Government has called on stakeholders to support the ongoing consultations process on pension reforms.
Northern Province Permanent Secretary Bernard Mpundu says consultation is a critical step in the pension reforms, as it provides an opportunity for people to refine the proposed amendments.
The permanent secretary said this when he officiated at the provincial stakeholder consultation meeting on the proposed pension reform bills held in Kasama.
The ongoing pension reforms consultations, which are being spearheaded by the three public pension schemes, are looking at the three drafted bills.
The bills are the National Pension Scheme, the Public Service Pensions Fund, and the Local Authorities Superannuation Fund Bills of 2025.
Mr Mpundu said the bills aim to address low coverage, inadequate benefits, unsustainable funding models and disparities across pension schemes, among others.
“The consultations we are undertaking today mark a critical step in the reform process, providing an opportunity for us to refine the proposed amendments, ensure inclusivity and build a shared vision for a sustainable and equitable pension system for all,” Mr Mpundu said.
And Public Service Pension Fund (PSPF) Chief Executive Officer Francis Nyirenda, who represented other pension schemes, said the three pension schemes seek consensus from the beneficiaries to ensure that their desires are met.
Mr Nyirenda revealed that the pension system has been operating on the old schemes; hence, the need to discard the old act and make it robust enough to stand the test of time.
He explained that the bill is also meant to repeal and replace the old act.
“Our mission is to seek consensus from amongst you, the owners of the schemes, to ensure that your desires are met,” he said.
Meanwhile, the labour movement is happy that the reforms are being undertaken in the sector.
Basic Education Teachers Union of Zambia (BETUZ) Regional Director William Banda, however, called for a much higher lump sum and not the proposed 20 percent.
