NAPSA Pays Out K45.6 Million in Interest-Free Advances to Pensioners

The National Pension Scheme Authority (NAPSA) has disbursed K45.6 million in interest-free advances to 2,790 pensioners across the country, in a move aimed at easing the financial pressures faced by retirees.

NAPSA Director General Muyangwa Muyangwa said the initiative forms part of the recently introduced pension reforms signed into law by President Hakainde Hichilema. He explained that the advances are designed to offer immediate relief to pensioners by allowing them to access a portion of their benefits without incurring any interest, helping them meet pressing needs while they await their full entitlements.

Mr Muyangwa said the reforms reflected a broader commitment to making pension savings more accessible and responsive to the real needs of members. By removing the burden of interest, he added, the scheme ensures that retirees receive genuine support rather than being weighed down by additional costs.

He further revealed that NAPSA has processed more than 527,000 partial withdrawal claims, worth approximately K11 billion, since the facility was first introduced in April 2023. The Director General said the sheer volume and value of these claims underlined the strong demand among members seeking to access their savings under the amended NAPSA framework.

Mr Muyangwa said the Authority remained committed to implementing the reforms efficiently and transparently, ensuring that contributors and pensioners alike continue to benefit from a more flexible and member-focused pension system as the changes take full effect.