In this newsletter:
In future newsletters we will consider the following matters also identified by NAMFISA as frequently missing:
Can a church be nominated as beneficiary?
In finding an answer to these questions, one has to study the rules of the fund and these will be different from fund to fund although some of the principles will mostly still be relevant.
In terms of paragraph 2, membership of a member in receipt of a disability benefit can typically only terminate when he/she becomes entitled to a retirement benefit or death benefit, but not upon withdrawal (resignation). Since the member is only 48 years old and still below normal retirement age, he is not entitled to retire early in terms of the relevant rule due to him being ‘under age’. This leaves as only potential early exit option, retirement due to ill-health. This rule typically requires employer consent due to ill-health. In our opinion, this rule cannot be used as the member is not employed by the employer anymore, although this would have to be confirmed by reference to the conditions or contract of employment. If the definition of employee in the fund rules reads similar to that in 1 above, it would clearly preclude a person on a disability benefit to remain an employee, stating that the person must be either in the permanent full-time employment or must be employed on a predetermined contract period. If the person is no longer employed by the employer there is no employer to consent to the person’s ill-health, and early or late retirement for that matter. We would further argue that even if by some remote deduction the person could still be regarded an employee of the employer, the intention of the early ill-health retirement rule cannot be to allow a member to employ this clause where the rules still provide a benefit for the very reason of ill-health. This member in most cases then also cannot proceed on early retirement nor retire late, as this would also require employer’s consent, where the disabled member does not have an employer anymore who could consent.
Download the notes of the meeting here...
In our response we point out that asset manager are generally vested with full discretion as to the allocation of capital to foreign markets and could use this discretion to meet Bank of Namibia’s request. We do believe that managers would not do so out of their own volition due to the likelihood of losing investors’ funds and would only move if the industry in unison would go this route. However even in such event pension fund trustees in all likelihood would not easily agree with such a move.
Once the trustees have established the needs of each identified dependant they will distribute the death benefit according to the level of dependency of each dependant.
Read the full article by Liz de la Harpe in Insurancegateway of 30 August 2016, here...
Read this interesting article by Ryan Holmes in Linkedin of 7 August 2016 here...
Emotional Self-Awareness: Leaders who are attuned to their feelings and how they affect their job performance. They use their values to make decisions. Emotionally self-aware leaders are authentic and able to speak openly about their emotions.
Emotional Self-Control: People skilled at managing their emotions. Leaders with this skill remain calm and clear-thinking in stressful situations and hold on to their emotional balance.
Achievement Orientation: Leaders who hold themselves and others to high standards. They work toward challenging and measurable goals. They continually seek ways to improve their performance and that of their team.
Positive Outlook: These leaders see every situation as an opportunity, even those that may look like a setback to others. They see other people positively and expect them to do their best. They expect the changes in the future to be for the better.
Adaptability: Leaders with this skill handle many demands while staying focused on their goals. Uncertainty is both expected and comfortable for these leaders. They flex in response to new challenges and are quick to adjust to sudden changes.
Empathy: Leaders who can comprehend an individual or group’s unspoken emotions. They listen well and easily grasp other’s perspectives. Empathetic leaders explain their ideas in ways other people understand and work well with people from diverse cultures and backgrounds.
Organizational Awareness: Leaders who understands all aspects of an organization: where formal and informal power is held, relationships that provide opportunities for networking, conflicts, unspoken norms, and guiding values.
Influence: Leaders who are skilled at appealing to others and developing buy-in from key players in a situation. They are engaging and persuasive with individuals and groups.
Coach and Mentor: Leaders who take interest in assisting others. They know the individuals with whom they work, including their strengths and goals. They give constructive feedback to co-workers and help others focus on growth opportunities.
Conflict Management: These leaders make an effort to recognize different perspectives. They focus on helping everyone find the common ground upon which they can agree. They allow everyone’s opinion and direct efforts toward finding an agreeable resolution.
Inspirational Leadership (Inspiration): A leader who inspires can move people. Their articulation of a shared mission causes others to join them. They show others the purpose behind their day-to-day work.
Teamwork: These leaders build an atmosphere of cooperation, helpfulness, and respect. They help others commit to the group’s effort. They help a team develop an identity, positive relationships, and spirit.”
Read the article by Daniel Goleman in Linkedin of 7 September 2016 here...