Parliament passes Retirement Funds Bill

The retirement funds to be  regulated by the new law include annuities, preservation funds, beneficiary funds, and external funds, among others. The Bill also regulates administrators and boards of retirement funds.

When presenting the Bill, Minister of Finance and Development Planning Kenneth Matambo said several reforms have been initiated by government to streamline the regulation of the sector, which include the establishment of the Non-Bank Financial Institutions Regulatory Authority (NBFIRA). He explained that NBFIRA has over reaching regulatory responsibilities for several financial services including insurance, retirement funds, collective investment undertakings, securities and other related activities.