People approaching retirement age are likely to get more benefits beyond the usual pension package thanks to an upcoming law that governs the organisation of pension schemes. The bill is currently under consideration in parliament.Ernest Mwema, 44, is a Civil Engineer and has been working at a Kigali-based construction company for seven years. He says this new draft law couldn’t have come at a better time. The provisions of this law, once implemented, will help him enjoy a good life when he finally retires, he says."Unlike the existing one, the new draft law provides an opportunity for me to save as much as possible,” Mwema says.He is convinced that there is even more reason to celebrate because pre-retirement benefits, such as housing and education schemes for his children, are also proposed in the new draft law."These stipulated pre-retirement benefits are vital in establishing financial stability for members since property values appreciate over time according to the economic development of the country,” he says. This upcoming law stipulates a number of pension reforms including establishment of a provident fund for pre-retirement benefits.However, some provisions such as increment of retirement age from 55 to 60 years have attracted intense debates.Francois Ntakiyimana, the General Secretary of the Labour Congress-Rwanda (COTRAF) says that it is likely to displease some workers."In reality, the average life expectancy of Rwandans is only 45 years. It is not reasonable that the retirement age should be increased to 60. The only solution is to improve the package so that employed senior citizens can withdraw from active service with dignity,” he says.He argues that Rwanda has many young people who are completing their education and maintaining the retirement age at 55 would be an opportunity for graduates to join the job market. Even during its initial stages, the influence of the upcoming law governing the organisation of pension schemes is evident. MP. Ignacienne Nyirarukundo, the Vice Chairperson of PAC (Parliamentary Advisory Committee) agrees that the new draft law should be able to address the issue of elderly people who keep saying that the Rwanda Social Security Board (RSSB) does not pay them on time once they reach retirement age."On several occasions, I have met people who constantly claim that it only becomes possible to secure pension payments when beneficiaries die. We should approve a law that will permanently solve this problem,” she says.Nyirarukundo concurs that it’s vital to quickly but carefully endorse this draft law since it caters for major developments in the social security industry.Owing to the dynamic environment in which social security institutions operate, sometimes it becomes inevitable to make adjustments and in most cases the public should stand to benefit.In this context, Angelique Kantegwa, the Director General of RSSB says that these reforms are meant to address existing financial sustainability challenges.She claims that the draft law seeks to introduce measures that will encourage saving on a personal level since the saving culture is still low among Rwandans.Currently, the pension scheme covers only 10 percent of the population and a recent study carried out by RSSB shows that, at this rate pension, reserves could be depleted by 2030.This is because the existing scheme is only mandatory for salaried workers, who mostly comprise public servants, whereas those who are self-employed participate on a voluntary basis.The draft law aims at revitalising the system to attract more members, otherwise the Government will have to shoulder the burden of paying all pension benefits in less than 20 years to come.Kantengwa says by increasing the retirement age, the current benefit formula would ensure that pensioners get earnings that almost correspond to what they were getting while still working. "I have made several attempts to acquire my savings, but in vain. Every time, officials from the social security board claim they are still verifying my documents,” said 62-year-old Ananias Gasore, who is a retired soldier.But he says he hopes that he won’t have to wait for much longer to get his retirement package."I hope that once the draft law gets approved, the concerned authorities will implement it. This way those of us who are elderly may get easy access to our long term savings,” Gasore said.