NBM Pension Administration Limited (NBM PAL), a subsidiary of National Bank of Malawi (NBM) plc, has encouraged individuals to make informed pension choices so that they have a solid financial backup when they retire.
NBM PAL Chief Executive Officer (CEO), William Mabulekesi gave the advice during the pension client engagement event in Blantyre on Wednesday aimed at promoting awareness and understanding of financial planning and management.
“The aim was to educate our clients about the significance of saving as they plan for retirement. We also wanted to empower them with pension scheme knowledge as it helps in planning for the future,” he said.
Mabulekesi further indicated that the seminars which started in Lilongwe last week, gave them a chance to unpack the new Pension Act to the clients, especially those on voluntary saving for retirement.
“Under the new law, 40 percent of voluntary savings can be withdrawn after five years and then 100 percent after 10 years. This is very important for the clients to know,” he added.
He further said that they also announced to their clients the income investment growth to 42 percent in 2023 from 27 percent in 2022.
Human Resources and Administrative Manager at United General Insurance (UGI), Katija Mataya commended NBM PAL for the sessions.
“The session gave us an opportunity to capture the contents of the new Pension Act as NBM PAL unpacked the law,” he said.
The theme of the event was ‘Making a Good Pension Choice.’
