The The Pension Scheme Regulation (Amendment) Act, 2022.

An Act to amend the Pension Scheme Regulation Act. [27th December, 2022
ENACTED by the Parliament of Zambia. 1. (1) This Act may be cited as the Pension Scheme Regulation
(Amendment) Act, 2022, and shall be read as one with the Pension
Scheme Regulation Act, 1996, in this Act referred to as the principal
Act. (2) This Act shall come into operation on 1st January, 2023. 2. Section 10(2) of the principal Act is amended by the
insertion of the following new paragraphs immediately after
paragraph (c):
(d) the proposed scheme rules provide for early retirement at
the age of fifty five years, normal retirement at the age
of sixty years and late retirement at the age of sixty five
years;
(e)the proposed scheme rules provide for the payment of a
pension on the retirement of an employee from the
service of an employer on, or after, attaining the normal
retirement age or on early retirement or due to an
infirmity of mind or body;
The Pension Scheme Regulation
(Amendment) [No. 28 of 2022 559
Enactment
Short title and
commence-
ment
Act No. 28
of 1996
Amendment
of Section 10
GOVERNMENT OF ZAMBIA
ACT
No.

ation
(Amendment) [No. 28 of 2022 559
Enactment
Short title and
commence-
ment
Act No. 28
of 1996
Amendment
of Section 10
GOVERNMENT OF ZAMBIA
ACT
No.

28 of 2022
Date of Assent: 23rd December, 2022
Single copies of this Act may be obtained from the Government Printer,
P.O. Box 30136, 10101, Lusaka, Price K8.00 each.

(f)the proposed scheme rules provide that contributions made
to the fund or scheme by the employer shall not be
returned to the employer; and
(g) the proposed scheme rules provide that, where any pension
payable out of the fund or the pension scheme to an
employee may be commuted, the amount of the pension
that may be commuted shall not exceed an annual pension
equivalent to twenty percent of the annual national
average earnings or one half of the pension, whichever
may be greater.
3. Section 13 (3) of the principal Act is amended by the deletion
of paragraph (d) and the substitution therefor of the following:
(d) requiring the trustee to file the pension scheme rules and
any revisions to those rules for approval;.
4. The principal Act is amended by the deletion of the words
“pension plan rules”, wherever the words appear, and the substitution
therefor of the words “pension scheme rules”.
The Pension Scheme Regulation
(Amendment)560 No.28 of 2022]
Amendment
of section
13
General
amendment