Regulatory Alerts2021-11-10
Added · Updated
RF.S.5.22 Transfer of Business
The Namibia Financial Institutions Supervisory Authority (NAMFISA) issued Standard RF.S.5.22 to regulate the transfer of accrued benefits, assets, and liabilities between retirement funds or from external parties. The standard prohibits transfers involving non-compliant, technically insolvent, or legally contested funds unless an approved transfer agreement addresses member concerns, ensures equitable treatment, and guarantees full vesting of benefits. Approval requires joint submission of a detailed agreement supported by independent advisor or valuator reports, board certifications, and clear cost disclosures to safeguard transferring members' rights.
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