Rossing Uranium tells former workers to wait for new law before deciding on pension surplus

July 31. The Rossing Uranium Pension Fund has told workers who want a portion of its N$600 million pension fund surplus to wait for a new legislation expected to be passed this year before a final decision on the matter can be made.
Allan Moyce, Principal Officer at the Rössing Uranium Pension Fund said this week that as things stand at the moment, the fund was not able to meet the former workers demand.
Moyce said the Namibia Financial Institutions Supervisory Authority was currently drafting legislation on the distribution of surplus pension funds and added that the trustees of the fund have put on hold any discussions regarding the issue.
The employees say they are entitled to a share of the surplus because the current workers at Rössing have not contributed anything since 1992 while the surplus has been accumulating.
Namibia has no legislation on the administration of pension fund surpluses, though a draft bill is expected this year.