Pension Scheme Regulation [No.

27 of2005 219
(Amendment)

GOVERNMENT OF ZAMBIA

ACT
No. 27 of 2005

Date ofassent: 23rd December, 2005

AnActto amend the Pension Scheme RegulationAct.
·r
\
[23rd December, 2005
ENACTED by the Parliament ofZambia. Enactment

1. (1) This Act may be cited as the Pension Scheme Regulation Short title and
(Amendment) Act, 2005, and shall be read as one with the Pension UlillUWllil1

Scheme RegulationAct, 1996, in this Act referred to as the principal ActNo.28of

Acl 1996

I
(2) ThisActshall come into operation on such date as the Minister
.·.', may, by s�tutory instrument, appoint.
2. The principal Act is amended by the deletion of the long title Repeal and
'.• and the substitution therefor of the following new long title: i"eplacem�nt
oflong
AnAct to establish the Pensions and InsuranceAuthority and title
define its functions and powers; to provide for the prudential

1I
i!

I
regulationand supervision ofpension schemes; and to provide
for matters connected with or incidental to the foregoing.
3. Section three ofthe principalAct is amended- '1 Amendmcn t
ofsection 3
· (a) by the insertion in the appropriate places of the following
'i �
newdefmitions:
" administrator " means a company or institution
registered under thisAct whose business includes-·
' '

(a) undertaking, pursuant to a contract or other

arrangement the management and day to day
administration ofthe fund; or
(b) providing consultancy and secretarial services
to the scheme funds;
"Authority " means the Pensions and Insurance
Authority established by section/our;
Single Copies ofthisAct may be obtainedfrom the-Government Printer.
P.O. Box 30136, IO I00, Lusaka. Price K7000 each.
 220 No. 27 of2005] Pension Scheme R{!gulation
(Amendment)
" Board" means the Pensions and Insurance Authority
Board constituted under sectiorisi�;
·• Chairpersbn " means the person appointec1 as
Chairperson ofthe Board under section six;
'' committee ,. me'/uis a committee of the Board
established underparagraph 5 ofthe Schedule;
"custodian" means a company which is incorporated
Cap.388 under the CompaniesAct and whichholds a banking
licence issued under the Banking and Financial
Cap.387 ServicesAct and is registered under thisAct;
the
"Fidelity Fund" means Fidelity Fund established
by section one hundred
·. and nine of the Insurance.
Act;
" member " means a member of the .. Board or a ·
· committee oftheBoardi
"Registrar" means the person appointed as Registrar
-lll1der section seven; and ·
• "RegistryOffice"meanstheRegistcyOf!iceforpension
funds established as a Government department under
the Ministry responsible for finance and national
planning for the purposes ofthis Act; and
"single-employer trust" means a legal entity established
by a single employer into which contributions,
· investment earnings, surpluses and other moneys are
accumulated on behalf of members of a pension
scheme �stablished pursuant to thisAct;
(b) in the definition of" multi:employer trust" by the insertion
after the woids "a pension scheme" ofthe words '.' oran
entity which allows affiliation by any establishedpension
scheme for the purposes of pooling resources for
investments";
(c) by the deletion of the definition of "manager" and the
substitution therefor ofthe following new definition:
"manager" means a company or institution registered
under this Act whose business includes:
(a) undertaking, pursuant to a contract_qr_other . -­
arrangement the management of the funds
and other assets of a scheme fund for
purposes ofinveshnent; or
 :, ..' ·- ,. · .
.

· ·.Pen.sionScheme Regulation · [No; 2,7 o'f�00S 221.

.{Amendment) · · · · · · ·· · ·
. ..
hority :(b) providing. professional services• on -the .
· investment of the scheme funds;·or '
.
·. · (c)· reporting or disseminating · information
ed as
· .. . concerning the assets available_ for
loard investment ofscheme
. ...funds.

.. . ,,, ,(d) by the deletion ofJlje. .d�finition of "p�sion scheme" and

to-:.,.,- .

.,
rated . the substitution therefor ofthe following new definition:_
1king ,, pension schen:ie"means any scheme or arrangement,
ncial •. , • other than a contract for Iifi:' assurance, whether
; established by a written law for the time being ·in
she( . •·.force or.by._any· other instrument, under whicli
ance : ... · .. . ', •, \perSO\JS...:µ-e_c;ntjtle_,r to. ben,efj,ts in the form.of
· .
. ·, : ''../.:, Pt°ytji��. -�e\�r.r,µiie\ij:iy age, length of.s�:'1�e,
:. ;:, .. ,. ,::oaJnount'"_of ear\iipgs or-otherwise and'paynit,nt,
or a
. \ :' ... ptimarilyuponreiirenien� orupondeath,teiminat:ion
.·. . ofservi.�e; ofupon tlie occuraiice ofsuch oilier event
,trar '"a:s �ay 'be specifi�d in.such written law or other
. . fustnnnent; au,ci .· · · .·· • :..: :
.
sion · . '. (e) bytlie de!�tio'ri'itthk
deffuitio'ii of''trm
. t"and the substitution .
::.der ;, ' .•.·1��for�ft4�Jqlfo��:'i , :: '· . . '.· ·. ' . •.
ma!
'' trust "·means the 'jegai e-ntity;-sepm:trlronrth•.,,.-· --�-'--�c'-----'- il'- - -­
·' . '
.· : employer, in which the pension scheme funds are ·
bed ., . aCCl,Uilulated·and jncludes a ;nulti-employer\rust or
ms, .. . . · ·ii�Jngle-em,pl9yertri:ist; ,, · .·,, · .. · : . '
. '·. ·: · 4, :ni� �rincip�I Act is ani�dedby the repeal . Part II anci the R�p�;,land'
of
are
ion
. 'substittitioh therefor cifthe foliowii:J.gnewP art: . . ;. ·: .. .· :. •· .·· �:-· · -�fofP .!'Pl�cement,_______ ,.. . ... ..
:
10n
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·. ::;:/:,:,,<:_:::)',_'//. :;·.··I//;f�T)I;·· .·t'.:
.
. ·
. . . , _ · ..· •· . j1 ,
: ,_ .
·an. ·-. ,.. · , · ,·,:. ,:c�.. ,,THEPENSJON$Am1INS�<;EA1JTH0RIT)' . · . :_,;,(' ,.
ion· ::, .' ';_ . '• :.. :,C:'(1) Jhere:is her�by e�t,iblishe� the Pe�sions·��d . Estiblishmeni
for. :· , ; Insurance .Authprity.which sh�11 be_ ii · body c·orporate with · ·.of Authority . : ::
. peipetualsuccession and a C0lllll1�11 . seai, capable ofsuing and . ,·1:-. .. --� .- ., .. ' ;

· ·, . ', .,. • :.: ,.of�eing sued in i� corpqrate naine, and with power, subject to
·
:he .
· ·:· _: :· · the provisionsqf,tltjs.Act t'o do al1 �uch acts and ¢ings a�.a body .. . .. ·:::_:,'. ;_....
"\'' ·'

, . cou:ioratemay bylawdobrperform.. . . . . . .
ed · .: :, ·: (2). ·Th� provi�j;;s pftheS6h�dlile sh�il �pplyto the
Authority... ·;; -·· . ·. ,, ··. : ... > ,:. ·.' · .· .·:·: .
.er
ds 'i. 'er) s'." 6fth� A�ih�ri�
.Jhe fun�;i���' shall be t� , . Functions of
Autbority.
or . ·:: "ta)re�sterand dere��terp�sio�scheme;inaccordance ·. ·
: : ; ./:. with this.A.ct and in ponsultai1on with the minis\er .
·,.:,•:responsible forlabour and social secµrity;
... ·, . . . .· .. . · . -· .
r

