Effective governance requires trustees to focus on oversight rather than operations.
Under the Namibian FIMA framework, a retirement fund that knowingly operates contrary to its registered rules faces significant legal, regulatory, governance and fiduciary exposure.
Section 270(6) of the Financial Institutions and Markets Act, 2021 (FIMA) obliges a retirement fund to transfer a member’s benefit to another fund within 60 days of receiving the member’s written request. Is a fund liable for late-payment interest due to circumstances beyond its control?