Pension (Penalty Interest Rate for Outstanding Employer and Employee Contributions) Order 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