- Is amended by Pension Scheme Regulation (Amendment) Act, 2000
- Is amended by Pension Scheme Regulation (Amendment) Act, 2005
Pension Scheme Regulation Act, 1996
- Commenced on 12 December 1996
- [This is the version of this document as it was at 31 December 1996 to 31 January 2000.]
Part I – Preliminary
1. Short titleThis Act may be cited as the Pension Scheme Regulation Act.
2. ApplicationThis 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.[Cap. 256]
3. InterpretationIn this Act, unless the context otherwise requires—"Deputy Registrar" means the Deputy Registrar appointed under section six;"fund" means the total assets of a pension scheme;"member" means any person who has joined 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 the plan;"manager" means a person who is licensed as a company or institution and is registered under this Act to establish or manage a pension scheme;"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;"pension scheme" means any private, occupational or personal defined benefit or defined contribution pension scheme or savings plan;"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 Registrar of Pensions and Insurance appointed under section four; and"trust" means the legal entity, separate from the employer, in which the pension scheme funds are accumulated.
Part II – Registrar of Pensions and Insurance
4. Appointment of RegistrarThe Minister, in consultation with the Minister responsible for labour and social security shall appoint a Registrar who shall be a public officer and who shall be head of the Registry Office for pension funds and the Supervisory Authority for pension funds.
5. Qualification of RegistrarA person shall not be qualified for appointment as Registrar unless the Minister is satisfied that the person has qualifications and experience in actuarial analysis, business management or accounting.
6. Deputy Registrar
7. Functions of Registrar
Part III – Registration of pension schemes
8. Registration of pension schemes
9. Application for registration
10. Grant of certificate of registrationThe Registrar shall issue the applicant with a certificate of registration authorising the applicant to establish or manage a pension scheme, if the Registrar is satisfied that—
11. Creation of fundEach pension scheme registered under this Act shall have a fund established in a separate multi-employer trust or alternatively be affiliated to such a trust into which shall be paid all contributions, investment earnings, surpluses from insurance and other moneys, as may be required under the relevant pension plan rules or under this Act.
12. Application of fundThere shall be charged on, and discharged from a pension fund—
13. Conditions of certificate of registration
14. Duration of certificateSubject to the other provisions of this Act, a certificate of registration under this section shall remain in force for a period of three years, and may be renewed on its expiry on payment to the Registrar of such fees as the Minister may, by statutory instrument, prescribe.
15. Register of Pension Schemes
16. Use of Register in evidence
17. Inspection of RegisterThe Register or a copy of the Register shall be available for inspection by the public at the office of the Registrar during business hours and upon payment of such fee as may be prescribed by regulation.
Part IV – Prudential regulations and supervision of pension schemes
18. Conditions of compliance of pension schemes
19. Appointment of actuaryThe manager in consultation with the board of trustees shall appoint an actuary to the fund, who shall not be bound to take directions from the manager, the trustees or the employer, and shall be financially independent from any such person or body.
20. Qualification of actuaryA manager shall not appoint an actuary to its pension scheme for the purposes of this Act unless the actuary so appointed has an actuarial qualification equivalent to the one of an associate or fellow of the Institute of Actuaries of England and has the experience to perform the tasks assigned to him under this Act.
21. Actuary's rights and duties
22. Accounts and auditsA manager shall after the end of each financial year cause to be prepared—
23. Appointment of auditor
24. Investment policy
25. Investment of funds
27. Institution of legal proceedingsA contributor may institute legal proceedings against a manager contravening this Act, pension plan rules or regulations so as to protect his contributions under a pension scheme:Provided that any secured loan to an employer shall not exceed five percentum of the total assets of the pension fund.
28. Unsafe and unsound practices
29. Examination of fund by Registrar
30. General obligation of managerA manager shall—
31. Protection against attachmentNotwithstanding anything contained in any other law, where any judgement or order has been obtained against a member, no execution or attachment or process of any nature shall be issued against the contributions of a member, or an employer, except in accordance with the terms of the pension scheme and such contributions shall not form part of the assets of the member or an employer in the event of bankruptcy.
32. Liability insuranceA manager in consultation with the auditor and the actuary shall take out liability insurance with a recognised insurance company against the negligence or dishonesty of the directors, officers or employees of a pension scheme in order to safeguard its member's contributions and a copy of the insurance policy shall be lodged with the Registrar.
Part V – De-registration and appeals
35. Rights of contributors
36. Powers of Registrar if assets insufficientIf the Registrar finds that the assets of a pension scheme that is de-registered shall not be sufficient for the full discharge of its obligations to its members, the Registrar may take over the distribution of the assets and the supervision of the pension fund so as to protect contributors' interest under the pension scheme so de-registered and such distribution shall take place only after a corresponding distribution plan has been established by the Registrar.
Part VI – Miscellaneous
38. General guidelinesThe Registrar shall have power to prescribe and publish guidelines or other regulatory statements as he, in consultation with the actuaries and the auditors, may consider necessary or desirable for the administration and execution of this Act.
39. Appointment of inspectors
40. Powers of inspectorsFor the purposes of this Act, an inspector may at any reasonable time, enter the premises where a pension scheme is operating and inspect any accounts, documents or records relating to a pension scheme so as to determine the viability of such a pension scheme.
41. Obstruction of inspectorsA person who—
42. General penalty
43. Exemption from Banking and Financial Services ActThe Banking and Financial Services Act shall not apply to any pension scheme registered under this Act in so far as it relates to the regulation and supervision of a pension scheme.[Cap. 387]
44. Transitional provisionsAny pension scheme to which this Act applies that was operating immediately before the commencement of this Act shall apply to the Registrar for registration within ninety days after the commencement of this Act.
45. Tax exemptionsAny pension scheme to which this Act applies shall be entitled to tax exemptions as may be provided for under the Income Tax Act.[Cap. 323]
History of this document
05 May 2006 amendment not yet applied
01 February 2000 amendment not yet applied
12 December 1996
|Pension Scheme (Investment Guidelines) Regulations, 2021||Statutory Instrument 50 of 2021|
Cited documents 0
Documents citing this one 9
- Barclays Bank Zambia v Nyangu & Others (SCZ 8 80 of 2012)  ZMSC 30 (12 March 2012)
- Chavula & Others v Barclays Bank Zambia PLC Staff Pension Fund (Appeal 25 of 2015)  ZMSC 91 (12 September 2017)
- Chavula & Others v Barclays Bank Zambia PLC Staff Pension Fund (Appeal 25 of 2015)  ZMSC 96 (12 September 2017)
- Kayope v Attorney General (SCZ 8 319 of 2007)  ZMSC 1 (20 October 2011)
- Stanbic Bank Zambia Limited v Kumalo & Others (Appeal 182 of 2014)  ZMSC 56 (9 June 2017)
- Stanbic Bank Zambia Ltd v Kumalo and Ors (Appeal 182 of 2014)  ZMSC 276 (9 June 2017)
- Standard Chartered Bank (Z) PLC v Ntanga & Others (Appeal 193 of 2016)  ZMSC 96 (5 October 2020)
- Victoria Chileshe Sakala v Spectra Oil Corporation Limited (Appeal 2 of 2016)  ZMSC 320 (7 September 2018)
- Zambia State Insurance Corporation Limited v Zambia Bottlers Limited Pension Scheme & Others (Appeal 181 of 2009)  ZMSC 66 (13 August 2012)