Opinion – Pension benefits protected under FIMA
For many employees, pension benefits represent far more than money. They represent years of service, financial sacrifice and, ultimately, retirement security. For employers, however, pension benefits have at times also been viewed as a mechanism through which losses caused by employees could be recovered, particularly in cases involving allegations of theft, dishonesty, fraud or misconduct.... The post Opinion – Pension benefits protected under FIMA appeared first on New Era .
For many employees, pension benefits represent far more than money.
They represent years of service, financial sacrifice and, ultimately, retirement security.
For employers, however, pension benefits have at times also been viewed as a mechanism through which losses caused by employees could be recovered, particularly in cases involving allegations of theft, dishonesty, fraud or misconduct.
Under Namibia’s previous Pension Funds Act, the law expressly permitted this in certain circumstances. Under the Financial Institutions and Markets Act (FIMA), that legal position has materially changed. The change is significant, and both employers and employees would do well to understand it.
