NAPSA ASSURES GROWTH, ROLLS OUT NEW PENSION PRODUCTS

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Posted by admin on May 30, 2026 at 5:32 AM

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The National Pension Scheme Authority (NAPSA) has reaffirmed its growth trajectory and contribution to Zambia’s economy, while unveiling reforms and new products designed to strengthen social security coverage and improve benefits for members.

Speaking at the 2026 Zambia Institute of Marketing Conference, Director General Muyangwa Muyangwa urged citizens to embrace the “new NAPSA” and its upcoming suite of products aimed at enhancing financial independence and securing the future of workers across different sectors.

Among the key pension reform measures highlighted were Minimum pension increase from 20% to 25% of National Average Earnings. Funeral Grant increase by 25% in 2026.

Income replacement rate raised from 40 percent to 45 percent and Advance payment option introduced for pensioners.

Muyangwa announced Supplementary Savings Product – targeting members who wish to boost their retirement savings, including self-employed individuals.

Diaspora Savings Product – enabling Zambians abroad to save towards a secure retirement back home.

Zambia Kuchalo Wealth Fund (ZKCWF) – an investment vehicle allowing citizens and diaspora communities to co-invest alongside NAPSA in diverse opportunities.

“These reforms and products are intended to broaden social security coverage, promote a culture of saving, and provide flexible investment opportunities for citizens both locally and abroad,” Muyangwa said.

He urged members to prepare for the new developments by signing up on the ICARE platform and keeping their accounts up to date.