Continental Pension Services Introduces Revolutionary Programmed Withdrawals Service: A Paradigm Shift in Retirement Planning

In a groundbreaking move set to transform the landscape of retirement planning, Continental Pension Services Company Limited (CPSC), a wholly-owned subsidiary of Continental Holdings Limited, is announcing the launch of a Programmed Withdrawals Service a novel alternative to the traditional way members decumulate their pension benefits at retirement. This innovation offers retirees unparalleled control over their retirement funds, revolutionizing the way individuals manage their post-retirement finances.

The Programmed Withdrawals service aims at giving members pension decumulation options at retirement and is an alternative to the conventional pension annuity model, offering members a range of benefits that prioritize transparency, flexibility, and security:

Transparency and Control

One of the primary advantages of the Programmed Withdrawals service is the transparency it affords regarding the interest earned and the performance of invested funds. With this new service, retirees will gain a comprehensive understanding of their investments, enabling informed decision making about their financial future.

Retained Ownership and Flexibility

Programmed Withdrawals allow retirees to retain ownership of their funds, granting them the flexibility to convert their pension savings into other retirement options if desired, including annuities. This flexibility ensures that retirees can adapt their financial strategy according to their evolving needs.

Security and Benefits

In the event of a member’s passing, the Programmed Withdrawals service ensures the full payment of benefits to the member’s nominated beneficiaries. Moreover, the inclusion of medical cover and funeral cover equivalent to 25% of the annual interest earned within 24 hours of the member’s passing, provides an added layer of security and support to affected families during challenging times.

The introduction of the Programmed Withdrawals service by Continental Pension Services Company Limited, who are a licensed Pension Services Company registered with the Reserve Bank of Malawi, marks a pivotal moment in retirement planning, catering to the changing needs and preferences of retirees. This innovative approach reflects a commitment to empowering individuals with greater financial control and security in their golden years.

Commenting on this milestone, CPSC’s Pensions Manager, Makhumbo Chikaonda emphasized, “We are dedicated to redefining retirement planning by offering a solution that prioritizes transparency, flexibility, and security. The Programmed Withdrawals service represents a monumental shift in empowering retirees to take charge of their financial destinies.”

The launch of this pioneering retirement solution underscores CPSC’s commitment to innovation within the financial services sector. As retirees seek more control and flexibility in managing their post-work life, the Programmed Withdrawals service emerges as a game-changer in the realm of retirement planning, promising a brighter and more secure future for individuals across the spectrum of retirement stages.

About Continental Pension Services

Continental Pension Services Company Limited (CPSC) is a subsidiary of Continental Holdings Limited, a holding company, whose other subsidiaries include: CDH Investment Bank, Continental Asset Management Limited, Continental Capital Limited and Continental Properties Limited.

CPSC is a licensed Pension Services Company registered with the registrar of financial institutions (The Reserve Bank of Malawi) under the Financial Services Act 2010. The Pension Services Company provides the following services: Administration of Pension funds, Corporate Trustee and management of funds for minors.

CPS has clients in all sectors of business including banking, agriculture, education, transport, health services insurance, NGOs and religious organizations.

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