PARLIAMENT APPROVES MOTION FOR OPTIONAL LUMP SUM RETIREMENT BENEFITS UNDER NAPSA

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Posted by admin on November 13, 2025 at 3:36 AM

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Parliament has approved a Private Member’s Motion moved by Kanchibiya Member of Parliament Sunday Chanda, seeking the introduction of optional access to lump sum retirement benefits under the National Pension Scheme Authority (NAPSA).

The motion, seconded by Mufulira MP Golden Mwila, calls on government to reform the retirement benefit structure to allow contributors the choice of accessing lump sum payments upon retirement.

Speaking in Parliament, Mr. Chanda emphasized that the proposal was not about withdrawing all pension savings, but about introducing choice and financial freedom for retirees to use their savings to build homes, start businesses, or restore dignity after years of contribution.

Minister of Labour and Social Security Brenda Tambatamba expressed government support for the motion, noting that ongoing NAPSA reforms are already aligned with the proposal. She added that her ministry is exploring additional measures to enhance access to pension benefits as part of broader social security reforms.

Members of Parliament overwhelmingly backed the motion, describing it as an important step toward promoting financial independence and flexibility for retirees.