The Zambia Institute of Chartered Accountants – ZICA – President Cecilia Zimba has warned that there is need for a deliberate financial literacy programme that would help those that redeem their National Pension Scheme Authority – NAPSA – pre-retirement benefits to invest the resources wisely.
On the 17th of April 2023, President Hakainde Hichilema signed into law the National Pension Scheme Authority (Amendment) Bill of 2023, which allows for the partial withdraw of pensions.
President HH signed off with his special assistant for legal affairs Christopher Mundia Junior, a pre-retirement benefit which is now accessible by all National Pension Scheme Authority – NAPSA contributors which has over 800k formally employed contributors.
Scores of people in some parts of the country have been seen lining up at National Pension Scheme Authority – NAPSA – offices in a bid to access the partial pension withdrawal since this came into effect.
ZICA – President Cecilia Zimba, however warns that there is need for a deliberate financial literacy programme that would help those that redeem to invest the resources wisely and that ZICA was ready to work with the Government in this regard.
Speaking at the 1st Quarter Budget and Economic Performance Symposium organised by the Ministry of Finance and National Planning held in Lusaka on 2nd May 2023, Zimba thanked the Government for the initiative to allow for the partial withdraw of the pre-retirement benefits from the National Pension Scheme Authority – NAPSA.
The key requirements to qualify for this pre-retirement lump sum benefit withdrawal, is that the contributor is below pensionable age (55 years for early retirement) and has made a minimum of sixty monthly contributions or 5 years of contributions or has attained the age of forty-five (45 years).
