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President Hakainde Hichilema recently assented to the National Pension Scheme Bill that provides an option to claim for one off-age benefits by a member under the prescribed minimum pensionable age of 36 under the existing funds
President Hakainde Hichilema recently assented to the National Pension Scheme Bill that provides an option to claim one off-age benefit by a member under the prescribed minimum pensionable age of 36 under the existing funds.
The Bill has also revised the penalty rate for delayed payment of contributions from 20% to 10% and provides for a waiver of penalties arising from the delayed payment of contributions.
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The National Pension Scheme (Amendment) Bill of 2022 was first presented to the National Assembly for debate this October 2022 and has been assented to by the President after passing all the readings. Cabinet recently approved in principle the introduction of a Bill in Parliament to amend the National Pension Scheme Act No 40 of 1996 so as to provide members of the Scheme an option to access part of the contributions before retirement.
