According to Nico Asset Managers Chief Investments Officer Daniel Dunga, assets for Nico Life Insurance and Nico Pensions have grown 10 times since the enactment of the Pension Act of 2010.

Speaking at a client engagement seminar in Mzuzu on Friday, Dunga said the assets have grown from K26 billion in 2011 to about K280 billion as of September this year. “Pension money is the future source of a living because everybody has the expiry date to earn money either through a salary or running a business. So, one needs to set up a structure that will continue to meet his or her financial obligations and pension is a significant part of that structure,” he said.

On the other hand, the firm’s Chief Executive Officer, Eric Chapola, said that delays in remitting pension contributions to pension administrators denies the employees’ right and chance to earn interest on their income.