Old Mutual Malawi has said it will from this month issue short message service (SMS) alerts to members of its various pension schemes.
Old Mutual Managing Director, Tavona Biza, said the innovation is meant to assist members that are not able to monitor their pension funds via the internet.
The development comes at a time many companies in the country are not remitting pension contributions to fund managers, a thing that has left many employees stranded when they retire.
Biza said the SMS alerts will help employees to know how much pension money has accumulated in their account and take it up with their employers if the money is not remitted.
“We were the first to come up with an innovation where members could see their accumulated credits which is very important because, for most people, pension is the biggest saving that they have so it is very important that they are kept abreast of how much is in their account.
“We realise that a number of Malawians do not have access to the internet which is why we are bringing the SMS alerts facility,” Biza said.
He said for employees to register for the SMS alerts, their employer should register on the system and submit phone numbers of the workers.
“The innovation will be rolled out on April 1 but it will take the employers to approach us for their employees to access it,” Biza said.
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