··:· •- ..
 222 No. 27 of2005] Pension Scheme Regulation
(Amendment)
(b) register and deregister managers, administrators and
custodjans ofpension schemes;
(c) regulate and supt,rvi_se the establishment and
management ofoccupational pension schemes and
insurance busiIJesses;
(d) protect the interests of members and sponsors of ·
occupational pension schemes, and ofshareholders.
and policy holders ;
(e) licence re-insurers, insurers, insurance brokers,
insurance agents, loss adjustors, loss assessors, claims
.r
I agents and insurance risk surveyors; ·
(I) administer and manage the Fidelity Fund established
pursuant to. section one hundred and nine of the
ActNo.27.of Insurance Act and settle claims ?gains! that. Fund;
1997
(g) formulate and enforce standards in the conduct ofthe
'

business ofinsurance with which a member ofthe

· insurance industry must comply;
.(h) monitor the sol;,:ency pf insurers and ensure the
observance of sound insurance principles and
practices by the insurers in the conduct ofinsurance
business·'
(i) monitor and periodically review premium rates and
scope of cover of policies that provide insurance
cover in satisfaction of a legal requirement;
(j) in consultation with the Competition Commission,
fommlate and implement measures calculated to
�courage healthyciompetition and eliminate unfair
practices in the insurance and pensions industries;
(k) advise the Minister and the Minister responsible for
Labour and Social S,ecurity in policies relating tp: the
pensions and insurance industries;
(!) advise the Government on adequate insurance protection
cifnational assets and properties;
(m) implement policies relating totheinsurance andpension
industries;
(�) promote the development ofthe insurance and pensions
industries;
(o) set and enforce standards for the conduct ofthe business
of insurance and occupational pension schemes; and
 tll
,1 2
=:ix-.:.,
.. :- -: . .. -- ...'.; ;, - .... .. . . .

Pension Scheme Regulation_ lN0•. 2,ror 200s ,223 - .- -

(Amendmeni)
sand · (p) undertake such other activities a_s are conducive or ·
_-. incidental;to the p_erfonnance qfits functions under
· .'\.,,_ .-. '
and . . theAct;
s and , (2)' -Notwithstanding subsection (1), the Board may, by·
direction in writing and �bject to such conditions as it considers
rs of- · . fit, delegate to any member,-committee or.the Registrar· �y · ·
of
lders its functions under this Acl
6. (l) There is hereby· constituted the Pensions: and Constitutjon
-JnsuranceAuthority Boardwhfoh shall, subject to the pro�ions ofBoard : ,, . .
· ofthis�ct, perform the ftinc.tions oftheAut)iorjtyundei;',t)ris. ·
cers,
aim�-:.- -
. ,' ._,,. <�� .' ,:.--' �i;· ·:; ':
1
·
.
' · <· : ..... :J·. --->�:::-=r.·::::(·,�t-:f,_\�--- 5::_ .· ';,_;_ .-.: .
,..· t'''c cl ;(2):;-:/TheJ3oard shall consist-of th�· ollowing part-time -,
: -'··.. ,: ·:·: :
\'.� i, i(•.�1..=. ·: ·.. :- . _.- .-· ·. ..-:_' ..
;hed · · ·
_

- ·
f
· members appointed by the i¼Wster: · · · · · ·
'the .
d; · . (a)arepreseµtatiieoftbeMinistzy responsibleforfinap.ce;:
. ·.·-: ·: '(bJarepresentati�ofth�Mirri respQIJsibleforlaboui .._ ··,
'the
'_the.·
\,-.
.i
:_ \ '''. ':'1111dsocia) s��tf, ,::: '}:.- '.::'\
:
stzy .
>/: '· > /'':\ , .< ..
.
. {( . (c) a·
· r epr�en!:jltive:ofthe B:inkofZambia;, _ .•
the (d) arepresenfi\tive ofilieZm:nbiaAssociation ofChamber's
• • '." .· ., ",' i ·'•.:·•· . "•V • · > • •

\.
·. 1

md .i : .. _- ofCornmerceandJ3,1dustry; . .. ·: . .· :. . . _.·
rrce . (�) �representltiye �ffu�Atto�ey-General; ' ' .
· ·, : {f) a r�;.es·i� dve'.�fthe Zambia Institute of Certified
i.

md . - ·
. �. ·. ·. -1��wn1S{: -�/\;_.:<;>.,;).\_ -r '. :\: ; .
t;i
',•

ice
-. . lg) _an.:pre=.ta(iv� ofth�.?,aml?i�feder:ation ofEmployers; · ·
' . : : ._:, � ·;1-

m, ; .; , ; . _: :Jh) a.��sentatiyeqf�t,?de�o��esentingworters.- ·_. . . . :.'/'.· _:'

' <./ ..:'. . :i,-:.,. in1)1� wsm:ai;cepqiensionsind�; and. - ·.· :•- _-
. ·
, _· :; · :-: ·. :·,r;j cine.,6ther jlerso� --who shall have e;q,ertis� iri' the . : i . \!: . .. _
:'' ' . . . : ·,> :-administraticinofpensionfunas, insuiance or actuarial. , .. ·.: , :.•. ' ·... : .·
·�tters. ';:. ·,· •_•�::,:)•! (,_;:.,_:, · :. _ : . ,,_ _'.,,: ·\, .; ,:,,:,.
. .
••�,'.,... • • ·:•: • • ' ·•• •
• •

· · ., :::. "(3) ·' The m'embers i:eforred:to in subsection (2) shali be:
I, • ,, 1
•

. \1_1�ID4iated by theirrespe9tiye,orga,1isations oi _ministries.-:. · ·

,n __ . - - · - c4) The Chairperso� and the \l'ic�-- Ch�irpersort shall be ·
,
. , :, . · appoj:
· nted b:v,tlie minister from among the members ofthe board: ..
- , . .(5) A person shall not �e app�i�ted as a·member_ o_fthe.
.,
·' ·
_ •Board if the person ""'." . : ·:, ._.: ·. ·,: ,•.. , · : · .
11
. - I.
. · .' ' � . ';
i·{a) is an undischarged bankrupt;
.

s . .
: 'I-
I

·
•

·, . · has been convicted ofan offence involving fraud or

. ...
(b)
s_ . ' . , dishonesty;or ', : "-
.' . ·.:,. · .. . · . . ,_ · •
, '' . . .
i
_;

-:,-· -· ·-
, .,,.�.,.��
. ._ -. --­
: :· �----�:.::_-�
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:i;i�- ·._,_..·±�i.:-_, __ ? ••
·�,.:s...t· ':· · )j?
·;,·: .

224 No. 27 of2005] Pension Scheme Regulation

(Amendment)
(c) has been convicted of an offence under any other
written law and sentenced to a term ofimprisonment
ofnot less than six months, without the option ofa
fine.
Registrar 7. (1) The boardshalf, with the approval ofthe Minister,
in consultation with the Ministerresponstble for labour and social
security appoint a Registrar who shall be the chief executive
-, .r officer of the Authority and who shall, subject to the control and
.direction ofthe Board, be responsible for the implementation of
the decisions of the Board and the day to day administration of
the Authority.
- - - - - -- l·2)_A_p_ers_OILSha!Ln.ot be (!ualified for a ointment as
Registrar unless the Minister is •Satisfied that the person has
qualifications and experience in actuarial analysis, business
management, law or accounting.
(3) The Board shall, with the approval of the Minister,
determine the terms and conditions ofservice ofthe Registrar.
(4) TheRegistrarshallattendmeetings oftheBoardandmay
attend meetings ofanycommitteeoftheBoardandmayaddress
the meetings, but shall have no vote.
(5) The Registrar shall, suqjectto the direction oftheBoard,­
(a) ensure thatthepension fund is established in form ofa
single-employertrust or multi-employer trust separate
from the employer's business;
(b) ensure thatthepension scheme is laid down in pension
plan rules covering the contribution formula, all the
benefits, type ofplan, options provided and deadlines
· for choosing, calculation 9fportability rights and
member's rights for participation in the management
of the pension fund; '
(c) examine the certificate ofincorporation ofthe trust;
(d) ensure that an.auditor and an actuary are appointed in
accordance with this Act; ';
(e) examine the annual accounts, the report ofthe niaruiger
ofpension fund and the auditor's report;
(!)examine the actuarial evaluation and ensure it is done
periodically according to thisAct;
(g)ensure that re-insurance arrangements are entered into
in accordance with the actuary's recommendation;

·-. .
... ':
.
...-.. .... .. .
'•• .� '• I
 l ff ·. .
I. .

P11ns(on Scheme Regulation .· . [No.

