{"id":16766,"date":"2022-04-11T10:07:27","date_gmt":"2022-04-11T10:07:27","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/katjiuas-coronation-shrouded-in-controversy"},"modified":"2022-04-11T10:39:00","modified_gmt":"2022-04-11T10:39:00","slug":"katjiuas-coronation-shrouded-in-controversy","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/katjiuas-coronation-shrouded-in-controversy","title":{"rendered":"Katjiua\u2019s coronation shrouded in controversy"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>Edgar Brandt<\/b><\/p>\n

Consultations by the Namibia Financial Institutions Supervisory Authority (Namfisa) regarding the contentious draft regulations of the Financial Institutions Markets Act (FIMA) were not conducted on an individual basis with pension fund administrators, but took place through industry representative bodies.<\/p>\n

And, it was these representative bodies which vehemently objected to the compulsory preservation provisions.<\/p>\n

This is according to a letter from principal officer of the Universities Retirement Fund, Antoinette de Greef, which was addressed to members of the fund.<\/p>\n

The letter, seen by New Era, states: \u201cThe impression that is now being created that the trustees accepted\/approved\/recommended this compulsory preservation clause is absolutely not correct.\u201dFIMA, which was gazetted on 30 September 2021, replaces the outdated Pension Fund Act of 1956, and will be implemented as of 1 October 2022.<\/p>\n

Under FIMA and in terms of the draft regulations which have caused an uproar on social media in recent days, it is proposed that members who leave a pension fund before retirement or early retirement age are compelled to preserve at least 75% of their accumulated benefits.<\/p>\n

De Greef pointed out that after the implementation date, the fund will have another 12 months, up to 30 September 2023, to register FIMA compliant rule with Namfisa.<\/p>\n

\u201cYou are, therefore, encouraged not to make any hasty decisions now, and that we should rather await the outcome of the consultative process that is currently ongoing,\u201d she stated.<\/p>\n

In a similar sentiment, NamWater, in a leaked staff letter, also verified a consultative process involving representative bodies, and reiterated that the regulations were not accepted by its trustees. \u201cThe trustees always have and will continue to act in the best interest of you, the members,\u201d NamWater stated.<\/p>\n

Meanwhile, in a letter to staff, principal officer of the NamPower Provident Fund explained that when a member leaves the service of NamPower before retirement by way of resignation, dismissal or retrenchment, their benefit in the NamPower Provident Fund becomes payable to the member.<\/p>\n

This is commonly known as a member\u2019s withdrawal benefit.<\/p>\n

\u201cA member can currently elect to have the withdrawal benefit paid to him\/her in cash (after tax), or they can preserve the benefit by transferring it (tax-free) to a preservation fund, retirement annuity fund of his\/her choice, or his\/her new employer\u2019s pension or provident fund. A member can also elect to have a portion paid out in cash, and preserve the balance in the vehicles as indicated above,\u201d the letter stated.<\/p>\n

The principal officer added that the new compulsory preserved portion of 75% remains invested, and the member can then access the benefit from the date of early retirement age of 50 years (in the case of NamPower).<\/p>\n

\u201cIt is not known whether the proposed compulsory preservation clause\/requirement will still be applicable or revised, given different views and opinions from some sectors of the public,\u201d the NamPower Provident Fund letter continued. The fund\u2019s administrators expect that the compulsory preservation aspect will be examined or discussed in detail at industry platforms.<\/p>\n

\u201cAs a result, we advise our members to remain calm and not panic. We urge members not to consider terminating their employment on the basis of the draft regulation. There is still a process that must be completed before the proposed regulations become law (if at all). Once again, be advised that the trustees will monitor the developments and inform members accordingly,\u201d the letter added.<\/p>\n

For his part, managing director of Retirement Fund Solutions Marthinuz Fabianus is of the opinion that the current upheaval could to a large extend have been avoided.<\/p>\n

\u201cWhat is needed is the urgent and resolute assurance to members of the public that the Namibian occupational pension funds are well-managed, and that they have absolutely no reasons to be concerned. The suggested partial compulsory preservation is in fact in the best interest of the members of pension funds, and is in the interest of the country from a savings and investments\u2019 pool point of view. But only when members are adequately educated, will they understand,\u201d Fabianus stated.<\/p>\n

He noted that currently, there are too many unrelated underlying socio-economic challenges that have instilled fear and anger in Namibian pension fund members, and the population in general.<\/p>\n

\u201cLet us educate the pension fund members to plan long-term and to provide for their dependents in the unfortunate event of them not reaching retirement age,\u201d Fabianus advised.<\/p>\n

Addressing the media last Thursday, Namfisa CEO Kenneth Matomola noted that formal consultations with industry players on all the draft proposed standards and regulations under FIMA are currently at an advanced stage.<\/p>\n

The official solicitation of comments from the industry on these standards and regulations ended on 28 February 2022. Matomola added that in the meantime, Namfisa is considering and evaluating comments received and, where necessary, will consult further with the industry before finalising the standards and regulations for the finance minister to consider for promulgation.<\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. Edgar Brandt Consultations by the Namibia Financial Institutions Supervisory Authority (Namfisa) regarding the contentious draft regulations of the Financial Institutions Markets Act (FIMA) were not conducted on an individual basis with pension fund administrators, but took place through industry representative bodies. And, it was these representative bodies which vehemently objected to the […]<\/p>\n","protected":false},"author":84,"featured_media":16765,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7,8,16],"tags":[234,236,233],"class_list":["post-16766","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nKatjiua\u2019s coronation shrouded in controversy - Namibia<\/title>\n<meta name=\"description\" content=\"Edgar Brandt Consultations by the Namibia Financial Institutions Supervisory Authority (Namfisa) regarding the c ...\" \/>\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\/katjiuas-coronation-shrouded-in-controversy\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Katjiua\u2019s coronation shrouded in controversy\" \/>\n<meta property=\"og:description\" content=\"Edgar Brandt Consultations by the Namibia Financial Institutions Supervisory Authority (Namfisa) regarding the c ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/katjiuas-coronation-shrouded-in-controversy\" \/>\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=\"2022-04-11T10:07:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-04-11T10:39:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/04\/postQueueImg_12-62540523e997b.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"479\" \/>\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=\"4 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\/katjiuas-coronation-shrouded-in-controversy#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/katjiuas-coronation-shrouded-in-controversy\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Katjiua\u2019s coronation shrouded in controversy\",\"datePublished\":\"2022-04-11T10:07:27+00:00\",\"dateModified\":\"2022-04-11T10:39:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/katjiuas-coronation-shrouded-in-controversy\"},\"wordCount\":823,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/katjiuas-coronation-shrouded-in-controversy#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/04\/postQueueImg_12-62540523e997b.jpg\",\"keywords\":[\"africa press\",\"Africa Press-Namibia\",\"namibia\"],\"articleSection\":[\"all news\",\"economy\",\"head lines\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/katjiuas-coronation-shrouded-in-controversy#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/katjiuas-coronation-shrouded-in-controversy\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/katjiuas-coronation-shrouded-in-controversy\",\"name\":\"Katjiua\u2019s coronation shrouded in controversy - 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