{"id":101670,"date":"2026-06-05T15:57:38","date_gmt":"2026-06-05T15:57:38","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/shafudah-urges-calm-as-fima-takes-effect"},"modified":"2026-06-05T16:10:14","modified_gmt":"2026-06-05T16:10:14","slug":"shafudah-urges-calm-as-fima-takes-effect","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/shafudah-urges-calm-as-fima-takes-effect","title":{"rendered":"Shafudah Urges Calm as FIMA Takes Effect"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Namibia. <\/strong><\/span><b> <\/b><\/p>\n<p>Finance minister Ericah Shafudah, has assured pension fund members and the public that existing retirement benefit commutation provisions remain unchanged despite the implementation of the Financial Institutions and Markets Act (FIMA).<\/p>\n<p>Making a ministerial statement in the National Assembly on Tuesday, Shafudah said the proposed preservation regulation, which generated public concern during the FIMA reform process, has not yet been implemented.<\/p>\n<p>The proposed regulation would have allowed a person changing jobs before the age of 55 to withdraw only 25% of their retirement savings in cash, while preserving the remaining 75% until retirement age.<\/p>\n<p>\u201cThe proposed preservation regulation has not been brought into operation and has been placed on hold pending further refinement and broader stakeholder consultations,\u201d she said.<\/p>\n<p>Shafudah further reassured retirement fund members that current retirement benefit commutation provisions remain in force.<\/p>\n<p>\u201cThe existing provisions under the Income Tax Act of 1981, including the entitlement to commute up to one-third of benefits from pension funds, retirement annuity funds and preservation funds as a cash lump sum, as well as the entitlement to receive up to 100% of benefits from provident funds as a lump sum, continue to apply,\u201d she said.<\/p>\n<p>Shafudah said FIMA, which came into effect on 1 May 2026, marks the culmination of nearly two decades of policy development, legislative reform, stakeholder consultations and institutional readiness.<\/p>\n<p>The legislation is expected to strengthen consumer protection, particularly for policyholders, pension fund members and investors.<\/p>\n<p>\u201cIt ensures that financial institutions operate transparently and treat customers fairly, while also improving access to financial services,\u201d she said.<\/p>\n<p>Shafudah added that the Act would provide greater regulatory clarity and certainty for the financial sector, thereby supporting investment , innovation and long-term planning.<\/p>\n<p>FIMA will be implemented by the Namibia Financial Institutions Supervisory Authority.<\/p>\n<p><strong>For More News And Analysis About <span style=\"color: #ff6600\">Namibia<\/span> Follow <span style=\"color: #ff6600\">Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Namibia. Finance minister Ericah Shafudah, has assured pension fund members and the public that existing retirement benefit commutation provisions remain unchanged despite the implementation of the Financial Institutions and Markets Act (FIMA). Making a ministerial statement in the National Assembly on Tuesday, Shafudah said the proposed preservation regulation, which generated public concern during [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":101669,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,7,12],"tags":[233],"class_list":["post-101670","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-head-lines","category-policy","tag-namibia"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Shafudah Urges Calm as FIMA Takes Effect - Namibia<\/title>\n<meta name=\"description\" content=\"Finance minister Ericah Shafudah, has assured pension fund members and the public that existing retirement ben ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/namibia\/all-news\/shafudah-urges-calm-as-fima-takes-effect\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Shafudah Urges Calm as FIMA Takes Effect\" \/>\n<meta property=\"og:description\" content=\"Finance minister Ericah Shafudah, has assured pension fund members and the public that existing retirement ben ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/shafudah-urges-calm-as-fima-takes-effect\" \/>\n<meta property=\"og:site_name\" content=\"Namibia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2026-06-05T15:57:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-06-05T16:10:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2026\/06\/sm_1780663184.078774.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"853\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/shafudah-urges-calm-as-fima-takes-effect#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/shafudah-urges-calm-as-fima-takes-effect\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Shafudah Urges Calm as FIMA Takes Effect\",\"datePublished\":\"2026-06-05T15:57:38+00:00\",\"dateModified\":\"2026-06-05T16:10:14+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/shafudah-urges-calm-as-fima-takes-effect\"},\"wordCount\":302,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/shafudah-urges-calm-as-fima-takes-effect#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2026\/06\/sm_1780663184.078774.jpg\",\"keywords\":[\"namibia\"],\"articleSection\":[\"all news\",\"head lines\",\"policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/shafudah-urges-calm-as-fima-takes-effect#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/shafudah-urges-calm-as-fima-takes-effect\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/shafudah-urges-calm-as-fima-takes-effect\",\"name\":\"Shafudah Urges Calm as FIMA Takes Effect - 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