Old Mutual Pension Services Company (OMPSC) has lauded the positive impact of its Mulinji Mu Peshoni Act 2023 campaign which aimed to raise awareness about changes in pension law.
Launched on April 1 and concluding on June 30, the campaign educated the public on key changes in the Act and their effects on both current and future pensioners.
In an interview, OMPSC General Manager, Tawonga Manda stated that the campaign’s core objective was to simplify the revised Act for Malawians especially those contributing to pension schemes and it has so far reached 1.5 million people through both digital and traditional media platforms.
Significant changes highlighted in the campaign include a reduction in the waiting period for accessing pension funds after employment ends, which has been shortened to 3-6 months.
Increase in the lump sum withdrawal threshold from 40% to 50%, provision for early access to pension funds for individuals within five years of retirement. Emphasis on updating the beneficiary nomination form which is now a binding legal document ensuring pension benefits are distributed according to the member’s wishes and also encouragement for members to make timely decisions about their pensions, especially in cases of employment changes, including pension transfers or benefit claims.
According to Manda, the campaign which utilised all communication channels had a massive impact by clarifying pension processes and engaging the public in meaningful dialogue.
He further noted “the response has been overwhelming. We’ve seen a notable increase in pension-related inquiries and a growing number of people taking deliberate steps to understand and manage their pension benefits. Our goal was to empower Malawians with knowledge, and we are proud to say the campaign has achieved just that.”
Old Mutual Pension Services Company is a leading Pension Administrator and a member of the Old Mutual (Malawi) Limited.
