The Reserve Bank of Malawi (RBM) has warned that it will drag to court companies and institutions that are not remitting pension funds, as pension arrears amounted to K27 billion by September 2020.

 RBM Principal Examiner responsible for Pension Regulations, Peter Kambalame, revealed the above, stating that the next step is that we will be visiting the employers and the next step will be prosecution. “Reaching that stage, that is when we will be looking at processes of prosecuting them.” he said.

Nico Pension General Manager, Gerald Chima said the company hasseen a 20% drop in pension funds remittance. While RBM recognizes the coronavirus pandemic as a factor in non-remittance, Kambalame suggested stiffer penalties for non-remittance