By Mc Donald Chapalapata, Contributor:
NBM Unrestricted Pension Fund Limited has merged with Indetrust Limited Pension and Death Benefits Fund and will now be known as NBM PAL Unrestricted Pension Fund.
Making the announcement in a statement, NBM Pensions Administration Limited Chief Executive Officer, William Mabulekesi, said the merger is in compliance with the Pension Licensing and Registration of Pension entities guidelines issued by the Reserve Bank of Malawi (RBM).
The announcement has come out now because of some rigorous steps and processes which required regulatory approvals, according to Mabulekesi.
“We would like to assure our clients that the merger and rebranding of the two pension funds was sanctioned and approved by the regulatory authorities following consultations with key stakeholders – the Board of Trustees and relevant professional service providers; Actuaries, Legal Advisors and Auditors of the two defunct Pension Funds,” added Mabulekesi.
He also assured customers of the safety of their benefits which are supported by the governance structures of the rebranded pension fund, NBM Unrestricted Pension Fund.
He said NBM Pensions Administration Limited, as an Administrator of the defunct pension funds, will therefore continue providing services to the rebranded Fund.