Shiimi proposes ‘proof of life’ requirement for MP pensions
Finance minister Ipumbu Shiimi has proposed amendments to the pension fund rules for parliamentarians and other office bearers to verify they are still alive and prevent fraudulent claims.
Speaking at a recent special session in the National Assembly, Shiimi recommended adding a new provision – Rule 17A – which would mandate pensioners to submit an annual certificate of existence, to ensure payments are made to the rightful recipients.
Shiimi noted that in terms of Rule 55 of the fund's rules, read together with Section 5 of the Members of Parliament and Other Office-Bearers Pension Fund Act No. 20 of 1999, any amendment must be tabled in and approved by the National Assembly.
Shiimi also proposed revisions to the reserve account, introducing Rules 14.5, 14.6 and 14.7 under Rule 14, which would establish a data reserve account, a processing error reserve account and a risk reserve account, as recommended by the fund’s actuary.
More changes
Another key amendment seeks to replace Rule 8.1, which currently gives the board of trustees discretion over the number of meetings held annually. The revised rule would mandate a minimum of four trustee meetings per calendar year, aligning with good governance principles.
Further amendments focus on provisions related to the retirement date to align with an earlier approved rule amendment on minimum pension guarantees. Changes include updates to Rule 1 (definitions of retirement date and ill-health retirement date), as well as Rules 33 and 34.
"The National Assembly is therefore requested to approve Rule Amendment number 5 as per Rule 55 of the Pension Fund rules and Section 5 of the Members of Parliament and Other Office-Bearers Pension Fund Act No. 20 of 1999," Shiimi said.
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Speaking at a recent special session in the National Assembly, Shiimi recommended adding a new provision – Rule 17A – which would mandate pensioners to submit an annual certificate of existence, to ensure payments are made to the rightful recipients.
Shiimi noted that in terms of Rule 55 of the fund's rules, read together with Section 5 of the Members of Parliament and Other Office-Bearers Pension Fund Act No. 20 of 1999, any amendment must be tabled in and approved by the National Assembly.
Shiimi also proposed revisions to the reserve account, introducing Rules 14.5, 14.6 and 14.7 under Rule 14, which would establish a data reserve account, a processing error reserve account and a risk reserve account, as recommended by the fund’s actuary.
More changes
Another key amendment seeks to replace Rule 8.1, which currently gives the board of trustees discretion over the number of meetings held annually. The revised rule would mandate a minimum of four trustee meetings per calendar year, aligning with good governance principles.
Further amendments focus on provisions related to the retirement date to align with an earlier approved rule amendment on minimum pension guarantees. Changes include updates to Rule 1 (definitions of retirement date and ill-health retirement date), as well as Rules 33 and 34.
"The National Assembly is therefore requested to approve Rule Amendment number 5 as per Rule 55 of the Pension Fund rules and Section 5 of the Members of Parliament and Other Office-Bearers Pension Fund Act No. 20 of 1999," Shiimi said.
[email protected]
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