Who are the beneficiaries of my staff pension contributions in the case of death?                                                                                                                                                                    

You are allowed to put anybody that you wish to receive the funds                                                                                                             There is a  beneficiary form that is specifically for you to indicate the people you want to access your staff pension contributions in the event of death.

When I retire what benefits am I entitled to?                                                 

At retirement you will be paid 50% of your contributions as a lump sum payment and 50% will be used to buy you an annuity from an insurance company

If I proceed on early retirement, what benefits do I get from the Scheme? 

At early retirement as per employers conditions of service, resignation or dismissal a member will be paid all their contributions plus interest accumulated at the time of their exit.

Does the Scheme offer loans to members? 

The scheme does not give loans to members.

Is there a possibility of partial withdrawal of pension contributions?
  
Currently there is no provision for partial withdraw in the law and as such the scheme does not allow members to withdraw part of their contributions.

Why can’t we access our statements on the Member Self Service portal? 

The member self-service portal is currently being upgraded. We hope to have this service up and running by the end of the first quarter of 2022.

Who pays my pension at retirement? 

Your pension will be paid by an insurance company where the annuity is purchased. Once  a pension is purchased, the scheme shall have no further liability.

What happens when a member dies whilst receiving a pension? 
          
If a Pensioner dies before the 10th anniversary of retirement the monthly installments of pension must continue to be paid to the estate until the 10th anniversary of retirement. The survivor shall receive 2/3 of the normal pension.  (Note that the guarantee period for purchased annuities may vary  depending on preference of the annuitant.)  

How long is the pension for?                                                                          

A pension is paid for as long as a member is alive but guaranteed for 10 years.

What benefits do the Trustees get from the Scheme?  

Since Trusteeship is not a full-time job, the Trustees are paid sitting allowances when they attend meetings.

What is the normal retirement age? 

The normal retirement age for members of the Scheme is 55.

Am I allowed to choose who pays my annuity at retirement?

At retirement three quotations are obtained from registered insurance companies and the best option is then selected.

A Trustee is a person or company, acting separately from an employer, who holds assets for the beneficiaries of the Pension Scheme. Trustees are responsible for ensuring that the Pension Scheme is properly run and that members’ benefits are secure.

The NAPSA Staff Pension Scheme is run by the Trustees. 50% of the Trustees are member elected while the remaining 50% are employer nominated.

The Pension is guaranteed for 10 years and if a member dies within 10 years of retirement his surviving dependents will receive a pension for the remaining period before the 10 years expires. However, if a member dies after 10 years of retirement, the surviving dependents will not receive any pension.

When a member dies while in employment, the surviving dependents will be refunded the contributions plus interest.

An employee has a choice of the following:-

• Contribution refund
• Transfer of contributions to another Pension Scheme An employee is supposed to complete a form with the Human Resources Department indicating the option taken.

No you do not have a choice. The current regulation stipulates that the pension should be paid by an Insurance Company.

When you retire an annuity will be purchased from an Insurance Company and your Pension will be paid by the Insurance Company.

No. When you retire, the NAPSA Staff Pension will pay you a pension. The only monies which will be paid to you by the employer are for your leave days. The employer would have already contributed towards your Pension to the NAPSA Staff Pension Scheme.

The normal retirement age is 55 years, however a member can go on normal retirement as a result of ill health.

The Pension paid to the members of the DB on retirement is based on a formula which takes into account the number of years served and final salary.The pension paid to members of the DC on retirement is based on the contributions made by the member and employer plus interest.

The Defined Benefit Section is closed to all new employees. All new entrants join the Defined Contribution Section.

The Scheme has both the Defined Benefit (DB) and Defined Contribution (DC).

NAPSA Staff Pension is a single Employer Scheme meaning that only employees of NAPSA belong to the Scheme.

The NAPSA Staff Pension Scheme is registered under the Pension Scheme Regulation Act of 1996 and as amended in 2005.The Scheme is also an approved Fund under the Income Tax Act Cap 323 of the Laws of Zambia and the Land (Perpetual Succession) Act Cap 185 of the Laws of Zambia.

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