Thursday, May 30, 2024

NAPSA assures citizens of sustainability of partial withdrawal of pension

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The National Pension Scheme Authority (NAPSA) says it is one of the most liquid financial institutions in the country hence making it possible for it to sustain its operations in terms of pension payment.

NAPSA Director General Muyangwa Muyangwa says the institution has money that it invests and gets returns from investments. Responding to a question this morning when he was featured on the Red Hot Breakfast on Hot FM Radio relating to the sustainability of the partial withdrawal of pension, Mr. Muyangwa dispelled fears that the program may not be sustainable.

“In terms of threatening the fund, there is no way 11 billion Kwacha paid over a period of time is going to threaten NAPSA, NAPSA is not that small”, Mr. Muyangwa assured citizens.

Mr. Muyangwa said that NAPSA has a plan led out on how to meet the payments. Mr. Muyangwa said that the K1.3 billion paid so far is a collection for NAPSA in hours and not even a week which demonstrates that the institution has the capacity to meet all obligations under the partial withdrawal of pension.

“NAPSA is here to stay and people will get their money. We have done our planning in terms of how we are going to meet the demand of 11 billion Kwacha including that of the ZNPF,” he said

Mr. Muyangwa said that the institution has a lot of investment which pays interest making the institution financially strong. He further said that the institution collects contributions every month and these contributions will partly be used to make the payments.

The NAPSA Director General disclosed that the institution is presently dealing with predominantly a younger contributing population and the bigger liabilities will only come in the future.

And the Pastors’ Fellowship in Monze district has hailed the move by President Hakainde Hichilema to sign into law the National Pensions Scheme Authority (NAPSA) Amendment Act of 2023, which allows partial withdraw of member’s pension contributions.

In interview with ZANIS today, Pastor Smart Fundi, Chairperson of the Pastors’ Fellowship, said the move was long overdue.

Pastor Fundi said the partial withdrawal will help members get their monies and be able to invest.

He said the move would also noticeably reduce poverty especially among members who contributed before the law was introduced.

“As Pastors’ Fellowship here in Monze, we welcome this move by President Hakainde Hichilema to sign into law the NAPSA Amendment act which, I would say would markedly reduce poverty especially among the members who have been contributing but all along could not access it,” said Pastor Fundi.

He observed that the move would also contribute to job creation as most beneficiaries would open up business ventures.

And Regina Hamukoyo, a Monze resident, thanked government because she now be able to withdraw her contributions and improve her family’s livelihood.

Ms Hamukoyo, who was found in a long winding queue at NAPSA offices, said it was a dream come true to be able to access part of one’s retirement benefits before retiring.

Meanwhile, Chrispin Tembo, complained of a slow process and called on the NAPSA management to engage more staff to expedite the procedure.

“We are spending long hours standing on the queue. I want to appeal to NAPSA to bring more staff here because as of now, we are only served by two people which makes the process slow,” said Mr Tembo.

However, NAPSA has posted a notice urging people to use the online platform for quick processing of their claims.

14 COMMENTS

  1. It’s common in this our country when a sitting government makes a policy, all directors applaud, but when there’s a new government and that policy is found wanting, the same directors will claim to have advised the previous regime against implementing that policy.

  2. “He further said that the institution collects contributions every month and these contributions will partly be used to make the payments.”

    Is NAPSA admitting that they are running a Ponzi Scheme where you get money from new members to pay off old ones

    “The NAPSA Director General disclosed that the institution is presently dealing with predominantly a younger contributing population and the bigger liabilities will only come in the future.”

    Get your money out if you’re eligible no wonder they put the threshold of 45 years clearly a Ponzi Scheme

    • Do you really know what a Ponzi scheme is? The schemer pays a “return” to initial investors from the investments of new participants, rather than from genuine profits. NAPSA an audited govt instution ..has investments in a lot of infrastrature and projects around the country. If your business is successful and you are looking to expand abroad looking for a partner NAPSA can step in.

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    • Madoff was legit until he wasn’t
      Kamona was legit until it wasn’t

      If NAPSA is legit why should they pay off those above 45 with monies of those below 45 & it’s funny for a public institution not to declare it’s books publicly.

      Only insiders people from the treasury, finance & cabinet are preview to NAPSA full valuation

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    • Benny never invested anything ..go and watch Benny Madoff – The Monster of Wall Street on Netflix then come back. So if everyone went to a local bank decided to withdraw at the same time you think that bank would survive. You think those insiders dont contribute to NAPSA…you honestly think they would be happily giving away their money especially with change of govt?

  3. They’re still learning the process of handling claims. Their customer services are not standardized, hence they’re constantly heckling the process themselves.

  4. They’re still learning the process of handling claims. Their customer services are not standardized, hence they’re constantly heckling the process themselves.

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