:·· . '
2T<it;2oos
.
,22�
,..,,. . · • . • • ,_•·
(Amendment)
(h) ensure that, in th. ·
e .case of a multi-employer trus� a-··
.written affiliation agreement exits, which adequately
. protec.ts the pension fund 's rights, the 'member�' .
rights �nd the portability ofaccrued rights;.
· (i) enforce any conditions imposed und er this Act on a
pension fund, trust or the . manager, administratciror ··
custodian of such a fund or trust;
(j) directirisurers and re-insurers on the standardisation of
. the contracts ofcompulsory insurance;
f (k) direct an insurer orre-insurer where the Registra� is
. ·c�:-� ·-:· · satisfied that the contract ofinsurance issued by the ·
· · :insurer orre-ins=.is obscure orcontains ambiguous,
.':tenns or terms_;µi_cl conditions which are. unfair or· · ·
""JJJlPressiv,e t9 tht:!p91icy-holders, to clanfy;simplify, ·
1; J. "

" ., •
)."

· 'amend or delete.th_e wording, terms· or conditions,

. as.the. case may be, in respect offuture . contracts;
. .
and
.
(I) exercise and perfotm_such other poiers and :fiw.�tions_ .· .
. .. ·· as :I!lay be conf:erred o n the R�gi�trar by. o r uncler '.
. , .:-, .!hi.�A.2t Mc!Jll�cln·m�ll!lceAct, · :J : :: :":: . : ·::.�-�·- , :: · • .. • ::ActNo, 27 of ·
(6): The Registrar, shall at all times- ··
1m

a . ' · (a) prcite�t the·rights, benefits and other- interest oftlie

· ,•members in acco,da11ce with their correspon_di,1lg .
e· · .
pens ion scher. n e;: a J) · · ·
. d ·
' (b) monitorthe viability cifa pension scheme.and ensure
· · . . · . .that a pension scheme is operating on s01md financi�l
n·

. i\lfid actuarial,ptjqcjples. .. : . ) , _. . • . ' .:_ , :' .· :· : .. .. . , _.

e

. .
. s.· . ··(1) ', :• Se�tion eigfitoftli.e · principal Act is· - ameni kcl - · imendm,ent . : ;.,
:s

. . . . • .' · ·ofscctioil. 8 • · " · ·

d c

d ! t of e
:· · · ·.. . , . · _. . ·
;:•-, ;• _ ·, : /� ;�;:;:�:�?;?�Jr �<;- ,� 7 ;;q th ��� $ " ?
1t
) d r
i:{ _ ,
.
·, · (b) by_the'insertion immediately aftersubs�tion (1) oftl,e _ , , , > · .\ (
. .' :-:' ,'-\ : ·,
•

'ri ' .• followin gnew subsections : · ,

· •· · , , · ·
..:_._·'·(2} - Every pension·scheme; other tha_n a'.·
I � < • > •• - •. •

:$cheme estaqiished by a written law, shall.be...

i ��ta�lished i.m�eran irrevocable trust. • _
. (3) Subject to subsection (2) the. rules of the, .
·. ··:�ch�meor, fund s�ll make provision for-
. . ' . .
.
to
.

. ; : .·, · (a) the�nner ofappointment or election

-. .·

.
_· _. _ _:_. '. ofirustees andtheir terrnof office; ·
... . .. . . - . ; . . . ·.
.
 226 No. 27 of2005] Pension Scheme Regulation
(Amendment)
(b) the functions, powers and duties ofthe
.
trustees which sball include the general
supervision and administration ofthe
scheme· or fund;
(c) the number of trustees of whom one­
half shall be appointed or elected by
the members and the remainder shall
be appointed by the sponsoring
employer;
(d) the methods ot; and ground for, removal
fromoffice of trustees;
(e) the election and appointment of a
chairperson of the Board oftrustees
and the functions, powers and duties
ofsuch chairperson:
Provided that the chiefexecutive
officer ofthe sponsoring company
shall not be chairperson of the
Board oftrustees;
(j) the quorum at any meeting of the Board
· of1rustees shallbe fifty per centuin of
the total number oftrustees;
(g) the procedure for convening any
meeting;
(h) the manager, administrator or custodian
shall attend the meetings oftheBoard,.
.of trustees as ex-officio member and
may address those meetings but shall
have no vote.
(4) A person shallnotbe appointed as trustee
of any scheme fund if that person-
(a) has been sentenced to imprisonment by
a court of competent jurisdiction for
fraud or dishonesty for a period of six
, months or more;
(b) is adjudged bankrupt;
(c) was previously involved in · the ,•;
management or administration of a
scheme whichwas deregistered for any
failure on the part ofthe management
or the administration thereof;

-·· :• ' ..
 Pension Scheme Regulation [No. _27 of2005 :'?!27
(Amendment)
(d) is disqualified under any other :written
u law, from holding office as such; or
(e) is considered by the Board to be, in a.,y
e
. way, detrimental to the scheme.
(c) by therenumbering ofsubsection (2) as subsection(5).
6. Section nine of the principal Act is amended in Amendment
subsection (2}----- ofsection9

(a) by the deletion in paragraph (b) of the words "

established or managed" andthe substitution therefor
of the w o.rds " established, managed o r
a administered";
:es (b) by the insertion in paragraph (d) of the words " or
ies administer " after the word " manage ";
(c ) by the deletion of the word " and "at the end of
ive paragraph (i');
my (d) by the deletion of the colon at the end ofparagraph (g)
the and the substitution therefor ofa semi colon;· and
(e) by the insertion after paragraph (g) of the following
,ard new paragraph:
nof (h) the applicant has supplied such other information as
the Registrar considers-necessary in determining
any the application:
7. Section ten ofthe principal Act is amended-· Amendment
dian (a) by the numbering of the paragraph in that section as
ofsection 10
oard -.
subsection ( l);
·anc'
shat; - (b) in subsection (l) bythe deletion of1:he words " establish
ormanage" after the words " authorising the applicant
to ".and the substitution therefor of the words
ustee
" establish, manage or administer "; and
ntby · (c) by the insertion after subsection (l) of the following
,nfor new subsections:
of six (2) N o scheme, other than a s cheme
established by a written law, shall be registered
under thisAct unless-
� the (a) it is proposed to be established under an
n of a irrevocable trust;
or any (b) the proposed scheme rules adequately
ement protect the rights and interests of the
sponsors and members thereof; and

.
.. .. .
,
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..... . ....-,:...
 . ------,...

228 No. 27 of2005] Pension Scheme Regulation

(Amendment)
(c) the trustees thereof satisfy the
requirements for appointment
specified in the Act.
Amendment 8. Secfiofie/even oftheprincipal Act.is amended,:,-,,,. ,;'
(a) by the insertionafter'the word" separate " ofthe words
ofsection 1 1

" single-employer trust or "; and

(b) by the deletion of the words " or alternatively be
affiliated to such a trust " after the words " multi­
employer trust".
Amendment 9. Section thirteen of the principal Act is amended in
ofsection 13
subsection (3) by the deletion oftheword " manager" wherever
· it appears and the substitution therefor of the word " trustee ".
ReP.eal and 10. The principal Act is amended by the repeal of section
replacement
oisection 14 fo urteen and the substitution therefor of the following new
section:

Duration of 14. Subject to the other provisions of this Act, a

certificate
certificate ofregistration issuedin respect ofa scheme shall
be valid from the date of issue and shall remain in force
until the scheme is deregistered or wound up in accordance
with the scheme rules or the provisions ofthe written law,
under which the scheme is established.
Insertion of 11. The principal Act is amended by the insertion
new Part IIIA immediately after Part ill ofthe following new Part:

PARTIDA
REGULATION OF MANAGERS AND OTIIBRS

Man�ement, 17A (1) Aperson shall not act as a manager, administrator

etc ofpension
fund or custodian of a pension fund unless that person is registered as
such and holds a valid certificate ofregistration issued under this
Act
(2) A person may apply to the Board for registration as a
manager, administrator or custodian of a pension fund in the
presciibed form.
(3) The Board shall within, siic!)(,days ofthe date ofreceipt
ofan application for registration, cm;isider the application.
(4) Where the Board is satisfied that the applicant has
complie4 with the requirements for registration lllPder this Act,
the Board shall, on the payment ofthe prescribed fee, register
the applicant and may refuse to register the applicant where the
0

Board is not so satisfied.

