LifeCo Ready to Popularize New Pensions Act

Nyirenda Nyirenda - pic by Christopher Sande

LifeCo Insurance Company says it has taken a step in popularizing the new Pensions Act of 2023 for people to understand and fully benefit from it.

The company’ Pensions Manager, Zacheus Nyirenda told Zodiak yesterday that they have organized two seminars to sensitize citizens in Blantyre and Lilongwe early November this year on the importance of the new Act.

He said there is a lot of hope that the new Act will increase the coverage of the national pensions scheme, incorporating both employees and non-employed individuals who want to save pension money.

“The New Act came to repeal the pensions Act of 2011, employed based pensions fund.

“The new one has introduced a mandatory pension fund and voluntary pension fund, meaning that even those people that are not employed, they are able to save money for retirement,” said Nyirenda.

The LifeCo pensions Manager further stated that the new act has removed barriers that pensioners were facing to access their money, and on the other hand enhancing compliance among employers.

He believes the new pension laws will create and generate a lot of financial resources for national investment including agriculture, education, health, roads construction among others.

While on the other part, he feels a lot of resources will also be paid out to pensioners.

This comes when reports indicate that the Reserve Bank of Malawi paid out around K62.5 billion to pensioners in the month of September this year.

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