• Of this amount, K5.6 billion represents raw contributions made by both employers and employees, which translate to 10%.
• 9 billion is the total indexation and interest that NAPSA has added to the K9.4 billion through its various investments.
• The highest pay-out went to an individual who received K314,000.

National Pension Scheme Authority (NAPSA) has disclosed that it has paid out K9.4 billion to 447,888 members in pre-retirement lump sum benefits as of Wednesday 3^rd April, 2024.

Speaking in an interview with Money FM News, Authority -Head Corporate Affairs Cephas Sinyangwe said of this amount, K5.6 billion represents raw contributions made by both employers and employees, which translate to 10%.

Mr. Sinyangwe added that K3.9 billion is the total indexation and interest that NAPSA has added to the K9.4 billion through its various investments, representing an impressive 41% additional value.

“The highest pay-out went to an individual who received K314,000 and among the 447,888 beneficiaries, 68,104 are women, who collectively received a total of K1.6 billion while 87,947 youths have been paid approximately K1 billion,” Mr. Sinyangwe explained.

He further said over 162,000 beneficiaries received their payments within 24 hours, an outcome attributed to members diligently updating their beneficiary details.

Mr. Sinyangwe urged all members to continue updating their beneficiary information as well as that of their beneficiaries.

“There are about 1 million members and not all are registered on the online platform, therefore we encourage everyone even those not currently eligible for benefits to sign up on the online NAPSA platform,” he added.

On 18^th April, 2023, President Hakainde Hichilema signed into law, the National Pension Scheme Amendment Bill 2023 which allow for the partial withdrawal of pensions.

The legislation permits partial withdrawal for contributors who have contributed to the scheme for at least five years at least sixty contributions.

The amount that can be withdrawn is limited to a maximum of 20% of the total balance, and the contributor can only make one partial withdrawal.