 . .. ·.;11L· .
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Pension Scheme Regulation·

, [No. 27 of2005 229
(Amendment)
(5) Upon registration the Board shall issue the applicant
with a certificate ofregistration in the prescribed form.
(6) Where the Board refuses to register an applicant as a
manager,administratcrorcustodian,asthecasemaybe, the Board
shall, in writing; furnish theapplicantconceni�.with Lliereasons �
for suchrefusalwithin fourteen days oftak,\t}�}he decision.
(7) A certificate ofregistration issuedunder subsection (5)
shall, unless earlier revoked, be valid from the date ofissue to
the thirty-first day ofDecembernextfollowing the date ofissue.
(8) Aregistered manager, administrator or custodian may

..
apply for renewal of registration three months :before the
expiration ofthe certificate ofregistration upon payment ofthe
prescribed renewal fee.
(9) Notwithstanding the provisions ofsubsection (7), where ·
an application forthe renewal ofa certificate ofregistration has
been made, such certificate shall continue in force until the
application forrenewal is determined.
(10) Aregisteredmanager, adminisfratoror custodian shall
not transact any business for which the manager, administratcr
or custodian is not registered under this Act.
17B. (I) A person shall not be registered as a manager Qualification
unless the person -
of manager,
administrator
(a) is a limited liability company incorporatedunder the
or custodian

Companies Act whose liability is limited by shares Cap. 388

and one ofwhose objects is to manage pension funds;
(b) has such minimum paid up share ca:pital as may be
determined by the Board;
(c) has thepro�essional capacity to manage.pension funds;
(d) has never been involved in the management ofthe fund
or any scheme which was deregistered due to any
failure on the part of management; and
'
l

(e} has shares of which not less than 5 1 percent are held
I 1

jJ
by a Zambian citizen or by a partnership whose
partners are Zarnbian citizens orby a body corporate
whose shares are wholly ownedby citizens ofZambia.
(2) A person shall notberegisteredasan administrator unless
the person-
C

(a) is a limited liability company incorporated under the

Companies Act whose liability is limited by shares

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· .·,:.i1ti1Ifr:f_•·:· ·
 230 No. 27 of2005] Pension Scheme Regulation
(Amendment)
and one of whose objects is to undertake
administrative or s.ecretarial functions of a pension
scheme or fund;
(b) has such minimum paid up share capital as may be
prescnoed by the Board;
(c) has the professional capacity to administer a pension
scheme;
(d) has never been involved in the administration of any
scheme which was deregistered due to any faiiure
on the part ofthe administrator; and
(e) has shares of which not less than 51 percentare held .
by a Zambian citizen or by a partnership whose
partners are Zambian citizens or by a body cmporate
whose shares are wholly owned by citizens of
Zambia.
(3) A person shall not be registered as a custodian unless
the person-
(a) is a limited liability company incorporated under the
Cap.388 Companies Act whose liability is limited by shares
and one ofwhose objects is to perform the :functions
of the custodian within the meaning of this Act;
· (b) has professional and technical capacity and adequate
operational systems to perform the :functions of
custodian;
(c) has never been.a custodian of any pension scheme or
fund which was deregistered due to any fault, either
fully orpartially, of the custodian; and
(d) has shares ofwhich not less than 5i I percent are held
I
by a Zambian citizen or by a partnership whose
partners areZambian citizens or j:,y a body corporate
whose shares are wholly owned by citizens of
Zambia.
(4) The Board may refuse to register a person as a manager,
administratoror custodian under this Act on the ground that-
(a) the person has not provided the Board with such
information relating to the company or any person
employed by or associated with the company or of
any circumstance likely to affect its method of
conducting business as may be prescribed by the
Board;

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Pension Scheme Regulation [No. 27 of2005 231

(Amendment)
{b) any director of the company has become mentally or
physically incapable of performing the dutie� of a
manager, administrator or custodian;
(c) any director of the company is an undischarged
bankrupt; I
,· · (d) it appears to the Board that the company should riot be
��; registered because the company or any director, i
.
� _) I

ny -"\ controller, secretary, employee or officer concerned /

u-e
' ,, '
in the management of the company has been I
convicted, whether in Zambia or elsewhere, o.fan !
offence involving fraud or dishonesty, or has been !
Id
;e convicted ofany offence under this Act;
te (e) it appears to the Board by reason of any other
>f circumstances which either· are likely to lead to
improper conduct ofbusiness by, or reflect discredit
on the method of conducting business o f the
company; or
(j) the Board has reason to believe that the company will
not efficiently, honestly and fairly perform the duties
required ofit under this Act.
(5)Amanager, administra,tor or custodian in operation on the
date of the commencement of this.Act shall comply with the
requirements of shareholding by �ambian citizens within two
years from the date ofthe commencement ofthis Act.
· 11c. (1) Aregisteredrnanager, administratororcustodian Principal
shall maintain a principal office in Zambia and shall furnish the office
Registrarwith the address ofthe office.
(2) Where a registered manager, administrator or custodian
changes the address of the principal office the manager,
r­ administrator or custodian shall notify the Registrar ofthe change
l ofaddress within three months ofmaking the change.
(3) A manager, administrator or custodianswho contravenes
subsections (1) and (2) shall be liable to pay to the Board a
penalty of one thousand fee units for each day the contravention
continues.
17D. (I) Every registered manager, administrator or custodian Appointment
shall, with the approval ofthe Registrar, appoint a chiefexecutive of chief
executive
officer and shall, for the purpose of such approval, notify the officer
Registrar ofthe following:
(a) the full name and address of the officer;
{b) the date and place ofbirth ofthe officer;
(c) the officer's citizenship;
 :· tr
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232 No. 27 of2005] Pension Scheme Regulation :�
(Amendment)
(d) the officer's academic and professional qualifications;
and
(e) work experience and record of employment.
(2) TheRegistrar shall not aPP.rove the appointment ofanyperson
as a chief executive officer unless the Registrar is satisfied that the
person-
(a) is resident in Zambia;
(b) has served in the pension fund or the financial sector
or in.dustzy in a senior management position for a
period of not less than- ,-
(i) ten years in the case.ofa manager;
(ii) ten years in the case ofa cµstodian; and
(iii) seven years in the case of an administraior;
(c) has power of attorney sufficient to allow the person to
act for the registered manager, 'administrator or
custodian in all matters necessary to secure the
· compliance of the miin?ger, administrator or
custodian with the provisions of this Act and
regulations made under theAct; and
(d) is not disqualified by thisAct from appointment, and is
in all respects a fit and proper person to be the chief
executive officer of the manager, administrator or
custodian. ' '
·
(3) A copy ofthe power ofattomeyreferred to in paragraph (c) of
subsection (2) shall be lodged with the Registrar immedia_tely after
any appointment ofa· chiefexecutive officer.
(4) Ifit appears to the Registrar that the person appointed as chief
executive officer of a manager, administrator or custodian is not a fit
and proper pers9n to hold office as such, the-Registrar; after giving
the person concerned an oppotunity to be heard, may ifthe Registrar
thinks fit, bynotice in writing to the manager, administrator or custodian,
direct the manager, administrator or custodian to revoke the
appointment with effect from the tinie specified in the notice. ·
(5) A notice under subsection (4) shall specify the reas�ns for the
Registrar's decision to revoke the appointm�nt ofthe chiefexecutive
officer and shall require the manager, administrator or custod/an to
whom the notice is addressed to comp!)'. with the notice.
(6) The minister may, on the advice of the Board, by statutory
instrument, extend the provisions of subsections (1) to (5) with

. .. ."' ' ..
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Pension Scheme Regulation [No. 27 of2005 233

(Amendment)
necessarymodification, to any officehaving duties ofa kind prescnoed
in thatstatutory"instnnnent in relation to the business ofthe manager,
administrator or custodian.
(7) �n officer or employee ofa manager, administrator or custodian
n shallnot oe an officer or employee ofanothermanager, administrator i
e r
. I.
or custodian.
(8) Any person who contravenes subsection (7) commits an offence
and shall be liable, on conviction, to a fine not exceeding ten thousand
penalty units or to imprisonment for a term not exceeding twelve
months or to both.
a
12. Section eighteen ofth�principa!Act is amended- Amendment
ofsection 18
(a) in subsection (I) by the deletion of paragraph (d) and the
substitution therefor ofthe following new paragraph:
(d) if it is a defined benefit scheme, during the first four
years afterregistration, carry outan actuarial valuation
)
every two years, thereafter at leastevery three years
r so as to review and determine the sound funding of
the pension scheme;. ·

