Pension fund members to access pension benefits earlier

19 Feb 2014 19:10pm
WINDHOEK, 19 FEB (NAMPA) – Minister of Finance Saara Kuugongelwa-Amadhila on Wednesday said the amendment to the Pension Funds’ Act is now finalised, and the amendment Bill will be tabled in Parliament soon.
Kuugongelwa-Amadhila said this while tabling the N.dollars 60,28 billion 2014/15 national budget in the National Assembly on Wednesday.
She said this amendment will allow members of pension funds to access part of their pension benefits to acquire homes, even in communal areas.
The minister added that the new Namibia Financial Institutions’ Supervisory Authority (Namfisa) Bill and Financial Institutions and Markets (FIM) Bill are now with Government’s legislative drafting department and will be tabled once this is concluded.
She said the amendments to Regulations 15 and 28 and the new regulation 29 are now in force.
“These regulations will make way for the channelling of some of our savings towards unlisted investments in order to support local economic development,” said Kuugongelwa-Amadhila.
The minister noted that following the adoption of the Public-Private Partnership Policy (PPP) last year, the Ministry of Finance has developed guidelines for PPP implementation, and formulation of the enabling legislation is underway. Public consultations on these documents are planned for this year.
She said her ministry is also establishing an appropriate unit to coordinate the implementation of the PPP system.