About National Pension Scheme Authority
National Pension Scheme Authority (NAPSA) was established through an Act of Parliament, the National Pension Scheme Act of 1996. It came into being on 12th February 2000 following the transformation of the then Zambia National Provident Fund (ZNPF) which had been in existence since 1966.
The scheme is administered by an independent tripartite authority composed of members drawn from government, employees and employers’ associations who form a Board of Trustees. The Board is responsible for corporate policy formulation.
NAPSA covers all regularly employed persons in all sectors of the economy, although coverage is currently restricted to the formal sector. The cumulative number of members registered since the inception of the scheme in 2000 is slightly above 900,000 with active members around 600,000. The number of employers registered with the scheme is 18,000.These are spread across the country and are serviced through the Authority’s large network of 10 area offices and 13 district branches.
Benefits under NAPSA
NAPSA provides for the main three branches of social security benefits which include old age, invalidity, and survivors. The benefits are indexed to wage inflation and reflect a preservation of the value of the benefits over time.
Contribution to Economic Growth
The Authority’s vision is to add the highest value to members’ funds and also to the Zambian economy. In this regard, NAPSA plays an important role in the development and expansion of the National economy by availing capital through the financial banking systems for onward lending to emerging and existing businesses.
InvestmentsIn line with its vision, NAPSA is allowed to invest part of the funds collected according to the Investment Guidelines stipulated by the NAPSA Board.
The Authority’s primary investment objective is capital preservation, investment returns and liquidity. This is achieved by ensuring that the funds are managed prudently within acceptable parameters of risk defined by the Investment Guidelines and board approved asset allocation limits for each investment period.