By Sandra Chuungu.
Patriotic Front Kanchibiya Constituency Member of Parliament, Hon. Sunday Chanda, has thrown his weight behind a motion seeking to amend the National Pension Scheme Authority (NAPSA) Act.
The proposed amendment, to be seconded by Nalolo MP Hon. Imanga Wamunyima Jr., aims to introduce optional lump-sum payments to retirees ¹. 
The motion outlines three key objectives: – Optional Lump-Sum Payments: Allow retirees to choose between a full lump-sum payment or monthly annuities based on individual financial needs.
– Strengthening Financial Literacy: Empower NAPSA members with financial literacy skills to make informed decisions about retirement savings and investments.
– Retirement Insurance: Allocate a portion of lump-sum withdrawals to private retirement insurance plans for long-term financial security.
This development comes after President Hakainde Hichilema signed the National Pension Scheme Amendment Bill 2023, enabling partial pension withdrawals.
Over 80,000 NAPSA members have already benefited from pre-retirement lump-sum benefits totaling K2.5 billion.
Chanda emphasized the motion’s focus on enhancing retirees’ financial well-being and dignity.
The proposed amendment will provide NAPSA members greater flexibility and financial security in retirement planning.
