Cabinet has approved, in principle, the introduction of a Bill in Parliament to amend the National Pension Scheme Act No. 40 of 1996 so as to provide members of the Scheme an option to access part of the contributions before retirement.
According to a statement issued by government spokesperson Chushi Kasanda, this was done during the 24th Cabinet Meeting in this year on Friday, 14th October 2022 at State House. This was convened by President Hakainde Hichilema.
Mrs. Kasanda said it has made a policy pronouncement on the need for a partial access to pension contributions by members of the National Pension Scheme through The President’s inaugural address to Parliament; the UPND Manifesto (2021-2026); and the 2022 Budget Speech, combined, as some of the policy documents that have pronounced the introduction of partial pension benefits.
“Implementing the policy pronouncement is necessary for the National Pension Scheme Act No. 40 of 1996 as it will allow employees to start planning for their retirement early enough,” she stated.
Meanwhile, the same meeting also deliberated on a number of legislative and policy matters including the Criminal Procedure Code (Amendment) Bill, 2022 which was also approved.