Zambia Act or statute

Zambia legislation

National Pension Scheme (Amendment) Act, 2015

employment terminationpensionsretirementretirement pensionstatutory amendment

Jurisdiction: Zambia
Structure: 5 provisions
Citation: Act 7 of 2015
Dates: Undated source snapshot

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Dates: Undated source snapshot

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Purpose and legislative effect

“The section changes the definition of “pensionable age” to sixty years.”

The section changes the definition of “pensionable age” to sixty years. Section 9 is amended to replace the retirement rule with new retirement timing provisions tied to pensionable age. The principal Act is amended by repealing section 18 and replacing it with new text. A member must retire at pensionable age, may retire at 55 or 65 if notice is given in time and, for age 65, the employer approves, and a pension is payable if the retirement and contribution conditions are met. Section 53 is amended to add a new paragraph requiring arrangements to protect accrued pension rights as provided for in the Constitution.

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Section two of the principal Act is amended by the deletion

The section changes the definition of “pensionable age” to sixty years.

Section 2

Section nine of the principal Act is amended by the deletion

Section 9 is amended to replace the retirement rule with new retirement timing provisions tied to pensionable age.

Section 3

The principal Act is amended by the repeal of section

The principal Act is amended by repealing section 18 and replacing it with new text.

Section 4

Section 18

A member must retire at pensionable age, may retire at 55 or 65 if notice is given in time and, for age 65, the employer approves, and a pension is payable if the retirement and contribution conditions are met.

Section 18

Section fifty-three of the principal Act is amended in

Section 53 is amended to add a new paragraph requiring arrangements to protect accrued pension rights as provided for in the Constitution.

Section 5

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Showing 5 of 5 provisions

Substitution 3Repeal 2

§ 2Section two of the principal Act is amended by the deletionSubstitution

The section changes the definition of “pensionable age” to sixty years.

2. Section two of the principal Act is amended by the deletion of the definition of “pensionable age” and the substitution therefor of the following: Amendment of section 2 “pensionable age” means the age of sixty years;

Section 2Verify source

§ 3Section nine of the principal Act is amended by the deletionSubstitution

Section 9 is amended to replace the retirement rule with new retirement timing provisions tied to pensionable age.

3. Section nine of the principal Act is amended by the deletion of paragraphs (a) and (b) of subsection (1) and the substitution therefor of the following: Amendment of section 9 (a) retires from employment on attaining the pensionable age; (b) retires five years— (i) before attaining the pensionable age and has contributed to the Scheme for a minimum period prescribed by the Authority; or (ii) after attaining the pensionable age; or

Section 3Verify source

§ 4The principal Act is amended by the repeal of sectionRepeal

The principal Act is amended by repealing section 18 and replacing it with new text.

4. The principal Act is amended by the repeal of section eighteen and the substitution therefor of the following:

Section 4Verify source

§ 18Section 18Repeal

18. (1) Subject to the provisions of this Act, a member shall retire upon attaining pensionable age. (2) A member may retire on attaining the age of— (a) fifty-five years if, twelve months before attaining that age, the member notifies the contributing employer of the member’s intention to retire at that age; or Repeal and replacement of section 18 Retirement and condition for award of retirement pension Single copies of this Act may be obtained from the Government Printer, P.O. Box 30136, 10101 Lusaka, Price K2.00 each. 148 No. 7 of 2015] National Pension Scheme (Amendment) (b) sixty-five years if, twelve months before attaining the pensionable age, the member notifies the contributing employer of the member’s intention to retire at the age of sixty-five years and the employer approves the retirement. (3) A member who retires in accordance with subsection (1) or (2) and has made not less than one hundred and eighty monthly contributions, shall be paid a pension.

Section 18Verify source

§ 5Section fifty-three of the principal Act is amended inSubstitution

Section 53 is amended to add a new paragraph requiring arrangements to protect accrued pension rights as provided for in the Constitution.

5. Section fifty-three of the principal Act is amended in subsection (2) by the— (a) deletion of the word “and” at the end of paragraph (e); (b) deletion of the full stop in paragraph (f) and the substitution therefor of a semi-colon and the word “and”; and (c) insertion, after paragraph (f) of the following new paragraph: Amendment of section 53 Cap. 1 (g) arrangements to ensure the protection of accrued pension rights as provided for in the Constitution.

Section 5Verify source

Legislative relationships

2 referenced instruments

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A–F

1 instrument

and replacement of section 18 Retirement and condition for award of retirement pension Single copies of this Act
Section 18

N–S

1 instrument

of section The principal Act
Section 4

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