A legal analysis of payments of National Pension Scheme Authority benefits

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Ndazye, Catherine
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There is a growing realisation in Zambia and most developing countries that there is a clear link between failure of the legal system to give equal social security protection and pensions to the vulnerable and the levels of poverty. Pensions refer to regular income received after retirement and are a part of social security schemes whose fundamental objective is to protect individuals and provide for a decent standard of living for people in retirement, unemployment and death of a wage earners.The research looks at a comprehensive overview of the legal and regulatory framework for social security and pension provisions in Zambia and the various pieces of legislation that have material bearing on the pension industry in Zambia, their composition, structure as well as their strengths and weaknesses. The focus of the research is to lay out any flaws, irregularities or conflicting provisions in the legal framework that causes delays in payment of pension benefits. This research will be based on both primary and secondary information. The primary information will be gathered through an intensive study of the NFS Act with regard to the law on contributions and benefits as well as interviews from personnel of the National Pension Scheme Authority.The secondary information will be gathered through desk studies of published materials on the subject from various books and articles. The research recommends for the protection of pensions in the Zambian Constitution and enhancement of various pieces of legislation which should take into account prompt and regular payment of pension benefits. There is also need to harmonise and reform legislation dealing with pensions to ensure prudential regulation and supervision and tightening controls in every area of social security provisions. These controls should also cover NAPSA which is currently not being supervised by any regulatory body despite being the custodian of the basic pension for all employees in the formal sector.
Zambia. Financial services reform , Pensions- Zambia , Social security- Zambia , National Pensions Schemes Authority- Zambia , NAPSA- Zambia