{"id":1340,"date":"2017-03-29T12:52:53","date_gmt":"2017-03-29T10:52:53","guid":{"rendered":"https:\/\/www.namfisa.com.na\/educates\/?p=1340"},"modified":"2025-07-16T15:38:10","modified_gmt":"2025-07-16T13:38:10","slug":"when-can-members-claim-pension-benefits","status":"publish","type":"post","link":"https:\/\/www.namfisa.com.na\/educates\/when-can-members-claim-pension-benefits\/","title":{"rendered":"When can members claim pension benefits?"},"content":{"rendered":"\t\t
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The Importance of Saving for Life After Retirement<\/h3><\/span><\/div>
As the world progresses with improvements in\ntechnology and medicine, today an average person\nis expected to live longer than they did before. On\nthe other hand, the number of years where that the same\nperson can work and earn an income is limited. In Namibia\nthe normal retirement age is 60 years of age, although it has\nbeen seen that an average person can live for many more\nyears after retirement. Since you will no longer be earning\nan income from formal employment during the retirement\nperiod, it is very important to save enough money during\nworking life to support yourself after retirement.\n<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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What is fund<\/h3><\/span><\/div>
A fund can be either a pension, provident, or a retirement<\/span>A Pension<\/b> fund is like a savings account that an employer sets\nup to give you money something when you retire. Belonging to\na pension fund gives a member certain benefits. These benefits\nare in the Rules of the Fund and are different from fund to fund.\nMembers should make sure that they get a copy of the Rules of\nthe Fund to know what benefits they are entitled to and when\nthey can be claimed.<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Types of Retirement Funds and Benefits<\/h5><\/div>
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  • <\/span> Pension Fund (On retirement, you may take one-third as a cash lump sum)<\/li>
  • <\/span> Provident Fund (On retirement, you may take the entire benefit as a lump sum)<\/li>
  • <\/span>Retirement Annuity (A private savings product you contribute to)<\/li>
  • <\/span>Preservation Fund (Designed to preserve retirement savings if you resign, are retrenched, or dismissed)<\/li><\/ul><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    Note: You Can\u2019t Access Your Pension Savings Anytime You Want<\/h3><\/span><\/div>
    Pension savings (fund credit) can only be claimed under specific conditions, not simply because you need cash for personal reasons like buying a car. Even if your employer switches to a new pension fund and transfers your savings, you still cannot cash out at that point.\n\nA pension fund is a long-term investment meant to support you during retirement, not a savings account you can withdraw from at any time. Therefore, it is not advisable to try to withdraw your pension early.\n<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

    The Importance of Saving for Life After Retirement As the world progresses with improvements in technology and medicine, today an average person is expected to live longer than they did<\/p>\n","protected":false},"author":1,"featured_media":1341,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_EventAllDay":false,"_EventTimezone":"","_EventStartDate":"","_EventEndDate":"","_EventStartDateUTC":"","_EventEndDateUTC":"","_EventShowMap":false,"_EventShowMapLink":false,"_EventURL":"","_EventCost":"","_EventCostDescription":"","_EventCurrencySymbol":"","_EventCurrencyCode":"","_EventCurrencyPosition":"","_EventDateTimeSeparator":"","_EventTimeRangeSeparator":"","_EventOrganizerID":[],"_EventVenueID":[],"_OrganizerEmail":"","_OrganizerPhone":"","_OrganizerWebsite":"","_VenueAddress":"","_VenueCity":"","_VenueCountry":"","_VenueProvince":"","_VenueState":"","_VenueZip":"","_VenuePhone":"","_VenueURL":"","_VenueStateProvince":"","_VenueLat":"","_VenueLng":"","_VenueShowMap":false,"_VenueShowMapLink":false,"footnotes":""},"categories":[426],"tags":[],"class_list":["post-1340","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-pension-funds"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/posts\/1340","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/comments?post=1340"}],"version-history":[{"count":6,"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/posts\/1340\/revisions"}],"predecessor-version":[{"id":35493,"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/posts\/1340\/revisions\/35493"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/media\/1341"}],"wp:attachment":[{"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/media?parent=1340"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/categories?post=1340"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/tags?post=1340"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}