About  NAPSA Staff Pension

NAPSA Staff Pension Scheme is a Single Employer Occupational Pension Scheme managing Pensions for National Pension Scheme Authority employees.

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

The Scheme carters for current and former employees of National Pension Scheme Authority (NAPSA).

 

Investments of the funds

  • The contributions from the members and the employer are Invested because the interest paid to members is based on the investment returns.
  • The way the funds are invested is based on the Investments Policy Statement.
  • The investments policy statement guides the Trustees on how the assets of the Fund should be allocated among different financial instruments.

 

General Information

  • Legal Status of Napsa Pension 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.

  • What Kind of a Scheme is NAPSA Staff Pension?

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

  • What Kind of benefits does the Scheme have?

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

  • Do members have a choice as to which section of the Scheme to belong to?

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

  • What is the difference between the DB and DC?

    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.

  • What is the normal retirement Age?

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

  • When I retire do I also get a Pension from the Employer?

    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.

  • Am I going to be receiving my Pension from the NAPSA Staff Pension Offices when I retire?

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

  • As a member of the Defined Contribution, can I choose to have my Pension paid under the Staff Pension and not by the Insurance company?

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

  • What happens in the event of resignation, early retirement in line with the conditions of service or dismissal?

    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.
  • What happens when a member dies in employment?

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

  • What happens if a member dies while receiving his Pension?

    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.

  • Who runs the NAPSA Staff Pension Scheme?

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

  • Who is a Trustee?

    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.

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