Retirement Benefit

info@psptf.mw | P.O. Box 30146, City centre, Lilongwe

How It Works

Hey, do you want to know more about the Retirement Benefit service? It’s a program that helps you save money for your future. Basically, you pay a small amount of your salary every month into a special account, and your employer matches it. Then, when you retire, you get a monthly income from that account, based on how much you saved and how long you worked. It’s like getting paid to stop working! How awesome is that?

What does a member receive on retirement?

member credit plus employer credit. These are contributions plus benefits.

How does the member receive their benefit?

The member must apply to the Fund to be paid retirement benefit and must provide their proof of age in form of birth certificate, passport or national identity. The member will be paid up to 40% of the total accumulated credit through their bank account. The member is at liberty to buy an annuity (monthly pension) from any licensed insurer with the 60% balance.

Reasons for retirement

Health Retirement

If, on receipt of medical advice from a qualified medical practitioner registered with Medical Council of Malawi or a legally constituted medical board, the Government of Malawi decides that a member is totally and permanently disabled from carrying out the functions of their office.

Normal Retirement

This is when you retire at the normal retirement age, which varies depending on your retirement system and when you started working. For example, if you are in the Federal Employees Retirement System (FERS), the normal retirement age is between 55 and 57, depending on your birth year. You will receive a monthly benefit based on your salary and years of service, as well as a cost-of-living adjustment (COLA) each year.

Service Retirement

If you are thinking about retiring from your job, you might be wondering what service retirement benefit is and how it works. Service retirement benefit is the amount of money you will receive every month after you stop working, based on your years of service and your final salary. It is also called a pension or an annuity. To qualify for service retirement benefit, you need to meet certain age and service requirements, which vary depending on your employer and your retirement plan.

Contact Us

Are you looking for a way to secure your future and enjoy your retirement? you can find out how much you can expect to receive, how to manage your account, and how to plan for different scenarios.

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