{"id":7434,"date":"2018-03-06T06:02:44","date_gmt":"2018-03-06T06:02:44","guid":{"rendered":"http:\/\/themes.radiantthemes.com\/consultix\/demo-one\/?page_id=7434"},"modified":"2019-06-19T09:17:59","modified_gmt":"2019-06-19T09:17:59","slug":"faq","status":"publish","type":"page","link":"https:\/\/www.pia.org.zm\/?page_id=7434","title":{"rendered":"FAQ"},"content":{"rendered":"

[vc_row full_width=”stretch_row” gap=”20″ css_animation=”none” css=”.vc_custom_1520490387579{margin-top: 0px !important;margin-right: -25px !important;margin-bottom: 0px !important;margin-left: -25px !important;padding-top: 53px !important;padding-bottom: 65px !important;background-color: #ffffff !important;}”][vc_column css_animation=”none” css=”.vc_custom_1520490166476{margin-left: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}”][vc_row_inner css=”.vc_custom_1520489060407{margin-top: 0px !important;margin-right: 0px !important;margin-bottom: 45px !important;margin-left: 0px !important;padding-top: 45px !important;padding-right: 45px !important;padding-bottom: 45px !important;padding-left: 45px !important;background-color: #f4f5f6 !important;}”][vc_column_inner css=”.vc_custom_1520488501364{margin-top: 0px !important;margin-bottom: 28px !important;padding-top: 6px !important;padding-bottom: 6px !important;padding-left: 75px !important;background-image: url(http:\/\/themes.radiantthemes.com\/consultix\/demo-one\/wp-content\/uploads\/2018\/03\/faq-icon1.png?id=7441) !important;background-position: 0 0 !important;background-repeat: no-repeat !important;}”][vc_custom_heading text=”Pensions Questions” font_container=”tag:h2|font_size:28px|text_align:left|color:%23001a57|line_height:27px” use_theme_fonts=”yes” css=”.vc_custom_1560935148455{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}”][rt_accordion_style radiant_accordionstyle=”five”][rt_accordion_style_item radiant_accordiontitle=”What is a pension?”]<\/p>\n

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A pension is a stream of income that is paid usually when one attains retirement, but it can also be paid to a child till they are no longer children. Widows and widowers may also receive a pension on a death of a spouse<\/p>\n<\/div>\n<\/div>\n<\/div>\n

[\/rt_accordion_style_item][rt_accordion_style_item radiant_accordiontitle=”What is a Pension scheme?”]<\/p>\n

I<\/strong>s an arrangement under which persons are entitled to benefits upon retirement or upon death or termination of employment or upon the occurrence of such events as specified in law or the document establishing a pension scheme<\/div>\n

[\/rt_accordion_style_item][rt_accordion_style_item radiant_accordiontitle=”Are their different types of pension scheme design?”]<\/p>\n

Y<\/strong>es a pension scheme can be designed as a defined benefit scheme (DB) or defined contribution (DC) or a hybrid. A defined benefit scheme is a pension scheme where the retirement benefit payable is based on a pre determined formula. While a defined contribution scheme is a pension scheme where contributions into the scheme are pre determined implying that the benefit is uncertain as it will depend on accumulated contributions and investment earnings. A hybrid combines the features of a DB and DC.<\/div>\n

[\/rt_accordion_style_item][rt_accordion_style_item radiant_accordiontitle=”Why contribute to a pension scheme?”]<\/p>\n

T<\/strong>he main reason for a pension scheme is to save for retirement, but as a social protection instrument a pension scheme also offers benefits when one loses employment as a result of ill health, death or just wishes to take up other activities.<\/div>\n
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V<\/strong>iewing one\u2019s life from a life perspective you see that one\u2019s saving opportunities are at peak when in employment, therefore part of the excess income (surplus over consumption of members\u2019 household) is deferred or postponed to retirement through a pension scheme. Pensionable employment also provides for job security as it gives you certainty that you have a job over a long period in excess of 20 years.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

[\/rt_accordion_style_item][rt_accordion_style_item radiant_accordiontitle=”How does a pension scheme work?”]<\/p>\n

