Local Authorities Superannuation Fund (Amendment) Act, 2024

[No. 21 of 2024 353
An Act to amend the Local Authorities Superannuation Fund Act. [26th December, 2024
ENACTED by the Parliament of Zambia. Enactment
Short title
Local Authorities Superannuation Fund
(Amendment)
1. This Act may be cited as the Local Authorities
Superannuation Fund (Amendment) Act, 2024 and shall be read as
one with the Local Authorities Superannuation Fund Act, in this
Act referred to as the principal Act. 2. The principal Act is amended by the repeal of section 25
and the substitution therefor of the following:
25. (1) A member who joined the Fund before 14th
August, 2015 shall be paid a retirement benefit in the form of an
annuity at the rate of one six hundred and sixtieth of the retiring
pensionable emoluments of the member for each completed month
of the member’s continuous service.

rate of one six hundred and sixtieth of the retiring
pensionable emoluments of the member for each completed month
of the member’s continuous service.

(2) Despite subsection (1), a member who joined the Fund
before 14th August, 2015 and has attained the age of fifty-
five but has continued to be in employment, with the consent
of the employer, and elects to retire either at the age of sixty
years or sixty-five years in accordance with the provisions of
section 26 of the Act shall be paid a retirement benefit in the
form of an annuity at the rate of one six hundred and sixtieth
of the retiring pensionable emoluments of the member for each
completed month of the member’s continuous service. Repeal and
replacement
of section
25
Retirement
benefit
Cap. 284
GOVERNMENT OF ZAMBIA
ACT
No. 21 of 2024
Date of Assent: 20th December, 2021
Single copies of this Act may be obtained from the Government Printer,
P.O. Box 30136, 10101 Lusaka, Price K16.00 each.

of Assent: 20th December, 2021
Single copies of this Act may be obtained from the Government Printer,
P.O. Box 30136, 10101 Lusaka, Price K16.00 each.

354 No. 21 of 2024] Local Authorities Superannuation Fund
(Amendment)
(3) A member who joined the Fund after 14th
August, 2015 shall be paid a retirement benefit in
the form of an annuity at the rate of one seven
hundred and twentieth of the retiring pensionable
emoluments of the member for each completed
month of the member’s continuous service.

e of one seven
hundred and twentieth of the retiring pensionable
emoluments of the member for each completed
month of the member’s continuous service.

(4) A member may commute either one-third
or two-thirds of that member’s retirement benefit
for a lump sum at the date of the member’s
retirement—
(a) if the member is retired under section 27,
at the rate of twenty-eight ngwee for
each one kwacha of annuity commuted;
or
(b) if the member retires or is retired under
sections 26, 28 or 29, at the rate laid
down for the member’s age at the date
of the member’s retirement—
(i) for members retiring under section
25 (1), at the commutation factor
laid down for the member’s age
at the date of the member’s
retirement as set out in Table A
of the First Schedule or the Third
Schedule, where applicable;
(ii) for members retiring under section
25(2), at the commutation factor
laid down for the member’s age
at the date of the member’s
retirement as set out in Table B
of the First Schedule or the Third
Schedule, where applicable; or

wn for the member’s age
at the date of the member’s
retirement as set out in Table B
of the First Schedule or the Third
Schedule, where applicable; or

[No. 21 of 2024 355
Local Authorities Superannuation Fund
(Amendment)
(iii) for members retiring under section 25(3),
at the commutation factor laid down for
the member’s age at the date of the
member’s retirement as set out in Table
C of the First Schedule or the Third
Schedule, where applicable.
(5) Subject to subsection (4), the commutation factor of
a member who retires under section 28 and whose length of
service consists of uncompleted months in the year of
retirement shall be determined through an interpolation
commutation factor formula derived as follows:
interpolation commutation factor = commutation
factor at attained full year-[Number of months in
the uncompleted year of retirement/twelve months
x (Commutation factor at attained full year-the
commutation factor at the immediate following full
year)].
3. The principal Act is amended by the repeal of the First
Schedule, Second Schedule and Third Schedule and the substitution
therefor of the First Schedule, Second Schedule and Third Schedule
set out in Appendices I, II and III, respectively.
Repeal and
replacement
of the First,
Second and
Third
Schedule

