If Government does not change our legislation soon Namibia will become a nation of even poorer pensioners dependent on the measly state handout of N$470 per month.
I have made mention of this before, but I start seeing this as critical and from my experience things certainly are not improving. I am talking about making provision for our retirement.

Legislation in Namibia makes it possible for members of a pension fund to cash in their retirement savings when they resign from their work.
The options open to them are fourfold. Firstly they may have their so-called withdrawal benefit transferred to either a new pension fund, a retirement annuity, a preservation fund or just simply to cash it in and pocket whatever is left after the receiver took his share. Many have their own contributions, together with the employer contributions, transferred to a preservation fund and then withdraw the whole lot immediately.
Now from experience I know of a number of (very short sighted people, I must say) members of a pension fund who resign purely to cash in their pension moneys and often this money is then spent on a consumable item like a car or furniture etc.
This amounts to theft and is criminal! This person is actually borrowing money from a pensioner knowing very well that he will never repay this loan. Worst of all he is stealing money from himself that will be sorely needed when he is an old man. Even worse still, it is perfectly legal to do it. He is not prosecuted for robbing an old man and denying him a dignified life at old age.
At some stage there was talk of a national pension fund in Namibia. I have made some enquiries and was told that if it ever becomes a reality it will certainly not be in my lifetime.
I am not against the idea of a national pension fund. Especially if it is going to be administered properly and the funds will be invested wisely and not become an investment tool for politicians, like another pension fund in Namibia.
What government should do in the mean while, until they can actually make time between their own pension fund activities to attend to issues like a national pension fund, is to amend the pension act to prevent members of pension funds from stealing from themselves.
Firstly it should become illegal for a healthy member of a pension fund to lay his hands on his pension money before he has reached the age of 55. That means that when a member of a pension fund resigns, he will not have an option to cash in his pension money. Full stop!
The name of the money is retirement and any name change should be illegal.
In conclusion I must confess that I am not very positive about such changes being effected in Namibia because many of the people who will have to do the job are as short sighted as the pension fund members who resign their work to cash in their pension money. I am afraid to say.