Old law out, FIMA in (For MW)

Namibia has entered a new chapter in financial governance with the official implementation of the Financial Institutions and Markets Act, 2021 (FIMA), effective 1 May 2026. This landmark legislation replaces the outdated Pension Funds Act of 1956, ushering in a modern framework that strengthens governance, enhances transparency and protects the retirement savings of Namibians.Effective 1 May 2026, the Act came into operation under the supervision of the Namibia Financial Institutions Supervisory Authority (NAMFISA), strengthening oversight across financial institutions, including pension and retirement funds. While the Act has commenced, certain provisions have not yet been effected, and matters relating to the Office of the Adjudicator will be introduced at a later stage once the necessary structures are in place.At its core, FIMA is designed to place members at the centre of the retirement system, enhancing protections, improving transparency and ensuring that retirement savings are managed with the highest level of care and accountability.What this means for membersFIMA introduces several important improvements that directly benefit members.Stronger protection of your savings: Clear rules ensure that employer contributions are paid on time, with penalties and interest applied where delays occur, helping to safeguard your retirement benefits.Fair and timely benefit transfers: Defined timelines for transferring benefits between funds mean members are protected from unnecessary delays, with compensation in the form of interest if timelines are not met.Greater transparency: Decisions affecting your benefits must follow structured, transparent processes that may include regulatory approval and member participation.Improved governance: Enhanced oversight of fund boards and administrators ensures that all decisions are made in the best interests of members.These changes collectively create a more secure, fair and transparent retirement environment, giving members greater confidence in how their savings are managed.A shared responsibilityOrion Namibia Pension and Provident Funds welcomes this development, with its principal officer Ramon Hansen said "FIMA holds the promise to our members that their retirement savings are safeguarded under the highest standards of governance and transparency."While FIMA strengthens the regulatory framework, it also empowers members to play an active role in their retirement journey. Staying informed, monitoring contributions and engaging with the fund are key to ensuring the best possible outcomes.Orion Namibia Pension and Provident Funds remains committed to ensuring a smooth transition as FIMA is implemented and will continue to communicate openly with members and participating employers. The focus remains unchanged: to deliver secure, transparent and sustainable retirement outcomes.FIMA is not just a regulatory change, it is a meaningful advancement towards a stronger, more resilient retirement system for all Namibians.

Old law out, FIMA in (For MW)

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Republikein 2026-05-06

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Old law out, FIMA in (For MW)

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Republikein 2026-05-06

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