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Pensions Industry in Zambia

The Pension industry in Zambia is largely a two pillar system – the compulsory pillar and the voluntary pillar.  All employed individuals in the formal sector are compelled to contribute to one of the three public schemes namely the Public Service Pension Fund (PSPF), the National Pension Scheme (NPS) managed  NAPSA and the Local Authority Superannuation Fund (LASF).  This pillar is effectively not under the supervision of the Pensions and Insurance Authority but in the proposed bill all statutory pension schemes are expected to be supervised by the Pensions and Insurance Authority. 


The voluntary pension pillar is comprised of Trusts that are established by employers and are supervised by the Pensions Insurance Authority. There are currently 243 registered pension schemes in Zambia with a total membership of 108,508 as at the end of December 2017. 


The combined net assets as December 2016 stood at K 5.79billion (K5.66 billion in 2015).


With regards to the management of pension funds, the Authority has licensed five (5) pension scheme fund managers and seven (7) pension scheme fund administrators in 2018.