n South African Law Journal - The Malawi Pension Act : a general commentary on some of its core mandatory provisions with specific reference to sections 9, 10 and 15

Abstract

After its independence from Britain in 1964, Malawi's pension regulatory framework was misdirected, fragmented and non-comprehensive. This situation has been addressed by the enactment of the Pension Act 6 of 2011. This Act, which was passed into law in April 2011, comprehensively regulates the pension funds sector and contains mandatory provisions that promote social protection and economic development. The article discusses these mandatory pension and life insurance provisions in the Pension Act. It mainly argues that s 15, which deals with mandatory life insurance, is progressive and should be welcomed. Furthermore, the adoption of s 15, in its current form, is commendable because it has circumvented the problems that could have emerged had the Act retained the language of its equivalent provision in the earlier Pension Bill. The article maintains that since the legal position adopted in the Pension Act is similar to that which obtained in South Africa, the legal developments in South Africa will be a useful guide to the Malawian practitioner and policy maker.