J
r
(b) in paragraph (b) ofsubser.tiQD (3) by_the insertion after the
words " retfrement pension " of the words " to be
determined by the scheme actuary ".
·
f (c) by the insertion immediately after subsection (3) of the
followingnew. subsection:
(4) For the purposes of this section the
Minister shall, on the recommendation of the
Board, by statutory instrument, regulate the
. minimum interest rates to be applied when
· calculatingtheportable benefits.
13. Section nineteen of the principal Act 1s amended by the Amendment
ofsection 19
deletion of the words " manager in consultationwith the ".
14. Section twenty ofthe principal Act is amended by the deletion Aniendment
ofsection 20
ofthewords " A manager" and the substitution therefor ofthe words
· "Theboard oftrustees ".
15. ·Section twenty-one of the principal Act is amended in Amendment i
ofsection 21 i
subsection (5) by the insertion after the word" manager" ofthe words
" or trustee ''.
.I
16. Section twenty-two of the principal Act is amended by the Amendment
ofsection 22
deletion of the words " A manager "and substitution thereof of the ' ''
words·" The board of trustees ".

I
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I
· 234 No. 27 of 2005] Pension Scheme Regulation
(Amendment)
Amendment 17. Section twenty-three ofthe principalActis amended-
ofsection 23
(a) in subsection ( 1) bythe deletion ofthe word "manager "and
the substitution therefor ofthe word " trustees ";
(b) in subsection (6) by the deletion of the word" manager" and
the substitution therefor ofthe word " trustees "; and
(c) by the insertion after subsection (6) of the following new .
subsection:
(7) Anyperson who contravenes subsection
(6) shall be liable to pay a late submission penalty
of one thousand fee units for each day the annual
. report is late.
Amendment 18. Section twenty-four ofthe principal Act is amended in
ofsection 24 subsection (2)- b y th e deletion of the word �• manager " and the
substitution therefor ofthe word "trustees ".
Repeal and 19. TheprincipalActisamendedbythe repeal ofsection twenty-­
replacement five and the substitution therefor ofthe following new section:
ofsection 25
Jnvestmentof 25. (1) The trustees may invest in such type of investment as may
funds be approved by the Registrar.
(2) A pension fund shall not make unsecured loans to an affiliated ·
employer:
Provided that any secured loan to an employer shall not exceed
five per centurn of the total assets of the pension fund.
(3) TheMinister may, on the recommendation ofthe Board,
by statutory instrument, issue ,investment guidelines relating to
the limits fcir investment
. cat_egories:
.
Provided that the Minister may, on therecommendation
' . . ofthe Board, by statutory order, permit a pension ft\nd to
invest and maintain outside Zambia for the benefit of
members not more than thirty per centurn ofthe net assets
o[th e _p ension_fun..d subject to agreement between the
trustees and the fund rnanag�
Amendment 20. Section twenty-six ofthe principalActis amended-
ofsection 26
(a) by the deletion of subsection (l) and the substitution
therefor ofthe following:
· (1) The trustees shall prepare quarterly
returns in the prescribed form relating to the
investment ofpension funds, and shall fuprish the
returns to the Registrar within foµrteen days after
the end of each quarter; and

... .. ..
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 Pension Scheme Regulation [No. 27 of2005 235
(Amendment)
(b) by the insertion after subsection (2) ofthe following.
new subsections:
(3) For pUipOses ofsubsection(l), thefirst
quarter ends. on thirty-first March, the second·
quarter ends on thirtieth June, the third quarti:r
ends on thirtieth September and the fourth q•
ends on thirty-first December ofeach year.
( 4) Any person who contravenes
subsection (1) shall be liable to a late submission
penalty offive hundred fee units for each day the
quarterly return is late.
21. Section twenty-seven ofthe principal Act is amended-. Amendment '
ofsection 27
(a) by the deletion of the words " a manager " and the
substitution therefor ofthe words ''. any trustee ";
(b) by the deletion ofthe colon after the word " scheme "
and the substitution therefor of a full-stop; and
{c) by the deletion ofthe proviso.
22. Section twenty-eight ofthe principal Act is amended- Amendment
ofsection 28
(a) in subsection ( 1) b y the deletion, of the words "
the manager " and the substitution therefor of
the words " the trustees ";
(b) in subsection (2) by the deletion, of the words " A
manager " and the substitution therefor ofthe words
"The trustees ,,.
(c) in subsection (3) 'b y the deletion, of the words
" The manager ''. and the substitution therefor
ofthe words " the trustees "; and .
1 {d) in subsection (5) by deletion, ofthe words "A manager
)
" and.the substitution therefor ofthe worqs " The
f trustees ".
s 23. Section twenty-nine ofthe principal Act is amended- Amendment
e ofsection 29
{a) in paragraph (a) of subsection (2) by the deletion of
the word " manager " and the substitution therefor
ofthe word " trustees ";
ll (b) in paragraph {c) of subsection (2) bythe deletion of
the word " manager " and the substitution therefor
y ofthe word " trustees ";
.e (c) in subsection (3) by the deletion of the word
,e
:r " manager " and the substitution therefor of the word
" trustees ", and_

. ·-·�··- . ' ' . ·--�

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236 No. 27 of2005] Pension Scheme Regulation
(Amendinent)
" i
(d) in subsection (4) by the deletion of the word
" manager·" and the substitution therefor of the word
" trustees ".
Insertion of
new section
'by
24. .. the pi-incip'a1 Aci'is amend�ii the insertion immediately
29A after section twenty-nine ofthe followfug'new section:
Imposition of 29A. (1) The Board may, with the approval of the
levy Minister, impose such levy-
(a) on thenetassets ofpension funds;
_(b) on insurance premiums paid to insurers and re-insurers;
on such base as the Board may detennine.
(2) A levy imposed under this section shall be payable at
such rate as the Minister may, on the recommendation of the .
Board, by statutory instrument, prescribe.
. (3) The statqtory instrument made under subsection (2) shall
specify the tirne_atwhich any amountpayable byway ofthe levy
under this section shall·'become due. .
(4) !µl moneys rece_ived in respect ofthe levy shall be paid
to the Authority and ifnot paid on or before the date stated in
the Registrar's regulatory statement as provided under section
_ thirty-eight the amount due and any sum payable under this
section shall b e a civil debt recoverable summarily by the
Authority:
Amendment 25. Section thirty of the principalAct is amended by deletion of
ofsection 30 the words " Amanager " and the substitution therefor of the words
" The trustees, administrator or manager".
Insertion of 26. _The principal Act is amended by the insertion imm�diately
new section before section thirty ofthe following new section:
30A
Penalty for 30A. . From the date ofthe comrnencement ofthisAct, any
late
remittance of employer who does not remitperision contributions to a pension
pension fund within thirty days after the end of the morith to which.the
contributions
contributions relate shall be liable to pay interest on the
contributions at the Bank ofZambia rate and a penalty of one
thousand penalty units for each day the remittance of the
contributions is late.
Amendment 27. Section thirty-two ofthe principa!Act is amended by the insertion
ofsection 32 after the word" manager" ofa comma and the words" administrator or
.. troste� ".
Amendment 28. Section thirty-three .ofthe principafAct is amended-
ofsection 33
(a) by the deletion of subsection (1) and the substitution therefor
ofthe following subsection: .

