GOVERNMENT OF ZAMBIA                                 ACT                                                      No. 28 of 1996   Date of Assent: 20th November, 1996   An Act to establish the pensions and Insurance Authority and define its functions and powers; to provide for the prudential regulation and supervision of  pension  schemes; to provide for matters connected with or incidental to the foregoing. (As amended by Act No.27 of 2005)                                                               [12th December, 1996         ENACTED by the Parliament of Zambia                                                           PART I                         PRELIMINARY      1.  This Act may be cited as the Pension Scheme                 Regulation Act, 1996, and shall come into                        Operation on such date as the Minister may,                   By statutory instrument, appoint.                                                                                                                          2.  This Act shall apply to any institution or             company that establishes or manages a             pension scheme except the National             Pension Scheme established under the                              National Pension Scheme Act.                   3.      In this Act, unless the context otherwise requires-     “Administrator” means a company or institution registered under this act whose business includes- (a)   undertaking, pursuant to a contract or other arrangement the management and day to day administration of the fund; or (b)   providing consultancy and secretarial services to the scheme funds; (As amended by Act No.27 of 2005)   “Authority” means the Pensions and Insurance Authority established by  section by four; (As amended by Act No.27 of 2005)     “Board” means the Pensions and Insurance Authority Board constituted under section six “Chairperson” means the person appointed as Chairperson of the Board under section six;   “committee” means a committee of the Board established under paragraph 5 of the schedule;   “custodian” means a company which is incorporated under the companies Act and which holds a banking licence issued under the Banking and Financial services Act and is registered under this Act (As amended by Act No.27 of 2005)               “Deputy Registrar” means the Deputy Registrar appointed under section               six,                                           “Fidelity Fund” means the fidelity fund established by section one               hundred  and nine of the insurance Act; (As amended by Act No.27 of 2005)             “fund” means the total assets of a pension scheme;           “Manager” means a company or institution registered under this             Act whose business includes: (a)   undertaking, pursuant to a contract or other arrangement the management of the funds and other assets of a scheme fund for purposes of investment; or (b)   providing professional services on the investment of the scheme funds; or (c)    reporting or disseminating information concerning the assets available for investment of scheme funds.    (As amended by Act No.27 of 2005)               “member” means any person who has joined a           a pension scheme after the eligibility requirements           have been met and has not ceased membership           to a scheme or any person drawing a pension under       “Member” means a member of the Board or a committee of the          Board; (As amended by Act No.27 of 2005)   Multi-employer trust” means the legal entity established by a group of employers into which all contributions, investment       earnings, surpluses and other moneys are accumulated on behalf of members of a pension scheme or an entity which allows affiliation by any established pension scheme for the purpose of pooling resources for investments; (As amended by Act No.27 of 2005)                           “pension scheme” means any scheme or arrangement  other than a contract for life assurance, whether established by a written law for the time being in force or by any other written instrument, under which persons are entitled to benefit in the form of payments determined by age, length of service, amount of earnings or otherwise and payment primarily upon retirement, or upon death, termination of service, or upon the occurrence of such other event as may be specified in such written law or other instrument; (As amended by Act No.27 of 2005)               “Pension plan rules “means the regulations which shall be issued by each              pension fund and which shall be distributed to each member;               “Register” means the Register of Pensions established under this Act;               “Registrar” means the person appointed as Registrar under   section seven;   “Registry Office” means the Registry Office for pension funds established as a Government department under the Ministry responsible for finance and National planning for the purposes of this Act;   “single-employer trust” means a legal entity established by a single employer into which contributions, investment earnings surpluses and other moneys are accumulated on behalf of a pension scheme established pursuant to this Act (As amended by Act No.27 of 2005)   “trust” means the legal entity, separate from the employer, in which the pension scheme funds are accumulated and includes a multi-employer trust or a single employer trust.       Click Here to download the whole document  [PDF]

 

 

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