..............................................................................................................................
position : ..............................................................................................................................
Signature: .............................................................. Date:...................................................
Affix common seal of the company
FIT AND PROPER PERSON QUESTIONNAIRE
This form shall be completed by an individual who is a significant owner or is appointed as a director, trustee, principal officer, executive officer or manager.

1. PROPOSED POSITION
   Name of Entity .................................................................................................................
   Proposed Position .............................................................................................................

2. PERSONAL DETAILS OF SIGNIFICANT OWNER OR APPOINTEE
   Surname Given Name(s)
   Date of birth (dd/mm/yy) Place of Birth – Place and Country Nationality Gender: Male/Female Marital Status: single/married/divorced National Identification Number Passport number and Visa number (if applicable) Residential address Postal address Telephone Numbers E-mail address Work Home Mobile Fax 4th July, 2025 419

3. ADDITIONAL INFORMATION
   Have you ever changed your name or used an alias? Yes/No (if yes, provide details below) Previous Alternative Surname Previous/Alternative Given Date of Change Name(s) (dd/mm/yy) Have you changed your permanent address in the last five years? Yes/No (if yes, provide details below) Previous residential address for the past five years From/to

4. ACADEMIC QUALIFICATIONS
   Qualification and Year Institution

5. PROFESSIONAL QUALIFICATIONS
   Professional Body Status Admission date

6. PROPOSED RESPONSIBILITIES (Provide details of proposed duties and
   responsibilities)
   ...........................................................................................................................................
   ...........................................................................................................................................
   ...........................................................................................................................................

7. OTHER DIRECTORSHIP(S) OR TRUSTEESHIP(S) HELD OVER THE LAST TEN
   YEARS
   Organization Date of appointment Date of Resignation

8. SIGNIFICANT SHAREHOLDING(S) IN FINANCIAL INSTITUTIONS OVER THE
   PAST TEN YEARS (where significant shareholding is ten percent or more of a class of shares or direct or indirect control of ten percent or more of the voting stock – if interest has been relinquished indicate the date) 420 4th July, 2025

Financial Institution/Country Interest Status of interest
9. EMPLOYMENT HISTORY COVERING PREVIOUS TEN YEARS (start with the
most recent)
(a) Employer’s Name
Type of business
Address
Contact number
Position held and brief description
Start/End Dates
(b) Employer’s Name
Type of business
Address
Contact number
Position held and brief description
Start/End Dates
(c) Employer’s Name
Type of business
Address
Contact number
Position held and brief description
Start/End Dates
10. FITNESS AND PROPRIETY DECLARATION (note: any “yes” answer may not
automatically disqualify a person. Any “yes” answer must be explained on a separate
page with a reference provided)
Answer each of the following questions as they apply to you – all questions must be answered YES NO REF (a) Have you been disqualified under any legislation administered by the Registrar of Financial Institutions or other laws of Malawi or financial, corporate or similar laws in another jurisdiction? (b) Have you been, or are likely to be, removed or suspended, by order of a regulatory authority or a court in Malawi or elsewhere, as a director, trustee, officer, shareholder or controller of a regulated institution or related entity? 4th July, 2025 421

