The Local Authorities Superannuation Fund (Amendment)

An Act to amend the Local Authorities Superannuation
Fund Act. [14th August, 2015
ENACTED by the Parliament of Zambia. 1. This Act may be cited as the Local Authorities
Superannuation Fund (Amendment) Act, 2015, and shall be read
as one with the Local Authorities Superannuation Fund Act, in this
Act referred to as the principal Act. 2. Section two of the principal Act is amended by the deletion
of the definition of “pension age” and the substitution therefor of
the following:
“pensionable age” means the age of sixty years;
3. Section nineteen of the principal Act is amended by the
deletion of subsection (1) and the substitution therefor of the
following:
(1) A member shall contribute to the fund at the rate
of ten percent of the member’s pensionable emoluments
except that the Minister may, in consultation with the Fund
and based on an actuarial valuation undertaken to determine
the financial sustainability of the Fund, by statutory
instrument prescribe a lower or higher rate of contributions. 4. The principal Act is amended by the repeal of section twenty-
five and the substitution therefor of the following:
25.

igher rate of contributions. 4. The principal Act is amended by the repeal of section twenty-
five and the substitution therefor of the following:
25.

(1) A member 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. Local Authorities Superannuation
Fund (Amendment)
Repeal and
replacement
of section 25
Amendment
of section 2
Amendment
of section 19
Enactment
Short title
Cap. 284
Retirement
benefit
Single copies of this Act may be obtained from the Government Printer,
P.O. Box 30136, 10101 Lusaka, Price K 4.00 each. GOVERNMENT OF ZAMBIA
ACT
No. 8 of 2015
Date of Assent: 14th August, 2015
[No. 8 of 2015 149

Printer,
P.O. Box 30136, 10101 Lusaka, Price K 4.00 each. GOVERNMENT OF ZAMBIA
ACT
No. 8 of 2015
Date of Assent: 14th August, 2015
[No. 8 of 2015 149

Local Authorities Superannuation
Fund (Amendment)
Retirement
due to age
(2) A member may commute one-third or two-thirds
of the member’s retirement benefit for lump sum at the
date of the member’s retirement—
(a) if the member is retired under section twenty-
seven, at the rate of twenty-eight ngwee for
each one ngwee of annuity commuted; or
(b) if the member retires or is retired under section
twenty-six, twenty-eight or twenty-nine, at the
rate laid down for the member’s age at the date
of the member’s retirement in the appropriate
Schedules. (3) Notwithstanding subsection (1) and (2), the
Minister may, in consultation with the Fund and based on
an actuarial valuation undertaken to determine the financial
sustainability of the Fund, by statutory instrument prescribe
the rate at which a retirement benefit is payable. 5. The principal Act is amended by the repeal of section twenty-
six and the substitution therefor of the following:
26. (1) Subject to subsection (2), a member shall retire
on attaining the pensionable age.

twenty-
six and the substitution therefor of the following:
26. (1) Subject to subsection (2), a member shall retire
on attaining the pensionable age.

(2) A member may retire on attaining the age of —
(a) fifty-five years if, twelve months before attaining
that age, the member notifies the contributing
employer of the member’s intention to retire at
that age and the employer approves the
retirement; or
(b) sixty-five years if, twelve months before attaining
the pensionable age, the member notifies the
contributing employer of the member’s intention
to retire at the age of sixty-five years and the
employer approves the retirement. (3) A member who retires in accordance with
subsection (1) or (2) shall be paid a retirement benefit. 6. Section forty-one of the Principal Act is amended by the—
(a) insertion, immediately after paragraph (g), of the following
new paragraph:
Repeal and
replacement
of section 26
Amendment
of section 41
150 No. 8 of 2015 ]

ion, immediately after paragraph (g), of the following
new paragraph:
Repeal and
replacement
of section 26
Amendment
of section 41
150 No. 8 of 2015 ]

Local Authorities Superannuation
Fund (Amendment)
(h) providing for arrangements to ensure the
protection of accrued pension rights as provided
for in the Constitution and;
(b) renumbering of paragraph (h) as paragraph (i).
7. The principal Act is amended by the deletion of the words
“pension age” wherever they appear and the substitution therefor
of the words “ pensionable age ”.
General
amendment
[No. of 2015 151

152 No. 8 of 2015 ]