NICO Pension Unveils transformative ‘Voluntary Personal Pension Plan
One of the leading pension service providers, NICO Pension has launched a Voluntary Personal Pension Plan, a new product which has been designed to redefine retirement planning and expand access to financial security for all market segments.
The initiative underscores NICO Pension’s unwavering commitment to innovation and financial inclusion, solidifying its position as a leader in shaping the future of pensions in the country.
The Voluntary Personal Pension Plan is a bespoke solution that empowers individuals to take charge of their financial futures, irrespective of their employment status.
Through the product, whether formally employed, self-employed, or outside traditional financial systems, members can now enjoy a flexible, robust platform to secure retirement benefits while protecting their loved ones.
NICO Pension, Chief Executive Officer, Gerald Chima said after the launch in Blantyre that; “This launch represents a significant milestone in our mission to create inclusive financial solutions that leave no one behind,”.
He also added that; “The Voluntary Personal Pension Plan is not just a product; it’s a statement of our intent to transform how individuals across all walks of life engage with retirement planning. Through this innovation, we are empowering our customers to build a more secure and dignified future for themselves and their families,”.
The product offers a flexible and tailored solution, enabling individuals to contribute at their own pace, aligned with their financial capacity.
It ensures financial flexibility by allowing members to withdraw lump-sum savings after a minimum contribution period.
The plan comes with significant tax advantages as the benefits are paid free of tax deductions.
Additionally, the plan provides guaranteed pension benefits to secure a comfortable retirement and offers vital protection for dependents through lump-sum payouts in the event of a member’s passing.
Chima further said that the innovative product also reflects NICO Pension’s broader strategy to deepen its footprint in the retail market while addressing the needs of underserved segments.
By leveraging its extensive network of Business Development Officers and established distribution points, NICO Pension is ensuring the plan reaches every corner of the market, driving financial empowerment across the nation.
“The Voluntary Personal Pension Plan reinforces NICO Pension’s legacy of delivering world-class solutions that create lasting value. As the financial landscape evolves, NICO Pension remains steadfast in its pursuit of transformative products that empower individuals and contribute to the broader development of Malawi’s economy,” explained Chima.
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