Answer each of the following questions as they apply to you – all questions must be answered YES NO REF (c) Are you a director, executive officer, manager or beneficial owner of a financial institution in Malawi or elsewhere? (d) Are you a director, officer or employee of the Reserve Bank of Malawi, the Financial Intelligence Authority or other regulatory body that oversees financial institutions? (e) Are you in Malawi or another country, a person who is or was__ (i) head of state or deputy head of state or similar designation; (ii) cabinet minister or similar designation; (iii) member of Parliament; (iv) local councillor; (v) member of governing bodies of a political party, any organ of a political party or similar formation whose objectives or activities are political in nature; (vi) involved in active party politics; (vii) entrusted with the position of senior official in a local or international organization which is in a position to influence Government policy or decisions; or (viii) child or spouse of the persons listed from subparagraph (i) to (vii). (f) Are you a child? (g) Are you under any legal disability? (h) Have you contravened any provision of the Pension Act, 2023 Financial Services Act or Financial Crimes Act or any regulation or directive, or order issued thereunder? (i) Have you been guilty of gross negligence or wilful or intentional misconduct in relation to the provision of a financial service? (j) Have you been a director, executive officer, manager or beneficial owner of a financial institution in Malawi or elsewhere that is or was subject to formal remedial measures for operating in an unlawful or unsound manner or for which a management advisor, statutory manager or liquidator has been appointed or that has had its licence revoked or which has been wound-up? (k) Do you have a non-performing credit facility? (l) With respect to a financial institution in Malawi or another country, have you__ (i) failed to take all reasonable steps to secure compliance, by the financial institution, with financial services laws, or the Financial Crimes Act or any similar laws of another country; 422 4th July, 2025

Answer each of the following questions as they apply to you – all questions must be answered YES NO REF (ii) failed to take all reasonable steps to ensure the accuracy and completeness of information submitted to the Registrar or a supervisory authority of another country; (iii) failed or delayed to submit information to the Registrar; or (iv) obstructed or endeavoured to obstruct, an inspection by an officer or other appointed person of the Registrar or any other financial regulator whether in Malawi or elsewhere. (m) Have you, or any business in which you have had a controlling interest, been censured, prosecuted, and warned as to conduct, disqualified, suspended, or publicly criticised by, or made subject to a court order by any governmental department or agency, professional association or body, or regulatory body in Malawi or elsewhere? (n) Have you ever had any administrative order served or been disqualified from serving as a director, trustee or holder of financial institution licences in Malawi or elsewhere, within the last ten years; (o) Have you been convicted of an offence involving dishonesty or fraud, forgery, perjury, money laundering, or any other material breach of a financial service law within the last ten years? (p) Are you now or do you expect to be engaged in litigation, in Malawi or elsewhere, which may have a material adverse effect on your resources? (q) Have you within the last ten years, failed to satisfy, within one year, a judgment debt under a court order in Malawi or elsewhere? (r) Have you ever been adjudged by a court, in Malawi or elsewhere, to be civilly liable for fraud, malfeasance, or any other misconduct? (s) Have you ever been adjudged bankrupt by a court, in Malawi or elsewhere, or made any compromise or otherwise failed to satisfy your creditors in full within the last ten years? (t) Do you have any disputed obligations for taxes due and payable to the Malawi Revenue Authority or any other taxation authority in Malawi or elsewhere? (u) Have you ever been diagnosed as being mentally ill? 4th July, 2025 423

FITNESS AND PROPRIETY DECLARATION (additional explanations should be provided on a separate page with a reference provided) Answer each of the following questions as they apply to you – all questions must be answered YES NO REF (a) Do you usually reside in Malawi? (if no, please describe how you intend to fulfil your obligations) (b) Do you expect to have access to financial, managerial, technological, intellectual and other relevant resources to be able to satisfactorily discharge the duties of the proposed position? (c) If you are appointed as a trustee or a director of a corporate trustee, have you read the Trustees Code of Practice and reasonably expect to be able to discharge your responsibilities in accordance with the Code? (d) If you are appointed as a trustee or a director of a corporate trustee, will you be able to undertake initial training and continued professional development? (e) Do you or a close family member have a real or potential conflict of interest in relation to your proposed role? (f) Any other information:
DECLARATION
I hereby declare that__
(a) to the best of my knowledge and belief the statement made and the information supplied in this questionnaire and the attachments are correct and I have not withheld any information that is relevant to the Registrar for assessing my fitness and propriety; (b) I understand that ...................................................................... (insert entity name as