A<\/strong>\u00a0pension scheme has two stages namely accumulation and de-accumulation stage. During the accumulation stage contributions from members are paid into the fund (scheme) and these monies are invested. While during the de-accumulation stage the individual starts receiving a pension and the fund value starts declining.<\/div>\n

[\/rt_accordion_style_item][rt_accordion_style_item radiant_accordiontitle=”Who manages the pension scheme?”]<\/p>\n

T<\/strong>he Board of Trustees are the one with the management and control function of the scheme, however trustees appoint fund managers, administrators or qualified individuals to perform the duties of a fund manager and administrator.<\/div>\n

[\/rt_accordion_style_item][rt_accordion_style_item radiant_accordiontitle=”Who is a Trustee?”]<\/p>\n

T<\/strong>rustees have the main responsibility for the administration of funded occupational pension schemes and compliance with the requirements that apply to these schemes.<\/div>\n

[\/rt_accordion_style_item][rt_accordion_style_item radiant_accordiontitle=”Who is the Fund Manager?”]<\/p>\n

A<\/strong>\u00a0fund manager is a company that has a duty of investing funds of the scheme on behalf of the Trustees. They place, monitor and call off investments on instruction from the trustees.<\/div>\n

[\/rt_accordion_style_item][rt_accordion_style_item radiant_accordiontitle=”Who is a Fund Administrator?”]<\/p>\n

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A<\/strong>n administrator is the one who does the administration part of the scheme by paying out benefits, keeping scheme records and organising meetings for the Trustees.<\/div>\n<\/div>\n

[\/rt_accordion_style_item][rt_accordion_style_item radiant_accordiontitle=”Where are pension funds invested?”]<\/p>\n

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P<\/strong>ension funds are invested in various instruments like Government bonds, corporate bonds, property, fixed deposits, cash deposits, etc<\/div>\n<\/div>\n<\/div>\n

[\/rt_accordion_style_item][rt_accordion_style_item radiant_accordiontitle=”Can one use pension benefits as collateral?”]<\/p>\n

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C<\/strong>urrently a member of a private pension scheme cannot pledge as collateral his or her accrued pension benefits because the law prohibits assignments of pension benefits as security. In other setups it is possible to assign benefits<\/div>\n<\/div>\n<\/div>\n<\/div>\n

[\/rt_accordion_style_item][rt_accordion_style_item radiant_accordiontitle=”How secure are pension investments?”]<\/p>\n

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T<\/strong>rustees and their agents (fund manager and administrator) are required by law to ensure that investments are only made in secure and profitable investments. Therefore if the trustees follow the law pension investments are secure.<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

[\/rt_accordion_style_item][rt_accordion_style_item radiant_accordiontitle=”Can someone below 18 years be a member of a pension scheme”]<\/p>\n

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Y<\/strong>es in some pension schemes are recipients of child pension. A child pension is paid to a child until they attain a certain age 18 or 21 in cases where they are still in school.<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

[\/rt_accordion_style_item][rt_accordion_style_item radiant_accordiontitle=”How do I know if my parents are in pensionable employment?”]<\/p>\n

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P<\/strong>ension schemes give their members\u2019 handbooks or members\u2019 cards, so they need to show you the card<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

[\/rt_accordion_style_item][rt_accordion_style_item radiant_accordiontitle=”What jobs are in the pension industry?”]<\/p>\n

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T<\/strong>he pension industry can be a very big industry in certain countries assets under management as in excess of Gross Domestic Product (Value of goods and services produced in an economy). Therefore numerous jobs are available, in our market opportunities exist for Accountants, statisticians, Investment analysts, lawyers, customer relations, Actuaries etc<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

