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Retirement Age for Occupational Pension Schemes Revised

The retirement age for Occupational Pension Schemes which is determined with reference to the Fourth Schedule of the Income Tax Act Chapter 323 of the Laws of Zambia has been revised from 55 years to 60 years by the Income Tax Amendment Act No.19 of 2015 effective 1st January, 2016.
 
Trustees are accordingly urged to revise the Pension Scheme Rules. Copies of the Amendment Act may be obtained from Government Printers.
 Members of the public seeking further information on the amendment may contact the Authority.
 
 

PIA Revises Insurers’ Minimum Capital for Insurance Firms

The Pensions and Insurance Authority has increased the minimum paid-up capital requirement for insurance companies and brokers in Zambia. This follows the signing of SI71 of 2015 by the Minister of Finance Hon Alexander Chikwanda on 2nd October 2015.
 
Re-insurance companies are required to increase their paid-up capital to a minimum level of K20, 000,000.00 from the previous K1, 000,000.00. Long term and general insurers are expected to increase their paid up capital to K12, 000,000.00 and K10, 000,000.00 respectively from K1, 000,000.00.
 

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