National Pension Scheme (Amendment) Act, 2023

The Authority must determine the national average earnings every year, using statistics and data compiled by the Zambia Statistics Agency.

Jurisdiction: Zambia
Instrument: Act or statute
Citation: Act 1 of 2023
Version: Undated source snapshot
Language: en
Official source: View official record ↗

benefits administration invalidity pension lump-sum benefit retirement benefits retirement pension statutory amendment

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The Authority must determine the national average earnings every year, using statistics and data compiled by the Zambia Statistics Agency. The principal Act is amended by inserting a new section immediately after section 19. Members who access a pre-retirement lump-sum benefit must have a minimum retirement pension set at 80% of the minimum monthly pension. The principal Act is amended by inserting a new section immediately after section 21. A member may get a pre-retirement lump-sum benefit if they give written consent, are below pensionable age, and meet the contribution or age condition.

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Provisions of National Pension Scheme (Amendment) Act, 2023

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Section 19 of the principal Act is amended by the deletion
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The Authority must determine the national average earnings every year, using statistics and data compiled by the Zambia Statistics Agency.

4. Section 19 of the principal Act is amended by the deletion of subsection (5) and the substitution therefor of the following: Insertion of section 19A Minimum amount of retirement pension Insertion of new section 21A One off pre- retirement lump sum benefit (5) The Authority shall determine the national average earnings under subsection (3) annually, by applying statistics and data compiled by the Zambia Statistics Agency.
5
The principal Act is amended by the insertion of the
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The principal Act is amended by inserting a new section immediately after section 19.

5. The principal Act is amended by the insertion of the following new section immediately after section 19:
19A
The minimum retirement pension of members that
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Members who access a pre-retirement lump-sum benefit must have a minimum retirement pension set at 80% of the minimum monthly pension.

19A. The minimum retirement pension of members that access a pre-retirement lump-sum benefit shall be eighty percent of the minimum monthly pension.
6
The principal Act is amended by the insertion of the
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The principal Act is amended by inserting a new section immediately after section 21.

6. The principal Act is amended by the insertion of the following new section immediately after section 21:
21A
Section 21A
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A member may get a pre-retirement lump-sum benefit if they give written consent, are below pensionable age, and meet the contribution or age condition.

21A. (1) Despite section 21, a member is entitled to a pre-retirement lump-sum benefit, where that member consents in writing to access a pre-retirement benefit, is below pensionable age and has — (a) made a minimum of sixty monthly contributions; or (b) attained the age of forty-five. (2) The pre-retirement lump-sum benefit payable under subsection (1) shall be twenty percent of the indexed monthly contributions and the accrued interest. (3) The payable benefit at retirement or any other benefit to a member who has accessed the pre-retirement lump-sum benefit under subsection (1) shall be based on a member ’s residual contributions and contributions made after the receipt of a pre- retirement lump-sum benefit. (4) A member who accesses a pre-retirement benefit under subsection (1) consents to a reduction in that member’s retirement or other final benefit payable under this Act. National Pension Scheme (Amendment) [No. 1 of 2023 3
7
Section 24 of the principal Act is amended by the insertion
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A member who becomes invalid after taking a pre-retirement lump-sum benefit is entitled to 80% of the applicable minimum monthly invalidity pension.

7. Section 24 of the principal Act is amended by the insertion of the following new subsection immediately after subsection (3): Amendment of section 24 (4) Despite subsection (3), a member who suffers an invalidity after accessing a pre-retirement lump-sum benefit is entitled to eighty percent of the applicable minimum monthly invalidity pension referred to under section 24(3).
8
Section 34 of the principal Act is amended by the
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The section amends the principal Act so that a lump-sum benefit payable to a member who accesses a pre-retirement benefit is reduced by 20%.

8. Section 34 of the principal Act is amended by the— (a) insertion of the following new subsection immediately Amendment of section 34 after subsection (2): (3) Despite subsection (2), the lump-sum benefit payable to a member who accesses a pre- retirement benefit shall be reduced by twenty percent.; and (b) renumbering of subsection (3) as subsection (4).
9
Section 53(2) of the principal Act is amended by the deletion
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This provision amends section 53(2) of the principal Act by deleting paragraph (a) and replacing it with new text about preventing a person from receiving more than one benefit at the same time and adjusting benefits in special circumstances.

9. Section 53(2) of the principal Act is amended by the deletion of paragraph (a) and the substitution therefor of the following: Amendment of section 53 (a) the prevention of the receipt of more than one benefit at the same time and the adjustment of benefits in special circumstances;. 4

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National Pension Scheme (Amendment) Act, 2023

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Provisions of National Pension Scheme (Amendment) Act, 2023

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