MINISTER of Labour and Social Security Fackson Shamenda has commended the National Pension Scheme Authority (NAPSA) board of trustees for having achieved an investment portfolio of over K8 billion in three years.
Mr Shamenda is grateful that the board managed to revise NAPSA’s investment strategy and guidelines to make its investment activities responsive to the needs of Zambia’s economy.
“I want to commend you for the notable growth in the scheme’s assets from K6.2 billion in 2012 to K13 billion at the end of December 2015,” Mr Shamenda said.
He was speaking in Lusaka yesterday when he bade farewell to the board of trustees whose tenure of office came to an end.
He commended the board for upholding tenets of good corporate governance and coming up with the enterprise resource planning platform, which will bring efficiency in the management of members’ fund.
“I want to recognise the proposed amendments to the National Pension Scheme Act approved by the board such as the alignment of the penalty rate to the Bank of Zambia,” he said.
And the minister urged management to ensure NAPSA implements all the decisions made by the board.
Mr Shamenda also urged management to support Government in infrastructure development, especially in the newly created districts.
Outgoing board chairman Teddy Mulonga said the fund is geared for the implementation of the new pensions legislation Government is working on.
Mr Mulonga said NAPSA is ready to play its role in ensuring the welfare of workers in their productive lives is safeguarded.
And NAPSA acting director general Yollard Kachinda said the authority has recorded growth in scheme membership from 7,932 in 2012 to 12,455 this year.
“We have managed to open new stations, extension of coverage to Mopani and Konkola Copper Mines and the implementation of the enterprise resource planning,” Mr Kachinda said.