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Pension Scheme Regulation [No. 27 of2005 237

(Amendment)
i
i
( 1) The Board, on the recommendation of the ,.
Registrar may d�egister a pension scheme if- '
(a) it appears to the Board that the manager.has
ly c�vened
. ,.,:,:,rr-· .
or failed to comply•with
�(r• ' ' rany
·, "' · :
proVIsion .,r of, orrequireinent under, tliis Act

1e or regulations made under this Act or the

pension plan rules; or
(b) it is wound-up in accordance with such
regulations as the Minister may, on the
s·' recommendation ofthe Board, prescribe.;
(b) in subsection (2)-:-
at . (i) by the deletion of the word "Registrar " and the
le
. substitution therefor ofthe word " Board "; and
(it) by the deletion ofthe word " he " after the words
111
" so far as " and the substitution therefor of the
ry words " the Board ";
.,_
_ ,;,
(c) in subsection (3) by the deletion of the word " Registrar"
id wherever it appears and the substitution therefor ofthe
in word " Board ";
m
.is (d) in subsection (6) by the deletion of the word " Registrar " r
1e and the substitution therefor of the word " Board " !
(e) m subsection (7) by the deletion ofthe word ''Registrar " and
of the substitution therefor of the word . " Board ".
:Is (f) in subsection (8) by the deletion of the word " Registrar "
and the substitution therefor ofthe word " Board ";. and
(g) m subsection (9) by the deletion of the word " Registrar " I
ly
and the substitution therefor of the word " Board ".
29. Section thirty-four ofthe prmcipalAct is amended-.
I
.1y Amendment
Jn (a) m subsection (I}- oJsection 34: .
(i) by the deletion of the word " Registrar " and the
he
I substitution therefor ofthe word " Board "; and
I
he
ne (ii) by the deletion ofthe word " his" and the substitution
therefor of the word " its "; and
he
i (b) in subsection (2) by the deletion of the word " Registrar "
and the substitution therefor of the word " Board "
Jn
or '1 30. Section thirty-five of the principal Act is amended by the
deletion of the word " Registrar " and the substitution therefor of the
Amendment
ofsection35
word " Board ". ' e; - .

31. Section thirty-six ofthe prmcipa!Act is amended by the deletion Amendment

'or of the word " Registrar " wherever it appears and the substitution ofsection 36
therefor of the word " Board ".

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. - �tit{
 238 No. 27 of 2005] Pension Scheme Regulation
(.4mendment)

Ameildment 32. Section thirty-seven of the principal Act is amended-

of=ion 37
(a) by the deletion of subsection (l) and the substitution therefor
ofthe following new subsection:
(I) Anyperson aggrieved by the Board's­
(i) refusal to register a pension scheme;
(ii) refusal to register such person as a manager,
ad.-ninisrrator or custodian, as the case may be or
to renew a certificate ofregistration on its expiry;
or
(iii) decision to de-register a pension scheme;
may appeal to the Minister within thirty days after receiving
notification ofthe Board's refusal or decision.
(b) in subsection (3) by th� deletion of the word " Registrar "
and the substitution therefor ofthe word " Board"; and
(c) in subsection (4) by the deletion of the word " Registrar "
and the substitution therefor of the word "Board ".
Amendment 33c-Sectionforo, two oftheprincipalActis amended-=-
0

ofsection 42
(a) by the insertion after subsection (3) of the following new
subsection:
(4) Where an offence under this Act committed by a
manager, administrator or custodian is proved to have
been committed with the consent or co1mivance ofany
director or officer, such director or officer shall be
deemed to have committed the same offence and shall,
on conviction, be liable to a fine not exceeding ten
thousand penalty units or to imprisonment for a term
not exceeding twelve months, orto both.; and !_
(b) by the renumbering of subsection (3) as subsection (4).
Insertion of 34. The principal Act is amended by the insertion immediately affer
new
section 42A sectionforo,-two ofthe following new section:
Inspector to 42A. Each inspector shall furnish theBoard with such reports
furnish
report and other information relating to.an inspection as the Board may
direct.
Insertion · of 35. The principal Act is amended by the insertion immediately after
new. 44A
ri$1\!:" sectionforty-four ofthe following new sections:
References to 44A. On or afterthe appointed date, reference in any written
Registrar law or any other legal document to the Registrar ofPensions and
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Pension Scheme Regulation [No. 27 of 2005 239

(Amendment)
Insurance shall be read and construed as references to the
Registrar appointed under section seven of this Act
44B. (1) On or after the appointed date, there shall- be Vesting of
transferred to, and vest ih, or subsist against, the Authority by assets of
Registry
virtue ofthisAct and without further assurance- Office
(a) the affairs ofthe Registry Office and
(b) subject to this Act, allproperty, rights and obligations
which innnediately before the appointed date were
the property, rights and obligations of the Registry
Office.
(2) Except as provided in this Act, every deed, bond and
agreement(otherthananagreementforpersonal service)towhich
the Government was a party immediately before the_
· -commencement of this Act in respect ofthe Registry Office,
whether _in writing or not, and whether or not of such a nature
thatrights, liabilities and obligations thereunder could be assigned,
shall, unless its subject-matter or terms make itimposs,ble that it
should have effect as modified in the manner provided by this
subsection, have effect as from the date ofthe as signrnen t
thereof, as if-
(a) the Authority had been a party-thereto;
(b) for any reference to the Government there were
substituted, as respects anything falling to be done
on or after the appointed date, a reference to the
Authority; and
(c) for anyreference to any officer of the Registry Office
not being a party thereto and beneficially interested
therein there were substituted, as respects anything
falling to be done on or after the commencement of
thisAct,.a reference to such officer ofthe Authority'
as theAuthority shall designate,
(3) Subject to the provisions of subsection (2), documents,
other than those referred to therein, which refer specifically or
generally to the Registry Office shall be construed in accordance
with subsection (2) as far as applicable.
44C. (1) Where under thisAct,anyproperty, rights, liabilities Registration
ofproperty to
and obligations ofthe Government through the Registry Office be transferred
are deemed transferred to the Authority in respect of which by
Government

_· r�;11�it�:� -:,';-�
: ,. _
 240 No. 27 of2005] Pension Scheme Regulation
(Amendment)
transfer a written Jaw provides for registration, the Authority
shall make an application in writing to the appropriate authority
for registration ofthe transfer. ·
(2) The registration authority referred to in subsection (1)
shall make such entries in the appropriate register as shall give
effect to such transfer and, where applicable, issue to the
transferee concerned a certificate oftitle inrespectofthe property
or make necessary amendments to the register, as the case may
be, and shall make endorsement on the deeds relating to the
title, right orobligation concerned, andno registration fees,
stamp duty or other duties shali be payable in respect thereof.
Legal 44D. (1) Witho.ut prejudice to the other provisions of this
proceedings Act, where anyright; liability or obligation vests in theAuthority
by virtue ofthis Act, the Authorityand all otherpersons shall, as
fromthecommencementoftlrisAct, have thesamerights, powers
and remedies (and in particular the samerightsas totbe instituting
or defending oflegal proceedings or the making or resisting of
applications to any authority) for ascertaitring, perfecting that
right, liability or obligation as they would have had ifithad at all
timesbeen a right, liability orobligation ofthe Authority. ·
(2) Any legal proceedings or application of any authority
pending immediately before the commencement ofthis Act by
or against the Government in respect ofthe Registry Office may
be continued by or againsttheAuthority.
(3) After the commencement of this Act, proceedings in
respect of any right, liability or obligation which was vested in,
held, enjoyed, incurred or suffered by the Government in respect
of the Registry Office may be instituted by or against the
Authority.
f
Staff of 44E. (1) On or after the appointed d;ite, the Board shall on
Registry
Office such terms and conditions as· it may, with the approval ofthe
Minister, determine appoint as officers ofthe Authority such
public officers from theRegi_stry Office asmay be necessary for
the perfonnaoce ofthe functions ciftheAutJi.ority.
(2) Where an officer from the Public Service is
appointedto the service ofthe Authority-.
(a) the terms and conditions ofservice with the Authority
shall not be less favourable than those the officer
enjoyed in the Public Service; and
ActNo.35 (b) the officer shall be deemed to have retired under section
of 199.6 thirty-nine ofthe Public Service Pensions Act.

