Company Background
NBM Pensions Administration Limited (NBM PAL) is a wholly-owned subsidiary of the National Bank of Malawi (NBM) PIc. It is duly registered and licensed by the Registrar of Financial Institutions as a Pension Services Company, specifically to provide pension administration services to all types of pension schemes in Malawi. It is incorporated as a limited liability company and registered with the Registrar of Companies in Malawi. NBM PAL is regulated and supervised by Reserve Bank of Malawi (RBM). It operates within the requirements of Financial Services Act 2010 and Pension Act 2010 and relevant Directives in particular.
Prior to the incorporation of NBM PAL, NBM PIc had been offering the pension administration services, through a defunct Financial Management Services Department (FMS), since 1971. At that time, FMS was offering both the pension administration and investment management services until 1st June 2014, when the Pension Act 2010’s 3 year grace period expired for all the concerned stakeholders, including the service providers, to fully comply with the new pension law.
Pension Act 2010 advocates for separation of pension administration from investment management services.
Therefore NBM PIc disbanded FMS and incorporated IBM PAL and NBM Capital Markets Limited to continue offering the services under two independent companies.
About Us
NBM PAL provides high quality services in pension administration to all types of pension funds or schemes allowed to operate in Malawi; Unrestricted as well as Stand-Alone Pension Funds.
NBM PAL assists employers in designing the pension fund programs that balance the financial goals of their business on one hand and the ultimate needs of their employees on another hand.
NBM PAL offers end to end pension administration services in a unique way and our standpoint is to provide the most efficient service delivery with clear communication channels (e.g. Mobile App) and in a transparent manner
NBM PAL sticks to the promises made and delivers according to the agreed deadlines as enshrined in the signed Contract and Service Level Agreements.
NBM PAL accurately pays enhanced pension benefits within the regulated and agreed timeframe.
OUR MISSIONTo provide high quality pension fund administration services that exceed expectations of all stakeholders
OUR VISIONTo be Malawi's most preferred Pension Fund administrators
OUR VALUES• Integrity and Trust • Commitment • Accountability • Efficiency • Innovation • Shared Value
OUR SERVICES
1.Pension Fund Administration
NBM PAL administers both Unrestricted Pension Fund (both employer and individual members) and Restricted Pension Fund (employers only), including the Stand-Alone Pension Funds. The key offerings include but not limited to:
• Receipt of contributions
• Reconciliation of contributions
• Allocation of contributions
• Allocation of annual bonuses
• Maintenance of membership bio-data
• Provision of various reports
• Provision of professional advice
• Settlement of benefits claims
2.Preservation Fund Administration
NBM PAL provides administration services to members who left employment and decided to retain their pension benefits for preservation until retirement. The key offering include but not limited to:
• Receipt of benefits
• Allocation of benefits
• Allocation of annual bonuses
• Maintenance of membership bio-data
• Provision of benefits statements
• Settlement of benefits claims
3.Gratuity and Provident Fund Administration
NBM PAL also provides administration services to Gratuity and Provident Fund that is set up by employer for the benefit of members at the end of their agreed employment tenor. The offerings include but not limited to:
• Receipt of contributions
• Reconciliation of contributions
• Allocation of contributions
• Allocation of periodic interest
• Maintenance of membership bio-data
• Provision of various reports
• Provision of professional advice
• Settlement of benefits claims
WHY CHOOSE NBM PAL AS YOUR PENSION FUND ADMINISTRATORS
- Enhanced pension benefits through declaration of huge bonuses
- Timely settlement of accurate benefits claims – within 10 days upon receipt of all relevant documentation and grant of approval from Authorities
- Timely response to queries – within 48 hours
- Timely issuance of individual benefits statements – within 1 month after the declaration of annual bonus
- Availability of web based services in accessing the pension information – real time Mobile App
- Timely updates of membership bio data – within 5 days after receipt of instruction
- Timely reconciliation and allocation of contributions into the members’ accounts – within 5 days after receipt of payment
- Availability of NBM Plc Group’s wide footprint across the country -convenience to members especially those in remote areas
- Availability of strong fallback position backed by NBM Plc Group financial position.
- Accuracy in record keeping and membership database.
- Easy reference to other Banking solutions within the NBM plc Group to the benefit of pension clients. E.g. loans and forex just to mention a few
- Availability of Service Level Agreements that enable pension clients to assess quality of our service delivery as benchmark
- Provision of regular updates on new developments in pension industry through Pension Seminars or Board of Trustees Meetings or Staff Meetings at client’s door step.
BONUSES DECLAREDBelow are the details of historical annual pension bonuses declared and fully allocated into the member’s pension accounts for the past 6 years under the NBM PAL Unrestricted Pension Fund
OUR CONTACTS
NBM PENSIONS ADMINISTRATION LIMITED
1ST FLOOR, NBM TOWERS
SOUTHERN WING
P.O. BOX 945
BLANTYRE
Telephone: 01 820 622
Email: nbmpensions@natbankmw.com
