Changes towards FIMA requested by NAMFISA

 Preservation of pension requirement as per FIMA

The implementation of FIMA has been delayed due to objections raised to the preservation of pension funds requirement. FIMA was supposed to be implemented in October 2022.

The new requirement by FIMA states that 75% of pension funds must be preserved until the age of at least 55. This is in contrast to the current rule that people have access to their full pension funds when leaving an employers pension fund.

Although the spirit of the Act is to protect people from suffering during their retirement years, the current financial conditions of unemployment, etc. makes this ideal very difficult.

We will have to wait and see whether this rule is removed or amended before FIMA is implemented.