Our Services & Solutions in Malawi

As Zamara, we have made a firm commitment to enhancing local capacity and supporting local talent in order to build solutions customised to the unique Malawi market. Our cosmopolitan team will leverage on global best practices to provide tailor-made solutions to you.

Actuarial Services

Zamara offers a comprehensive array of actuarial services to corporate clients including insurance companies, medical providers, gratuity arrangements and retirement benefit schemes. Our actuaries have a depth of regional experience in modeling techniques, valuation as well as strategy.

Our actuarial services fall into two broad categories;

Insurance Consulting

We offer a full breadth of actuarial services to insurance companies, including:

  • Statutory actuarial valuations of general and life insurance liabilities, including preparation of Financial Condition Reports
  • Product design and pricing of new and existing products
  • Embedded value and appraisal value calculations
  • Transaction advisory services – Start-ups, mergers, acquisitions and commutation of insurance liabilities
  • Modelling and advisory services on risk-based statutory and economic capital
  • Reinsurance optimization
  • Implementation of Enterprise Risk Management (ERM)
  • Valuation and pricing of National and Public Healthcare schemes and products
  • Training and implementation of IFRS 17 and IFRS 9
  • Asset Liability Modelling and preparation of Investment Policy Statements
  • Advising on the appropriateness of contribution rates and benefit structures of Post Retirement Medical Schemes

Employee Benefits Consulting

We offer actuarial services to trustees and sponsors of both public and private sector retirement funds and gratuity arrangements as well as to national funds, including:

  • Actuarial valuations of defined benefit schemes such as pension funds, gratuity benefits, long service awards benefits, medical schemes, leave encashment schemes etc.
  • Actuarial reviews of defined contribution schemes
  • Design and implementation of retirement arrangements
  • Employee benefit disclosures in accordance with global accounting standards such as International Accounting Standard 19 (IAS19) under the International Financial Reporting Standards (IFRS)
  • Independent audit and verification of third party benefit calculations
  • Advice on the Pensions aspects of mergers and acquisitions
  • Advice to trustees and members of retirement funds to improve outcomes
  • Actuarial modelling and scenario analysis

Umbrella Retirement Solutions

Mwafuli Unrestricted Pension Fund

At Zamara, we appreciate that employee benefits are an increasingly important factor in the ability of an employer to attract, retain and motivate good quality staff by creating a sense of belonging and loyalty to the company. Mwafuli is a Defined Contribution (DC), and unrestricted pension scheme designed to offer organizations an economically efficient pension fund portfolio for managing their employees’ pensions. The Scheme is registered by the Registrar of Pensions and will provide pension benefits for members. The Zamara Mwafuli Unrestricted Pension Fund is an umbrella fund that is the ultimate retirement benefits solution, allowing an employer to provide flexible yet competitive benefits without the hassle of having to run a retirement benefits scheme. With various participating employers subscribing to it, the Mwafuli Unrestricted Pension Fund offers the following:

Benefits to the Employer

  • A professional and well-managed programme that requires minimal employer involvement. Thus allowing the employer to focus on its core business
  • Centralisation of management of employee benefits programs
  • Reduced risk, and thus optimal returns, through larger and better-diversified investment portfolios.
  • Economies of scale and lower overall costs than other retirement fund arrangements
  • Transparent investment and performance reporting
  • Regular communication to the employer

Benefits to the Employee

  • Simple benefits which are easily understood
  • by employees
  • Ability for employees to make Additional Voluntary Contributions and boost their retirement fund
  • Ease of administration of benefits to ensure that benefits are paid in a timely manner
  • Use of state of the art digital platforms and tools
  • to access one’s retirement fund at any time
  • Regular engagement and communication
  • with members

Individual Pension Plan Services

The most effective way for owners and executives to maximize retirement savings. Whatever your plans, we have got you covered. Our individual pension plan is a long-term investment plan that allows you to build a sizeable retirement fund. Your monthly contributions grow exponentially with competitive interest rates.

As the owner or executive of a business, naturally you care about your company’s future, but you should also start thinking about your own future. In other words, your retirement. If you think that you may have neglected your retirement goals in the past, don’t worry, you can still make up for lost time.

Fortunately, there exists a registered financial product that benefits both you and your company, and that will ensure you of the comfortable retirement you deserve: The Individual Pension Plan (IPP).

Benefit Administration Services

  • Reach your retirement goals and at the same time benefit from attractive tax savings
  • Annual contribution ceiling higher than an RRSP – Allows you to accumulate more savings than an RRSP, thus increasing your retirement income.
  • Tax-deductible company contributions – Contributions to your plan are made by your company
  • Tax-sheltered returns – Your investment returns are also tax sheltered, allowing you to boost your retirement savings
  • Elect to purchase past service – to increase contributions and retirement income
  • Annuity upgrade possible upon retirement – When it is time for you to retire, your company can substantially upgrade your plan with additional tax-deductible contributions.
  • 5% return – If the investments return is under 7.5%, the company may cover the shortfall.

Zamara Personal Provident Plan

Zamara PPP is a provident plan which means that upon exiting the plan you can withdraw your retirements savings in a lump sum. Further, ZPPP is a defined contribution scheme which means that if your employer is contributing, upon exiting the plan, you can also withdraw 50% of your employers contributions.

Benefits to the Employer

  • Simple application process for staff
  • Can choose to contribute to the Plan
  • Flexible monthly contributions
  • Reduced taxes payable on staff salaries
  • Attract and retain staff
  • Minimal employer involvement
  • Easy to transition from other schemes: max. 30 days

Benefits to the Employee

  • Simple application process
  • Flexible monthly/ annual contributions
  • Retirement cushion
  • Deferred taxation on income earned
  • Tax exemption on contributions to ZPPP
  • (upto a maximum of Kwacha 240,000 per year)

Retirement Fund

Administration Services

Scheme administration is a critical and integral part of the day-to-day management of a retirement benefits scheme. It is a specialized field that requires professional skills to ensure the smooth management and running of the scheme. A well administered scheme reflects well on members’ perceptions and by extension the state of the employer.

At Zamara, we provide the full spectrum of Benefits Administration Services. Our competitive advantage lies in our invaluable experience and a diverse complement of skills, size, corporate governance, IT systems, our staff and our innovative approach. Our full range of benefit administration services includes:

Consulting and Advisory Services

  • Secretarial services
  • Documentation and compliance
  • Reporting to Trustees and Members
  • Managing regular board meetings
  • Liaising with all service providers
  • Liaising with regulators

Benefit Administration Services

  • Maintenance of individual member records
  • Benefit processing and payment
  • Benefit projections
  • Online member access
  • Quarterly administration reports

Fund Accounting Services

  • Maintaining cash books
  • Preparing management accounts
  • Preparing accounts for audit

Training and Education Services

  • Trustee Training
  • Hot Topic Seminars
  • Regional Conferences
  • Member Education and trainimng
  • Pre-retirement Training
  • Financial Planning Workshop

Physical Address

Robins Road,

Old Air Malawi Building

Postal Address

P.O. Box 2766, Blantyre, Malawi

Telephone

+265 1 873 732

Fax

We'll get in touch with you

We are eager to answer your questions and help you choose the most suitable solution for you.