[\/rt_accordion_style_item][\/rt_accordion_style][\/vc_column_inner][\/vc_row_inner][vc_row_inner css=”.vc_custom_1520489392382{margin-top: 0px !important;margin-right: 0px !important;margin-bottom: 45px !important;margin-left: 0px !important;padding-top: 45px !important;padding-right: 45px !important;padding-bottom: 45px !important;padding-left: 45px !important;background-color: #f4f5f6 !important;}” el_class=”box-shadow”][vc_column_inner css=”.vc_custom_1520488729446{margin-top: 0px !important;margin-bottom: 28px !important;padding-top: 6px !important;padding-bottom: 6px !important;padding-left: 75px !important;background-image: url(http:\/\/themes.radiantthemes.com\/consultix\/demo-one\/wp-content\/uploads\/2018\/03\/faq-icon2.png?id=7493) !important;background-position: 0 0 !important;background-repeat: no-repeat !important;}”][vc_custom_heading text=” Insurance Questions” font_container=”tag:h2|font_size:28px|text_align:left|color:%23001a57|line_height:27px” use_theme_fonts=”yes” css=”.vc_custom_1560935185435{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}”][rt_accordion_style radiant_accordionstyle=”five”][rt_accordion_style_item radiant_accordiontitle=”Who can buy a life insurance policy?”]<\/p>\n

Anyone can buy a life insurance policy but as an individual policy holder the premium you will pay depends on your age, your health and your occupation.<\/div>\n

[\/rt_accordion_style_item][rt_accordion_style_item radiant_accordiontitle=”What benefits do I receive from buying a life insurance policy?”]<\/p>\n

It is not you who stand to benefit from your life insurance policy; it is the loved ones who depend on you. One of the main reasons to buy life insurance is the financial protection it offers them. The proceeds from a life insurance policy can replace the income loss as a result of your death, saving them from financial hardships.<\/div>\n

[\/rt_accordion_style_item][rt_accordion_style_item radiant_accordiontitle=”Can a person insure another person\u2019s life?”]<\/p>\n

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You can insure the lives of persons whose death may cause you some financial loss.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

[\/rt_accordion_style_item][rt_accordion_style_item radiant_accordiontitle=”What other type of insurance can I get?”]<\/p>\n

The other type of insurance is known as general insurance-it is basically an insurance that protects you against losses and damages<\/div>\n

[\/rt_accordion_style_item][rt_accordion_style_item radiant_accordiontitle=”What policies can I buy under general insurance?”]<\/p>\n

They are several but the most common policies include motor vehicle, household, health and travel.<\/div>\n

[\/rt_accordion_style_item][rt_accordion_style_item radiant_accordiontitle=”Is motor vehicle insurance compulsory?”]<\/p>\n

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Yes, if you drive a vehicle you need to buy a vehicle insurance policy. It is required by law; it is an offence to drive a vehicle without an insurance cover.<\/div>\n<\/div>\n

[\/rt_accordion_style_item][rt_accordion_style_item radiant_accordiontitle=”Do I have to report an accident to the police before I can claim compensation from my insurance company?”]<\/p>\n

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Yes, you should report the accident to the police immediately when it occurs. The police will investigate the accident and usually their report serves as an official evidence of the accident.<\/div>\n<\/div>\n<\/div>\n

[\/rt_accordion_style_item][rt_accordion_style_item radiant_accordiontitle=”What report do I need to make a claim for a vehicle accident?”]<\/p>\n

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You need a police accident report and a medical or hospital report from the health facility you attended as a result of the accident. You must always ensure that you have two reports before you make any claim against your insurance company for vehicle accident.<\/div>\n<\/div>\n<\/div>\n<\/div>\n

[\/rt_accordion_style_item][rt_accordion_style_item radiant_accordiontitle=”What are the advantages of using a broker or an agent to purchase insurance?”]<\/p>\n

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By using a broker or an agent to purchase insurance, you receive a more personal professional service. A broker or an agent with whom there is direct contact will take the time to know you and can be vital when purchasing a product; he\/she is also helpful when filing a claim.<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

[\/rt_accordion_style_item][rt_accordion_style_item radiant_accordiontitle=”Does insurance cost more when I go through an insurance agent or an insurance broker?”]<\/p>\n

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No.<\/strong>\u00a0Your premium is determined by the insurance company and remains the same whether or not you use an insurance agent or an insurance broker.<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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