, Second Schedule and Third Schedule
set out in Appendices I, II and III, respectively.
Repeal and
replacement
of the First,
Second and
Third
Schedule

APPENDIX I
(Section 3)
FIRST SCHEDULE
(Sections 25, 28 and 29)
Table A
Commutation factor of each K1 of annuity in terms of section 25 (1) on retirement in terms
of sections 26, 28 or 29
Age Commutation Factor
30 32.76
31 32.50
32 32.24
33 31.96
34 31.68
35 31.40
36 31.10
37 30.80
38 30.48
39 30.14
40 29.82
41 29.46
42 29.10
43 28.72
44 28.34
45 27.94
46 27.52
47 27.08
48 26.64
49 26.16
50 25.68
51 25.18
52 24.68
53 24.18
54 23.66
55 23.14
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(Amendment)

Table B
Commutation factor of each K1of annuity in terms of section 25 (2) on retirement in terms
of sections 26, 28 or 29.
Age Commutation Factor
56 22.56
57 22.07
58 21.58
59 21.09
60 20.59
61 20.10
62 19.61
63 19.12
64 18.63
65 18.15
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Local Authorities Superannuation Fund
(Amendment)

57 22.07
58 21.58
59 21.09
60 20.59
61 20.10
62 19.61
63 19.12
64 18.63
65 18.15
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Local Authorities Superannuation Fund
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Table C
Commutation factor of each K1 of annuity in terms of section 25 (3) on retirement in terms of
sections 26, 28 or 29
Age Commutation Factor
30 32.76
31 32.50
32 32.24
33 31.96
34 31.68
35 31.40
36 31.10
37 30.80
38 30.48
39 30.14
40 29.82
41 29.46
42 29.10
43 28.72
44 28.34
45 27.94
46 27.52
47 27.08
48 26.64
49 26.16
50 25.68
51 25.18
52 24.68
53 24.18
54 23.66
55 23.14
56 22.14
57 22.07
58 21.58
59 21.09
60 20.59
61 20.10
62 19.61
63 19.12
64 18.63
65 18.15
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(Amendment)

APPENDIX II
(Section 3)
SECOND SCHEDULE
(Sections 29)
C ALCULATION OF A DDITIONAL R ETIREMENT B ENEFIT FOR THE P URPOSES OF S ECTION 29
Age at date of termination Proportion of average annual
emoluments for the member’s last five
years of continuous service
Less than 31 years 1/2160th
31 years or more but less than 41 years 1/1800th
41 years or more but less than 50 years 1/1440th
51 years or more 1/1800th
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Local Authorities Superannuation Fund
(Amendment)

800th
41 years or more but less than 50 years 1/1440th
51 years or more 1/1800th
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(Amendment)

APPENDIX III
(Section 3)
THIRD SCHEDULE
(Sections 28 and 29)
Commutation factor of each K1 of annuity on retirement in terms of sections 28 and 29
Age Commutation Factor
30 30.35
31 30.08
32 29.56
33 29.24
34 28.91
35 28.33
36 27.96
37 27.57
38 27.15
39 26.70
40 26.02
41 25.52
42 25.01
43 24.46
44 23.89
45 23.27
46 22.61
47 21.91
48 21.19
49 20.40
50 19.59
51 18.97
52 18.08
53 17.16
54 16.19
55 15.20
56 15.00
57 14.51
58 14.02
59 13.55
60 13.08
61 12.62
62 12.16
63 11.71
64 11.27
65 10.84
360 No. 21 of 2024] Local Authorities Superannuation Fund
(Amendment)