Pension Funds

About

  • Pension Funds are registered and regulated in terms of the Pension Funds Act, 1956 (Act No. 24 of 1956) (“the Act”).

    In terms of the Act, “pension fund” means a pension fund organization and “pension fund organization” means
    1. Any association of persons established to provide annuities or lump sum payments to members or former members upon retirement, or to their dependents upon the death of such members or former members
    2. Any business carried on under a scheme or arrangement established to provide annuities or lump sum payments to persons who belong or belonged to the class of persons for whose benefit the scheme or arrangement was established, upon reaching retirement, or to their dependents upon the death of those persons
Application Process

Registration Process

  • To submit any applications to NAMFISA, an applicant must:
    1. Apply to create a profile on NAMFISA Online
    2. Apply to reserve the proposed entity name
  • Complete the Application for Registration Form on NAMFISA Online (ERS)
  • Once the applicant’s profile has been created, they will be granted access to an Application for Registration Form on NAMFISA Online (ERS).

    This online form must be fully completed and submitted.

    NB: If submitted successfully, the status of the form will change to “pending approval”.
  • Submit the hard copy application form and all the supporting documents to NAMFISA
  • Once the Applicant for Registration Form is successfully submitted on NAMFISA Online (ERS), the applicant must submit the hard copy application form and all the supporting documents to NAMFISA.

Application Requirements

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Online Form
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The FAP Statement is to be completed by the principal officer and each member of the board of trustees.
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    A pension fund may not change the name under which it conducts business, without the prior written consent of the Registrar.

    Requirements:

    1. Letter notifying NAMFISA of the change
    2. Board resolution for name change
    3. Rule amendment
    4. Effect the change on NAMFISA Online (ERS) by completing and submitting a “Change Fund Name” Form
    5. Submit the hard copy application and all the supporting documents to NAMFISA Reception, Upper Ground Floor, 51 -55 Werner List Street, Gutenberg Plaza, Windhoek or email it to licensing@namfisa.com.na
    6. Return of original licence in old name upon collection of new licence (if the original licence has been lost, a police declaration to that effect must be submitted)

    A pension fund must inform NAMFISA should its registered address change.

    Requirements:

    1. Letter notifying NAMFISA of the change
    2. Effect the change on NAMFISA Online (ERS) by completing and submitting a “Change Fund Details” Form
    3. Submit the hard copy application and all the supporting documents to NAMFISA Reception, Upper Ground Floor, 51 -55 Werner List Street, Gutenberg Plaza, Windhoek or email it to licensing@namfisa.comna

    A pension fund must inform NAMFISA should its contact details or that of its principal officer or auditor change.

    Requirements:

    1. Letter notifying NAMFISA of the change
    2. Effect the change on NAMFISA Online (ERS) by completing and submitting a “Change Fund Details” Form
    3. Submit the hard copy application and all the supporting documents to NAMFISA Reception, Upper Ground Floor, 51 -55 Werner List Street, Gutenberg Plaza, Windhoek or email it to licensing@namfisa.com.na

    Requirements

    1. Letter notifying NAMFISA of the change
    2. Effect the change on NAMFISA Online (ERS) by completing and submitting a “Change Fund Details” Form
    3. Submit the hard copy application and all the supporting documents to NAMFISA Reception, Upper Ground Floor, 51 -55 Werner List Street, Gutenberg Plaza, Windhoek or email it to licensing@namfisa.com.na

    Whenever a registered fund has appointed a new principal officer, the person managing the business of the fund shall within 30 days as from such appointment give notice thereof in writing to the registrar.

