The National Pension Scheme (Amendment) Act, 2023

National Pension Scheme (Amendment) [No. 1 of 2023 1
An Act to amend the National Pension Scheme Act. [18th April, 2023
ENACTED by the Parliament of Zambia. 1. This Act may be cited as the National Pension Scheme
(Amendment) Act, 2023, and shall be read as one with the National
Pension Scheme Act, in this Act referred to as the principal Act. 2. Section 2 of the principal Act is amended by the insertion
of the following new definitions in the appropriate places in
alphabetical order:
“pre-retirement lump-sum benefit” means a one-off benefit
payable to a member who has not yet attained pensionable
age;
“residual contributions” means the remainder of the
contributions on a member’s account after a member has
accessed the one-off pre-retirement lump-sum benefit; and
“Zambia Statistics Agency” means the Zambia Statistics
Agency established under the Statistics Act, 2018;. 3.

off pre-retirement lump-sum benefit; and
“Zambia Statistics Agency” means the Zambia Statistics
Agency established under the Statistics Act, 2018;. 3.

Section 9 of the principal Act is amended by the—
(a) insertion of the following new subsection
immediately after subsection (1):
(2) Despite subsection (1), the Authority may
pay a one-off pre-retirement lump-sum
benefit to a member who has met the
requirements specified under section 21A.;
and
Enactment
Short title
Amendment
of section 2
Act No. 13
of 2018
Cap. 256
Amendment
of section 9
GOVERNMENT OF ZAMBIA
ACT
No. 1 of 2023
Date of Assent: 14th April, 2023
Single copies of this Act may be obtained from the Government Printer,
P.O. Box 30136, 10101 Lusaka, Price K8.00 each.

ate of Assent: 14th April, 2023
Single copies of this Act may be obtained from the Government Printer,
P.O. Box 30136, 10101 Lusaka, Price K8.00 each.

(b) renumbering of subsections (2), (3) and (4) as
subsections (3), (4) and (5), respectively. 4. Section 19 of the principal Act is amended by the deletion
of subsection (5) and the substitution therefor of the following:
(5) The Authority shall determine the national average
earnings under subsection (3) annually, by applying
statistics and data compiled by the Zambia Statistics
Agency. 5. The principal Act is amended by the insertion of the
following new section immediately after section 19:
19A. The minimum retirement pension of members that
access a pre-retirement lump-sum benefit shall be
eighty percent of the minimum monthly pension. 6. The principal Act is amended by the insertion of the
following new section immediately after section 21:
21A. (1) Despite section 21, a member is entitled to a
pre-retirement lump-sum benefit, where that member
consents in writing to access a pre-retirement benefit,
is below pensionable age and has —
(a) made a minimum of sixty monthly contributions;
or
(b) attained the age of forty-five. (2) The pre-retirement lump-sum benefit payable under
subsection (1) shall be twenty percent of the indexed
monthly contributions and the accrued interest.

he pre-retirement lump-sum benefit payable under
subsection (1) shall be twenty percent of the indexed
monthly contributions and the accrued interest.

(3) The payable benefit at retirement or any other benefit
to a member who has accessed the pre-retirement
lump-sum benefit under subsection (1) shall be based
on a member ’s residual contributions and
contributions made after the receipt of a pre- retirement
lump-sum benefit. (4) A member who accesses a pre-retirement benefit
under subsection (1) consents to a reduction in that
member’s retirement or other final benefit payable
under this Act. 2 No. 1 of 2023] National Pension Scheme (Amendment)
Amendment
of section 19
Insertion of
section 19A
Minimum
amount of
retirement
pension
Insertion of
new section
21A
One off pre-
retirement
lump sum
benefit

ment
of section 19
Insertion of
section 19A
Minimum
amount of
retirement
pension
Insertion of
new section
21A
One off pre-
retirement
lump sum
benefit

7. Section 24 of the principal Act is amended by the insertion
of the following new subsection immediately after subsection (3):
(4) Despite subsection (3), a member who suffers an
invalidity after accessing a pre-retirement lump-sum
benefit is entitled to eighty percent of the applicable
minimum monthly invalidity pension referred to under
section 24(3).
8. Section 34 of the principal Act is amended by the—
(a) insertion of the following new subsection immediately
after subsection (2):
(3) Despite subsection (2), the lump-sum
benefit payable to a member who accesses a pre-
retirement benefit shall be reduced by twenty
percent.; and
(b) renumbering of subsection (3) as subsection (4).
9. Section 53(2) of the principal Act is amended by the deletion
of paragraph (a) and the substitution therefor of the following:
(a) the prevention of the receipt of more than one benefit at
the same time and the adjustment of benefits in special
circumstances;.
National Pension Scheme (Amendment) [No. 1 of 2023 3
Amendment
of section 24
Amendment
of section 34
Amendment
of section 53

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