President Hakainde Hichilema yesterday assented to the National Pension Scheme Bill which provides an option to claim for one off-age benefits by a member under the prescribed minimum pensionable age of 36 under the existing funds.
According to a press statement released by Presidential Spokesperson Anthony Bwalya obtained by ZANIS in Lusaka, Tuesday evening, the Bill has also revised the penalty rate for delayed payment of contributions from 20% to 10% and provides for a waiver of penalties arising from delayed payment of contributions.
” The move by the Head of State is a fulfilment of the United Party for National Development UPNDs 2021 election campaign promise to undertake crosscutting reforms at the National Pension Scheme NAPSA and enhance value for money for the contributors, ” says Mr. Bwalya.
The National Pension Scheme (Amendment) Bill of 2022 was first presented to the National Assembly for debate this October 2022 and has been assented to by the President after passing all the readings.
Cabinet recently approved in principle the introduction of a Bill in Parliament to amend the National Pension Scheme Act No 40 of 1996 so as to provide members of the Scheme an option to access part of the contributions before retirement.
Chief government spokesperson Chushi Kasanda in a Cabinet statement revealed that President Hakainde Hichilema has made a policy pronouncement on the need for partial access to pension contributions to members of the National Pension Scheme.