1. Above) or the Registrar may seek additional information from any third parties
   deemed necessary for assessing my fitness and propriety and consent to their undertaking police checks and corporate searches as part of due diligence; (c) I undertake to bring to the attention of the Registrar any matter which may potentially affect my status as being someone fit and proper as and when they crop up; (d) I have included a certified copy of a Government issued photo identification; and (e) where the information is false or incorrect, I will be liable to prosecution under the Laws of Malawi.
   Full name: ..............................................................................................................................
   Signature: .............................................................. Date:...................................................
   Witness:....................................................................................................................................
   Full name: ..............................................................................................................................
   Signature: ......................................................................
   COMMISSIONER FOR OATHS STAMP
   424 4th July, 2025

FOURTH SCHEDULE (para. 19)
PROCESSING FEES
Pension entity Processing fees
(K)
Administrator . . . . . . . . 2, 000, 000
Pension Services Company. . . . . . 4, 000, 000 Provider of Programmed Withdrawal . . 2, 000, 000 Pension Advisor. . . . . . . . 200, 000 Pension Advisor Licence Renewal . . 100, 000 Individual Trustee . . . . . . 100, 000 Pension Broker . . . . . . 200, 000 Pension Broker Licence Renewal . . . . 100, 000 Restricted Pension Fund . . . . . . 500, 000 Provident fund . . . . . . . . 500, 000 Corporate Trustee . . . . . . 500, 000 Made this 7th day of February, 2025. DR. M. M. MWALE (REF. NO. FIN/PFSPD/01/06) Registrar of Financial Institutions GOVERNMENT NOTICE NO. 62 PENSION ACT (NO. 6 OF 2023) PENSION (PENALTY INTEREST RATE FOR OUTSTANDING EMPLOYER AND EMPLOYEE CONTRIBUTIONS) ORDER, 2025 IN EXERCISE of the powers conferred by section 13 (4) of the Pension Act, 2023, I, SIMPLEX CHITHYOLA, Minister of Finance and Economic Affairs, make the following Order__

1. This Order may be cited as the Pension (Penalty Interest Rate for
   Outstanding Employer and Employee Contributions) Order, 2025.
   2.__(1) An employer who fails to remit contributions, in accordance with
   section 13 of the Act, shall be liable to pay penalty interest to a trustee of a
   pension fund at the Reserve Bank of Malawi policy rate plus ten percent per annum.
   (2) The policy rate referred to in paragraph (1) shall be the prevailing policy rate during the period in which the contribution was due. 4th July, 2025 425 Citation Penalty interest rate for outstanding contributions

2. The penalty interest payable shall be compounded on a daily basis.

3. The Pension (Penalty Interest Rate for Outstanding Employer
   Contributions) Order, 2011 is revoked.
   Made this 15th day of April, 2025.
   S. CHITHYOLA
   (REF. NO. FIN/PFSPD/01/06) Minister of Finance and Economic Affairs GOVERNMENT NOTICE NO. 63 PENSION ACT (NO. 6 OF 2023) PENSION (EXEMPTIONS) ORDER, 2025 IN EXERCISE of powers conferred by section 11 of the Pension Act, 2023, I, SIMPLEX CHITHYOLA, Minister of Finance and Economic Affairs, in consultation with the Minister responsible for labour and with the Registrar, make the following Order__

4. This Order may be cited as the Pension (Exemptions) Order, 2025.

5. In this Order, unless the context otherwise requires__
   “domestic work” means work performed in or for a household; “domestic worker” means any person engaged in domestic work within an employment relationship; “expatriate” means an employee of foreign origin working in Malawi and holding a valid Temporary Employment Permit; and “seasonal employee” means an employee who is engaged in seasonal employment as provided for in the Employment Act.

6. The classes or categories of employees set out in the Schedule shall
   be exempt from the application of the Act.

7. The following Orders are revoked__
   (a) the Pension (Salary Threshold and Exemption) Order, 2011; and (b) the Pension (Exempted Classes or Categories of Employers or Employees) Order, 2015. Citation Interpretation Cap. 51:01 Exempt classes or categories of employees Revocation Cap. 55:02 sub reg. pgs. 51 and 52 426 4th July, 2025 Penalty interest rate to be compounded Revocation GN 33/2011