Zambia News

Coming Soon: Partial Withdrawal Of NAPSA Members’ Pension Contributions

The Amendment Bill to permit early access to pension contributions for members of the National Pension Scheme Authority (NAPSA) is currently being prepared, according to Labour Minister BRENDA TAMBATAMBA.

The Bill, according to Ms. TAMBATAMBA, will be introduced in Parliament after the drafting process is complete.

She claims that only former ZNPF members are affected by the National Pension Scheme Amendment BILL that President HAKAINDE HICHILEMA signed into law yesterday.

The Minister points out that one of the goals of the Bill is to amend the National Pension Scheme Act to give members of ZNPF who are under pensionable age the option of claiming age benefits.

She points out that the modification permits ZNPF members to apply for age benefits now rather than waiting until they reach the eligible age of 50.

The ZNPF assets have subsequently been depleted, and as a result, payments of benefits have been made from the National Pension Scheme funds, Ms. TAMBATAMBA adds.

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