National Bank of Malawi (NBM) has organised sensitisation meetings for its pensioners on new pension fund management practices.
NBM pensions administration manager, William Mabulekesi, said the meetings will commence on April 25 in Blantyre and will thereafter be held countrywide.
He said the stakeholders’ meetings are aimed at fulfilling Section 67 of the Pensions Act 2010.
“This section does not allow us as a company to manage pension funds of our employees. We would like to set the pace by complying with the law,” he said.
Mabulekesi said the section is not prohibitive as others may think, but rather it is aimed at protecting retirement benefits of the pensioners.
“The law protects the pensioners from losing their benefits in case the company they had been working for goes under or becomes bankrupt,” said Mabulekesi.
He said as a bank, they would like to give their pensioners an opportunity to make informed decisions on their funds. NBM has over 300 pensioners with funds above K4 billion.