•·:..• ·· .,
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· Pension Scheme Regulation [No. 27 of2005 241

(Amendment)

(3) On or after the appointed date public officers from the

Registry Office who are not engaged by the Authority under
subsection (2) shall be retained by the Government and shall-
-. (a) be redeployed in the service ofthe Government; or
(b) be retiredlll!der section thirty-nine ofthe Public Service
Pensions Act ActNo. 35
of 1996
36. The principal Act is amended by the insertion after Part Vl of Insertion _of
new
the new Schedule set out in the Appendix to this Act. Schedule

'\
APPENDIX
(Section 32)
FIRST S.CHEDULE
(Section 4}
PARJ'I
AnMJNJSTRXl'ION OFAllrrlORITY

ii;'( !) The seal of the Authority shall be such device as may be Seal of
determined by the Board and shall be kept by the Secretary. Au!hority

(2) The affi,"Cing ofthe seal shall be authenticated by the Chairperson

l. - or the Vice-Chairperson and the Secretary or any other person
authorised in that behalfby a resolution ofthe Board.
(3) Any contract or instrument which, if entered into or executed
by a person not being a body corporate, would not be required to be
1
lll!der seal, may be entered into or executed without seal on behalfof
l, the Authority by the Secretary or any other person generally or
;t l specifically authorised by the Board in that behalf.
.e @ (4) Any document purporting to be a document under the seal of
1·
Ii theAuthority shall be received in evidence and shall be deemed to be
ill so executed or issued, as the case may b.e, without further proof, unless
i

i­
,e the contrary is proved.
:h
2. (1) Subject to the other provisions of this Act, a member ofthe
J'
br Tenure of
'· office and
Board shall hold office for a period of three vacancy
years from the date of appointment and shall be eligible for re­
appointment for one further term of three_years.
(2) The office ofthe member shall become vacant-
ity
;er (a} upon the member's death;
(b} ifthe member is absent without reasonable excuse frorrfthree
ion .consecutive meeting of the Board ofwhich the member
has had notice;
 •
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242 No. "l,_7 of2005) Pension Scheme Regulation
(Amendment)
L (c) on ceasing to be a repres�tative ofthe organisation which
nominated the member;
(d) if the member becomes mentally or physically incapable of
performing the duties of a member of the Board;
. (e) _ifthe member is declared banlcrupt;.
(f) ifthe member is convicted of an offence involving fraud or
dishonesty; or
(g) if the member is convicted of an offence against any other
written law and is sentenced to a term of imprisonment of
not less than six months without the option of a fine.
(3) On the expiration ofthe period for which a member is appointed
the member shall continue to hold-office until a.successor has been
appointed but inno case shall the further period exceed three months.
-�of 3. Whenever the office of a member becomes vacant before the
vacancy expiry ofthe tenn ofoffice, the Minister may appoint another member
in place ofthe member who vacates
office but that member shall hold office only for the unexpired part of
·theterm.
.,Proceedings 4. (1) Subject to the other provisions ofthisAct, the.Board may
of regulate its ownprocedure.
Board
(2) The Board shall meet for the transaction ofbusiness at least
every three months at such places and times as the Chairperson may
determine.
(3) The ChairpersonmaY, upon giving notice ofnot less than fourteen
days, call a meeting ofthe Board and shall call a special meeting to be
held within fourteen days of receipt of a written request to the
Chairperson by atleast five members ofthe Board.· •.
(4) Ifthe urgency of�ypartic�armatterdoes·notpennit the giving ·1
•!
ofsuch notice as is required under subsection (3), a special meeting
_may be called by the Chairperson, upon giving a shorter notice. .
(5) Five members ofthe Board shall form a quorum at any meeting
ofthe Board.
(6) There shall preside at any meeting ofthe Board-
(a) the Chairperson; . .
(b) in the absence ofthe Chairperson, the Vice-Chairperson; or .
(c) in the absence ofthe Chairperson and theVice-Chairperson
· such member as.the members present may elect for the
purpose ofthat meeting. .
(7) Adecision ofthe Board on any question shall be by a majority
ofthe members present and voting at the meeting and in the event of
an equality of votes, the person presiding at the meeting shall have a

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[No, 27 of 2005
,,
Pensio11.Scheme Regulation : .,
(Amendment)
casting vote in addition tci the deliberative· vote.
(8)TheBoardmayinviteanyperson, whosepresenceisinitsopini6n
desirable, to attend and fo participaie in the dehoerations ofthemeeting
. :,. ·•. \·t�'J .·
of the Board but sucliperson shall have no vote. . ..
'':, ,· .
(9) The validity of··�-,any. proceedings,' act oi: decision ofthe·Board ., --;·
�-

.
shall not be affected by any vacancy in the membership ofthe Board· ,
orby !lJlY defect in the appointment of.any. member or by reason that .

any person not entitleiito·do s.o tookpart in the proceedings. .

5•. (!) The Board may;forthe piirpose ofperforming itsfunctions Committees
ofBoan\
. \lllderthisAct, constitute.suchcommittees .as itconsjdersnecess;uy .
' $·:\?-'<,.... . .. ancimaydelegate,t_o any�1tel;'su9h ofi�_�cti9ps,as it considers
.
·fit_ ..• . . :_.- '/ :. -� . · . :�• · ?:_ . .. . ���-:)r"{\".,: : . . _-'.. .. .. -. �-� . :.
· ,...A' · ' . (2)�e�oard may. appowt as.memberscifa .
· connnittee, person�
. . :; who are, o,are not, immibers oftheI¼oll!d,,exGept•thatat least one
. membetor'a committee ·shailbe a m�l,eroftheBoard. · · · .
(3)Aperson serving as a member .ofa 6omrni�� shall,hold office·
. f9rsuqj;;pj!ri9d as, the,B�ar� :n;ay,deterinine;> -,: - · , • .. :,,/t.:.':< '.'
· . . · (4) s�hject to any spe�i:qc or general dir�ctions· ofthe 13i>;;;d,'a.
· ·· '
. commi�may regulate its own procedure. . :. ·
.6. The members ofthe; Board or any cominitie� sha)l be pajlsu�h . Allowances
' allowance as the )3oard may, with. the approval of. the Mini�ter, ..ofmemb.ers
detennine. · ·
·.7. (l)Ifa member orperson isprese;i(at���eting oftheBoard
. Disclosure of.
intere
st
·or any committee of the Board at which any matter is'the subject of
· c9nsideration and in wlµch matter the. 111embp-qrper,;<lfl o.r then;ember.
· · . or person's spous.i is directly or indirectlyin�d in a private capacity,
· the, meml;ler �r person _s!_JaH, as sc,9n_ a,s,.i� pra.ctjqa9J_e ,. after· the . ' ', '

: :commencement ofthe nieeiingi d,eclare such ·;µterest ;iµd sha!Fnot,

. :. · unless the Board or-the ·committee other.wise directs, take part in any.
• . �onsidera'.tiono�disctission �f, orvote oO:; ai/Y-���ti�n t�\!Chingtliat .
��er._._;-..· _·.-:I- -. . . /·::_\}} _:?-�/; ( ../. ·. "-:·.:. ....-_.�_/·-· .·. ·: }i/.��� ·-:�·/ ; ::·�_·:.\·':·:�.:'.: ·: ,
· (2) A de91:iratioii ofjpforest nmde under subsection ( !)shall be
· . 'recorded in.the minutes of(4e; meeti1m at:w.hichitis made,: , ., , ·. · i : ,
. S. (1) Aperso�·shallnotwithoutthe cons�tin wtjting given by, ot . .."of ·Prohibition
. on behalf of, the Board, publjshpr disclose to, any per�onpther than publication :- .
·

, . ·. ·. ·1 .
in tlie'course ofduties,' the conteni:s·of
· any document,
·· ·, cm:nmunication,
· or
. disc�_osu� . . , · -
'or information which relates (<l, and whicl) has ,cqtne to. the per�on's, · . . . ,.' t
knowledge in the course ofthe person's duties under trnsAct. : ".;: · · .,
. (2) An},'pers.on �ho kno��gly-�ontravenes the provisions ;of
. an offenceandshall be liable,
suqsection (1) coi,mnits · ....
. .' . � . upon conyiction, . .
. ..
. ·•.. ,

. ...
. . : ..·
•• > •
\-
• ·;-: -'

.. .. .. ,. .
 !: o/� ". of20 �

.
p'"'f7,,:;';::;:'""'''.'
�-r .
to a fine not exceeding ; ten thousand penalty units or to imprisonment�f'f; :
fora termnotexce.eding'three mbnths, orto_both.,. •. . • :-,·,;-· ·
.. .,)o1t· \_
•

9.· _(l).TheBoard shall appoint-,-

. _· '.· .
Deputy
. �' . . ;:"·
a Deputy Registrar wh6 shall ))e respon"sililii for insurance;: . ..::-_ . .
Registrars; .· .
. . ·
'
. .
Secretary and
.
{a)
· . .. · : · .' . . : ·:.::.. · . .' . - ·.' ·
other staff .. and· :. . · ·.·.,•.:r><� .
(b) a Deputy Registrar who shalj be respons1ble for pensions'. :, •. .
. ..
(2) Aperson shall not be appointed as Deputy Registrar unless the :r .
. . . •,\..

