AI-assisted research summary: This amendment lets the Authority waive certain penalties, allows some qualifying members to receive a one-off age benefit, and lets the Minister prescribe related conditions and transfer rules.
National Pension Scheme (Amendment) [No. 20 of 2022 509 GOVERNMENT OF ZAMBIA ACT No. 20 of 2022 Date of Assent: 6th December, 2022 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) (b) in subsection (2), by the deletion of the word “twenty” and the substitution therefor of the word “ten”; and 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) (b) attains a minimum age of thirty-six; and has made contributions to the existing fund. Enactment Short title Cap. 256 Amendment of section 15 Repeal and replacement of section 39 One-off age benefits Single copies of this Act may be obtained from the Government Printer, P.O. Box 30136, 10101 Lusaka, Price K4.00 each. 510 No. 20 of 2022] National Pension Scheme (Amendment) (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) (b) 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; 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.