    Requirements:

    1. Letter notifying NAMFISA of the change
    2. Fit and Proper (FAP) Statement (Pension Funds)
    3. Updated Curriculum Vitae (CV)
    4. Original certified copy of the Identity Document/Passport
    5. Original certified copy of the Certificate(s) of Conduct (not older than 12 months). The Certificate(s) of Conduct must be from all jurisdictions a person lived in the past 10 years
    6. Original certified copies of Academic Qualifications
    7. Certified copy of Certificate of Service/Reference Letters
    8. Signed Declaration of Interests
    9. Effect the change on NAMFISA Online (ERS) by completing and submitting a “Change Fund Details” Form where the above-mentioned documentation must be uploaded
    10. Submit the hard copy application and all the supporting documents to NAMFISA Reception, Upper Ground Floor, 51 -55 Werner List Street, Gutenberg Plaza, Windhoek or email it to licensing@namfisa.com.na

    A pension fund must inform NAMFISA of every appointment or resignation of its trustees.

    Requirements:

    1. Letter notifying NAMFISA of the change
    2. Fit and Proper (FAP) Statement (Pension Funds)
    3. Original certified copies of Identity Document/Passport
    4. Up-to-date Curriculum Vitae
    5. Original certified copy of the Certificate(s) of Conduct (not older than 12 months)
    6. The Certificate(s) of Conduct must be from all jurisdictions a person lived in the past 10 years
    7. Effect the change on NAMFISA Online (ERS) by completing and submitting a “Add/Remove/Update Director” Form where the above-mentioned documentation must be uploaded
    8. Submit the hard copy application and all the supporting documents to NAMFISA Reception, Upper Ground Floor, 51 -55 Werner List Street, Gutenberg Plaza, Windhoek or email it to licensing@namfisa.com.na

    A pension fund must within thirty days of the appointment of an auditor under section 9 of the Act, apply to the registrar for his approval of the appointment.

    Requirements:

    1. Duly completed application on Form 4 as set out in Annexure C of the Pension Funds Regulations
    2. Original certified copy(s) of the Identity Document(s) of the responsible auditing partner(s)
    3. Resolution of the Board of Trustees of the fund to appoint the auditing firm
    4. Original certified copy(s) of evidence of membership to professional bodies
    5. Curriculum Vitae of responsible auditing partner/auditor
    6. Copies of service agreements with the fund, if any
    7. Original certified copy(s) of the responsible auditing partner’s academic qualifications
    8. Original certified copy of work permits for non- Namibians
    9. Original certified copy of the valid Good Standing letter of the auditors from the Public Accountants’ and Auditors’ Board (PAAB)
    10. Completion and submission of the auditor appointment form on NAMFISA Online (ERS), where the above-mentioned documentation must be uploaded
    11. Submit the hard copy application and all the supporting documents to NAMFISA Reception, Upper Ground Floor, 51 -55 Werner List Street, Gutenberg Plaza, Windhoek or email it to licensing@namfisa.com.na

    Every registered fund which shall appoint a valuator and must inform NAMFISA of such appointment.

    Requirements:

    1. Duly completed Notification for the Appointment of Valuator form “PF/VAL/2014”
    2. Appointment letter
    3. Original certified copy of the Valuator’s Identity Document (ID) or Passport
    4. Original certified copies of the Valuator’s Academic Qualifications
    5. Abridged Curriculum Vitae (CV) of Valuator
    6. Original certified copies of evidence of membership to professional bodies
    7. The contact details of all professional bodies to which the Valuator has belonged in the past ten (10) years
    8. Original certified copy of the Certificate of Conduct (not older than 12 months)
    9. The Certificate(s) of Conduct must be obtained from all the jurisdictions in which the person lived in the past 10 years
    10. Completion and submission of the valuator appointment form on NAMFISA Online (ERS)
    11. Submit the hard copy application and all the supporting documents to NAMFISA Reception, Upper Ground Floor, 51 -55 Werner List Street, Gutenberg Plaza, Windhoek or email it to licensing@namfisa.com.na

    Section 14 of the Pension Fund Act provides as follows:

