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NICO Pension hosts Client Engagement Seminar in Mzuzu

NICO Pension hosted a client engagement seminar for its Mzuzu based clients and stakeholders on Friday 8th November 2019 at Sunbird Mzuzu Hotel. The theme for the seminar was “ Safeguarding Tomorrow –It’s Possible” and saw clients from all over northern region attend. The aim of the event is to provide NICO Pension and NICO Life clients with updates on the regulatory framework regarding Group Pension and Group Life. In his opening remarks, NICO Life CEO, Mr. Eric Chapola said that the meetings help to underscore the importance of pension in Malawi and give stakeholders updates on Pension landscape and information on the investment of pension funds. “It is our annual duty to meet our stakeholders and share updates on pension as the funds are held in trust by NICO as well as clarify any issues stakeholders may have” he said. He encouraged those present to be attentive and develop a keen interest in pensions and the seminar as it’s a great tool to assist patrons in planning well for their retirement.

 

During his presentation, NICO Pension General Manager Mr. Gerald Chima advised how non remittance is a concern to the industry. He highlighted how some employers are not remitting funds and this affects members as they may lose out in investment returns and claims may be delayed due to this. In response to this NICO Life CEO Mr. Eric Chapola advised that there is now a late penalty interest for non-remittance and delayed remittance of pension contributions and reminded members that it is their duty to ensure that their contributions are being remitted to the administrator. He further encouraged those with internet to register with NICO’s online customer portal which is a powerful instrument that enhances member communication and allows them to access information about their funds easily.

Reserve Bank on Malawi was also present at the event and the Principal Examiner, Pension and Insurance Regulation Mr. Pachalo Luhanga  highlighted the expectations of employers on pension and life insurance, pension regulatory developments covering severance due entitlement, Know-Your-Customer (KYC) and CNDP requirements necessity and late payment interest calculations.

In addition to NICO Asset Managers Chief Investment Officer Mr. Daniel Dunga presented on their role in pension fund bonus returns and fund security which is a critical aspect of financial planning for everyone.

NICO Life also had a presentation on Tikolore Annuity plan that guarantees pensioners tailor-made timely pension annuity payouts when they retire. The event was also raced with presence of Mr.  Chidothe from Mzuzu Labour office.

Speaking on behalf of invited guests, Raiply Malawi Human Resource Officer Mr. Chakuma said they were thankful for the event. He said “it was a beneficial session as we got many updates on pensions”.

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