Opening Hours

7:30 am to 4:30 pm

3 Stewart Street

Blantyre, Malawi

FAQs

Frequently Asked Questions

How is my pension package calculated?

The Pension Act of 2010 allows for an employee as a Pension Fund Member, to contribute a minimum of 5% of their gross pay each month into their pension pool. Employers are mandated to contribute a minimum of 10% of their employee’s gross pay each month into the employee’s pension pool. As a pension administrator, NICO Pension Services Limited grants annual bonuses into the pool. These three elements together constitute the pension pool.

Upon retirement due to age, 40% of the pension pool is paid to the member. 60% is used to purchase an annuity. This is a life insurance product that pays the member an amount of money each month for life.

In the event of the member’s death, beneficiaries chosen by the member will receive annuity payments until the close of the chosen guarantee period. The member has the option to purchase the guarantee or not. If the member chooses to purchase the guarantee, it is offered for 5 or 10 years.

What is the process to claim my pension after going unemployed for 6 months?
How do I raise a claim for my pension upon reaching retirement age?
How can I get my pension statement?
What information is required when making a complaint?

know Your Customer

Please update your customer details with us at any of our branches.

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