On 7 November 2025, Old Mutual Pension Services Company hosted its inaugural Pension Trustees Conference at Sunbird Nkopola Lodge in Mangochi. The event brought together a diverse range of stakeholders from across Malawi’s pension industry.
Held under the theme “Shaping the Future of Pensions: Resilience, Sustainability, and Innovation,” the conference provided a platform for knowledge exchange and strategic dialogue on the evolving pension landscape.
It attracted key industry figures, including Emily Makuta, a respected legal practitioner and governance professional, Kaluso Chihana, Director of Pension and Insurance Supervision at the Reserve Bank of Malawi; Dr. Wisely Phiri, Founder and CEO of Sparc Systems Limited; Pempho Likongwe, Managing Partner at Likongwe and Company; Mphatso Kasalika, Managing Director of Old Mutual Investment Group; Busani Ngwenya, a seasoned insurance executive and John C. Maxwell Certified Coach.
Setting the tone was Emily Makuta who zeroed in on the importance of pension being the backbone of financial security.
According to Makuta Pension must withstand shocks and remain reliable.
She said, “There is a need for Pension administrators to diversify investments, strengthening governance and risk management strategies”.
In his presentation, “Landscaping for Future Reforms,” Kaluso Chihana emphasised the need for proactive regulatory alignment to strengthen fund performance and sustainability.
He traced the sector’s journey from the 2010 reforms focused on operationalisation and supervision to the current stage of enhancing functionality, voluntary schemes, and economic impact.
Chihana highlighted five reform pillars: efficiency, sustainability, coverage, security, and adequacy. Drawing on National Statistical Office data, he noted that of Malawi’s 950,000 elderly citizens, only 60,000 are pensioners, and of 960,000 salaried employees, just 645,000 belong to pension schemes against an active population of 6.6 million.
“These figures,” he said, “reveal the gap and the amount of work that still needs to be done.”
He added that the new Pensions Law was designed to be more inclusive, acknowledging that Malawi lacks a broad-based social security system.
“Currently, only about 4% of Malawians are covered by the National Pension Scheme,” he said.
Offering a technological perspective, Dr. Wisely Phiri discussed trends and innovations in pension fund governance, stressing the role of technology and data-driven systems in improving administration and oversight.
He identified five global trends shaping modern governance: going beyond compliance, integrating ESG principles, member-centric models, professionalism, and digital innovation.
“True innovation,” he noted, “is not about systems or code; it’s about people and ensuring that every kwacha contributed in faith is managed with integrity and returned with fairness.”
From an investment standpoint, Mphatso Kasalika’s presentation on “Sustainable and Impactful Investing” underlined the need to align financial returns with positive environmental and social outcomes.
He showcased Old Mutual’s responsible investment strategy, integrating ESG factors into financial analysis to achieve sustainable long-term returns through investments in housing, roads, communication infrastructure, tourism, and agriculture.
Addressing risk and resilience, Busani Ngwenya shared lessons from Zimbabwe’s hyperinflation era, urging trustees to prepare funds for shocks and volatility through risk monitoring, diversified portfolios, liquidity reserves, sound governance, and effective member communication.
Finally, Counsel Pempho Likongwe underscored the importance of succession planning and governance frameworks within pension structures.
In summary, the conference highlighted that strong governance, innovation, sustainable investing, and collaboration are central to securing the future of pensions in Malawi.
