National Pension Scheme (Amendment) Act

An Act to amend the National Pension Scheme Act. [9th December, 2022
ENACTED by the Parliament of Zambia. 1. This Act may be cited as the National Pension Scheme
(Amendment) Act, 2022, and shall be read as one with the National
Pension Scheme Act, in this Act referred to as the principal Act. 2. Section 15 of the principal Act is amended —
(a) in subsection (2), by the deletion of the word “twenty”
and the substitution therefor of the word “ten”; and
(b) by the insertion of the following new subsection
immediately after subsection (2):
(3) Despite subsection (2), the Authority may waive
a penalty incurred by a contributing employer on
conditions that the Minister may, by statutory
instrument, prescribe. 3. The principal Act is amended by the repeal of section 39
and the substitution therefor of the following:
39. (1) Despite section 11 (1), a person, who before
the commencement of this Act, was under
pensionable age and was a member of the existing
fund, may be paid a one-off age benefit under the
existing fund where that person —
(a) attains a minimum age of thirty-six; and
(b) has made contributions to the existing fund. National Pension Scheme (Amendment) [No.

e that person —
(a) attains a minimum age of thirty-six; and
(b) has made contributions to the existing fund. National Pension Scheme (Amendment) [No.

20 of 2022 509
Enactment
Short title
Cap. 256
Amendment
of
section 15
Repeal and
replacement
of
section 39
One-off age
benefits
GOVERNMENT OF ZAMBIA
ACT
No. 20 of 2022
Date of Assent: 6th December, 2022
Single copies of this Act may be obtained from the Government Printer,
P.O. Box 30136, 10101 Lusaka, Price K4.00 each.

(2) A person who receives a payment under subsection (1) shall
not be entitled to a further payment of a benefit under the existing
fund.
(3) The Minister may, by statutory instrument, prescribe —
(a) the conditions for qualification of entitlement for a
benefit under this Part in respect of a member who is
above a prescribed age on the day the Act comes into
force;
(b) that a member of the existing fund may convert the
amount in their account under the fund into pensionable
employment for the purposes of pension or invalidity
pension in accordance with a described formula; or
(c) the manner of transfer of pensionable employment in
respect of persons covered under other pension laws
before the date of commencement of this Act.
510 No. 20 of 2022] National Pension Scheme (Amendment)