What is NAPSA all about?
The National Pension Scheme Authority (NAPSA) was established in February 2000 by the National Pension Scheme Act no. 40 of 1996 of the Laws of Zambia.
This followed the closure of the Zambia National Provident Fund (ZNPF) after the responsible Act under which it was formed was repealed. This means that ZNPF stopped receiving contributions on 31stJanuary 2000.
NAPSA was formed to provide income security against the risk arising from retirement (old age), death and invalidity with a focus on adequacy of benefits and monthly receipt of pension in a better way than the repealed ZNPF. This is achieved through the payment of different kinds of benefits to its members.
WHO IS A MEMBER OF NAPSA?
A member of NAPSA is one who has duly registered with NAPSA, has been issued with a Social Security number (and card) and contributes to the scheme in accordance with the National Pension Scheme Act. No. 40 of 1996 of the laws of Zambia.
This person is eligible upon retirement or invalidity to receive a benefit payment from NAPSA; subject to the prescribed conditions which are outlined later on in this edition.
NAPSA HAS CUSTODY OVERTHE ZNPF ASSETS
As earlier noted, many people were registered under the ZNPF prior to the establishment of NAPSA and actually made contributions to that particular scheme.
NAPSA is the official custodian and manager of the assets of the ZNPF. This means that NAPSA is managing all the funds contributed to the ZNPF and has continued paying benefits to eligible members of that scheme as they qualify for the same.
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