When the Pension Act became effective on June 1 2011, there was a provision of a three-year transitional period where employees who retired in this period accessed 40% of the total accumulated pension while 60% remained in NBM Pension Fund to cover for their monthly pension receipts for life. Effective January 1 2021, the Trustees of National Bank of Malawi (NBM) Pension Fund have migrated NBM plc former employees’ benefits from the fund to Nico Life Insurance Company.
NBM Pension Administration Limited Chief Executive Officer William Mabulekesi said the decision had been arrived at because of differences in risk profiles for active employees and pensioners. He assured the members to feel at home at Nico Life since they are to join a bigger pool of about 2,000 pensioners.
NICO Life Insurance Company Limited is a life insurance and pensions company that offers a comprehensive range of Individual Life and Group Life products in Malawi. Additionally, NICO Life Insurance Company Limited are trusted pension administrators to a number of companies, organisations and statutory corporations in Malawi.