Regulatory Alerts2026-07-08
Added
PI-PF-2-2003 – Section 14 of Pension Funds Act 1956 Amalgamations
NAMFISA clarifies that amalgamations or transfers of business by registered pension funds are invalid unless Section 14 of the Pension Funds Act 1956 is complied with. Valuation reports from both the transferor and transferee funds must be submitted to demonstrate that reasonable benefit expectations for members, deferred pensioners, and pensioners are met. The authority prohibits the approval of cash payouts of fund credits unless a member dies or reaches retirement date, as benefits may not fall due while the employer-employee relationship exists.
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