. person )1as qualifications andexperieoce in actuarial analysis, business:_,'.. . .

·. :tnllilagemeot, law or accounting. · . , .. ·. · ' · · .
. . ·' . .
,..:. .. . : : . (3) TheDeptityRegistrarreferredtoinsub-paragraph (2) shall-. :·. : · . .; --. · .
. . . . .
· ·. ; , : ·'(a) assisttile Regj�tr� in th�' ,�o��� �fihe Regi�;�_. . .· ,,;.
.
. 11utiesunderthisAct; . . .: ,
j:
· . and .i . ..·. . •. ·::,
:::\/:..�. :, .· . . (b) dis�harge the functions qfthe Registrar ifthe Registrar
. . . : : ·:· . . . ... . !. . . · ·· ..
is .
·- ' · .
�. : ..

· · ·. -,'· : absentorisforanyreasonunabletodischatgethefuq�\iops
: :. · 1·
..
.
; ;. ::·.
,.._-,.·
: "", ::
. •tiftheRegistrar's office. : .·/• • · . •.,. . . ... � ,.
: . •'
. 'S.· ,r(4) TheBoards�l! appointas�::i:etaryaoc;i�lioth�r staffofthe.
· . . ·.· Authorityasitconsiders.neces·seyfortli�perfoimariceot'its:fi.\nctions•
·:· ' ' · · · •,.• ., ., .. ·
. erthisAct. : • · ·••. ·. . : ·.·,
. >und
• J• • · . : 5) Th�Bo�� ;h�;l, withthe appi:o;al of the Mmister, deteriniri�
(
the terms and conditions ofservice ofthe
· . ' Deputy Registrars, · ·. ..
·
Secretary
im.d.st1'fi:of. theAuthority. . .: ·. · . , · : i:. ' : .:

·. ·. , · .• ·: ·/ ._, : .<\\;}f:_\;;t��:w;�:s·· · • : :· \>:: ·,. ' t,· :-,i\::':. · • :; · ·.

.� .· .
. . . .• • • .. �= .

,, ..
'. .

: I.
· - :Fimds�f · .. · • •cc10;-(l)'D]e funds'of_the,Aut:J:,.ority shall p,on�ist,of�u�h..money,as . .: : .

. . ' .· . < :, < '.' :. ', . . . :-

·· .. · ·. . . Authonty · . . Jna "'. , , : ,-;-: .•;: : : ',: ,, _, . - . -, .... · - •, · , , , . . / •· · . � . . ·, · . ·, . �.'·. . ·· ·
.
�or·�;;�;��� �t·th; ·:· . ' . .- .if·
.'(d) be · ���;:���ie�:s;. �;;;:lia�e?ii'
<�:-. : _ . .' ;:..;:·<·�::\:·:', :.�.: . : : . ·. .
y-

:_· ''.�.-\� �l:µioii�;·' .-i .� _.:;;t.'··: .':�.{(/.:· �·\: /.:•. <·:.. ·;.,::: .- :
_
·
·. · . · ·, •.. • _. · · :: _ .:, •. · '. , • • · ,• . / ·• -;'· ,.

· - . . or na . •
.

; · : " '. ' . , :_ - : '

· . .' (b) beJ)�jdtojheAutjtority�y,way ofloan�, �ts <!<;>, J:!Plll?; '. . ' · , . .'
·._ ,
f . : _- .
'• . . .•· : /.- . · .. . :i ' .
·,. .
· . · • .... • . . . . . . ";· ' · (c) · be paid .
t9 'theAuihority from a levy which may be imposed, . . ... · .
· ·· . , " ' · •· i:>n the net · ·
. assets ;ifpen�imi'iimds 6r_insuraµc.e.ptf;IlliU1TIS · , ,
· ,paidto ins\.u:ers andre-ins ers; ai:i1!<': , -' : · , : ·· : <·:< . ·. · ; .
· · · . . . {d)vestin6raccrueto· theAuthority. . . , , .'· . · · ' ·: · .: .· . ·
. ur
. . . . . . . ' •. . , ·� I ,, . . . . . ·. . . .• > :, .
, .. ' • .
' ' . t. ·:, ' (2)The Auth�rity rnay- . ,:·. ·. , , . . ':· ' • . ·.;:.-: • · · :, '· / .' : ·
,,: ': (a) accept money\; °iif
byi'a� gratl�O� don#fiqns i,n i\11YSO�e ... fi:o
: ·• •·: : · iri�bia; and .. ·-.-,:.' .· . . · : · ·. :: , ·:;_:·: ·_ : •_ . : . > '. •/ .
'(b) subj e'ctto the approv;i!'ofthefy,[inister, raise by way ofloaru, . . ·.

is
· .. cir
other.wise, su¢h moneys. as it may require £:or. tb,e
d ?b,�� ofj.� �,��P��:. :', ·,:-: :: \' .:'_(\';;.': : ii ,, . '· · ·
:· . '·: · ··. .. :.
. . : /' , . . . ;. :- .
· :.:. . :.•
1' ' .. .

. . . :• · ::.-:7?"'.'Z";··. '• .. .. .- ;,-'·, • ,:

):,�iii/' ·. .: : ;,_'.\il�ii�}�\;
. ... . , •'

.-:·\({�:-·'
. ' ,- : -
· · . . .'. •
·
,
 .�lt*iff \'.�})f ·
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�.;- �·:,::=:_ . -

i?��ionScheme Regulation [No. 27 of2005 245

. . -·U•./1
·, ·•,, ·
0
··� ;-� j.l'tmendm'"
l,;/

I­
(3) There shill be paid from�funds oftheAuthority-
nt
I�
It
(aJ ·the •� allowances, gratuities and pensions ofstaff
of the Authority and other payments for the recruitment
and retention of staff;
(b) such�nable travel!i!\g and subsistence allowances for
members or members ofariy committee 'ofthe Board when
,··•· • , , > / , •• ' • ' . , ,

engaged on the busine.ss of the Board at such rates as the !

te Board may, with the approval of the Minister, detenr>Jne; I
;s and !
(cj any other.expenses incurred by the Boai:d in the performance l
r I
-!'- ofthe Authority's functions. '

-- .(f))i
)

's 11. The Board may, with the approval of the Minister, invest in Investment
such manner as it considers necessary any of the Authority's funds offunds
s which it does not immediately require for the performance of the
s Authority's functions.
12. The financial year oftheAuthority shall be the period oftwelve Finru:icial year I
e months ending on 3 1" December in each year.. l'
s t' 13. (l)TheBoardshall causetobekeptproperbooksofthe accounts Accounts
and otherrecords relating to theAuthority's accounts.
! (2) The accounts of the Authority shall be audited annually by
independent auditors appointed by the Board subject to the approval

I
I
ofthe Minister. '
(3) The Auditor's fees shall be paid by the Authority.
14. (!) As soon as is practicable, but not later than one hundred Annual report
and eighty days after llie end of the financial year, the Board shall
submit to the Minister a report concerning its activities during such i
financial year.
(2) The report referred to in subparagraph. .(I) shall include
i.
information on the financial affairs of the Authority and there shall be !'
appended to thereport- I
(a) an audited balance sheet;
(b) an audited statement of income and . expenditure;
(c) an audited statement ofincome and expenditure ofthe Fidelity
Fund; and
(d) such other information as the Minister may re·quire
(4) The Minister shall, not later than seven days after the first sitting
ofthe National Assembly next after receipt ofthe report referred to in
subsection (!), lay'itbefore the National Assembly.
i.

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 246 No. 27 of2005] Pension Scheme Regulation
(A,nendment)

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