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NBFIRA consults on allowing pension fund withdrawals

Friday, April 01, 2022 | 1220 Views |

Sweat and tears: While pensions are to cater for life after retirement, the Finance Ministry is considering allowing conditional part withdrawals in case of emergencies PIC: PHATSIMO KAPENG

The Non-Bank Financial Institutions Regulatory Authority (NBFIRA) has called for consultants to advise on the scope for allowing more withdrawals from pension funds and the implications of such a move, as the debate on the contentious issue heats up.

This move comes at a time when the Ministry of Finance and Economic Development is finalising amendments to the Retirement Funds Act that could allow pension fund members who have not yet started earning a monthly annuity to get loans from their funds under specific conditions or to use part of the accrued pension as security.

Finance minister, Peggy Serame recently told parliamentarians that a draft of the amendments had been sent back to the Attorney General’s office and would be brought back to the National Assembly soon.

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