    • No transaction involving the amalgamation of any business carried on by a registered fund with any business carried on by any other person (irrespective of whether that other person is or is not a registered fund), or the transfer of any business from a registered fund to any other person, or the transfer of any business from any other person to a registered fund shall be of any force or effect unless-
      1. the scheme for the proposed transaction, including a copy of every actuarial or other statement taken into account for the purposes of the scheme, has been submitted to the registrar;
      2. the registrar has been furnished with such additional particulars or such a special report by a valuator, as he may deem necessary for the purposes of this subsection;
      3. the registrar is satisfied that the proposed transaction would not render any registered fund which is a party thereto and which will continue to exist if the proposed transaction is completed, unable to meet the requirements of this Act or to remain in a sound financial condition, or, in the case of a fund which is not in a sound financial condition, to attain such a condition within a period of time deemed by the registrar to be satisfactory;
      4. the registrar has been furnished with such evidence as he may require that the provisions of the said scheme and the provisions, in so far as they are applicable, of the rules of every registered fund which is a party to the transaction, have been carried out or that adequate arrangements have been made to carry out such provisions at such times as may be required by the said scheme;
      5. the registrar has forwarded a certificate to the principal officer of every such fund to the effect that all the requirements of this subsection have been satisfied.
    • Whenever a scheme for any transaction referred to in subsection (1) has come into force in accordance with the provisions of this section, the relevant assets and liabilities of the bodies so amalgamated shall respectively vest in and become binding upon the resultant body, or as the case may be, the relevant assets and liabilities of the body transferring its assets and liabilities or any portion thereof shall respectively vest in and become binding upon the body to which they are to be transferred.
    • The officer in charge of a deeds registry in which is registered any deed or other document relating to any asset which is transferred in accordance with the provisions of subsection (2), shall, upon production to him by the person concerned of such deed or other document and of the certificate referred to in paragraph (e) of subsection (1), without payment of transfer duty, stamp duty, registration fees or charges, make the endorsements upon such deed or document and the alterations in his registers that are necessary by reason of the amalgamation or transfer.
    • A transaction effected in terms of this section shall not deprive any creditor of a party thereto (other than in his capacity as a member or a shareholder of such party) of any right or remedy which he had immediately prior to that date against any party to the transaction or against any member or shareholder or officer of such party.

    Requirements:

    From Namibian funds to Namibian funds: Transfer to a registered fund:

    1. Certificate/Scheme in terms of section 14 (1)
    2. Signed valuator special report of the transferor fund
    3. Signed valuator special report of the transferee fund
    4. Member communication proof
    5. Member data (name and amount)
    6. Signed Principal Officer and Board Chairperson certificate of the transferor fund
    7. Signed Principal Officer and Board Chairperson certificate of the transferee fund
    8. Members consent letter for transfers from Defined Benefit Fund to Defined Contribution Fund as per Circular PI/PF/03/2012
    9. Employer consent letter for all types of transfers, as per Circular PI/PF/03/2012
    10. Special rules for the umbrella fund transfers

    From a Namibian fund to any other person (other than a registered Pension Fund):

    1. Certificate/Scheme for transfer section
    2. Signed valuator special report of transferor fund
    3. Member communication proof
    4. Member data (name and amount)
    5. Signed Principal Officer and Board Chairperson certificate of the transferor fund
    6. Employer consent letter for all types of transfers, as per Circular PI/PF/03/2012

    From Namibian funds to Foreign funds: Transfer to a registered fund

    1. Certificate/Scheme for transfer section
    2. Signed valuator special report of transferor fund (transferor)
    3. Member communication proof
    4. Signed Principal Officer and Board Chairperson certificate of transferor fund (transferor)
    5. Member data(name and amount)
    6. Members consent letter for transfers from Defined Benefit Fund to Defined Contribution Fund as per Circular PI/PF/03/2012
    7. Employer consent letter for all types of transfers, as per Circular PI/PF/03/2012
    8. Financial Services Board confirmation of the registration of the transferee fund

    From Foreign funds to Namibian funds: Transfer to a registered fund

    1. Certificate/Scheme for transfer section
    2. Signed valuator special report of transferee fund
    3. Signed Principal Officer and Board Chairperson certificate of transferee fund
    4. Member data (name and amount)
    5. Financial Services Board approval certificate of the section 14 transfer
    • See section 28 of the Pensions Funds Act regarding the voluntary dissolution of a pension fund.
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