Employers who participate in the NBWPF enable their employees to become members of the Fund. Active membership commences when your conditions of employment compels you to become a member of the Fund and it will cease when you leave the service of your employer, either due to resignation, retrenchment, dismissal, retirement, death, or should your conditions of employment change and you are compelled to become a member of another retirement fund that your employer participates in.
Your Normal Retirement Age (NRA) is an element of your Conditions of Employment that determines when you must retire from employment. Once your active membership has ceased, you will automatically become a paid-up member of the Fund until you exercise a desired and valid option. (Please refer to the Benefit Options section).
Each member has an account in the Fund that is invested on his/her behalf by the Trustees through a default investment strategy. Accumulated savings in a previous fund, i.e. a pension, provident or preservation fund, but excluding a retirement annuity fund, can be transferred to your NBWPF account free of tax.
According to the Fund rules, the Normal Retirement Age of your Fund is 60 years but you may voluntarily go on early retirement as from 55 years.
Members whose employers have requested the Fund in writing to retire late may retire at 65 years.
Upon either of the above retirement, 1/3 of your pension will be paid cash tax free and the remaining 2/3 of your pension can also be taken in cash but tax will be deducted. Alternative, you may purchase an annuity with the 2/3 from a registered insurer in Namibia
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If you leave your employment before normal retirement age, your Fund Credit/Fund Value will be paid out to you.
You can also transfer your Fund Credit (tax-free) to your new employer’s pension fund or to a registered preservation fund of the registered insurer in Namibia. If you choose to take your benefit in cash, tax and arrear taxes (if any) will be deducted from your Fund Credit. Minimum tax is 18%.
A Member will be classified as Disabled if:
He is prevented for the duration of the waiting period by injury, surgical operation or disease from carrying out his own occupation or any other occupation which he is suited or could become suited to, taking into account his age, education, training, knowledge, ability or experience.
The Registered Insurer must be convinced that his disablement is total and permanent.
A Member who was accepted as being Disabled will be entitled to a benefit equal in amount to the benefit that would have been payable, if he had died on the day he became disabled. The benefit is subject to a maximum benefit as may be specified from time to time by the Registered Insurer.
The current benefit amount is N$35,000. The waiting period is a period of absence from the employer’s service equal to 6 consecutive months from the first day of absence from work. Payment of the disability benefit will be made in a lump sum.
If a Member dies while in service, then a lump sum benefit, N$ 35,200.00 will be paid with the fund credit within 12 months. It is the duty of Trustees to distribute the death claims.
Kindly note that the Trustees would not be in a position to finalize your death claim timeously if the following originally certified copies are not forwarded to them by your family:
If a Member dies while in service
Subject to the provisions of the Rules, a funeral benefit shall be payable to his immediate family, as a lump sum benefit of N$15,000.00 payable within 48 working hours.
The purpose of the Beneficiary Nomination Form is to advise the Trustees of your dependents and / or nominees and to assist them in distributing your death benefit. This form must be kept up to date at all times. Any changes that you would like to effect at any given time should be indicated on a Beneficiary Nomination Form which can be obtained from the Human Resources Department.
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Namibia Building Workers Pension Fund
