5 December 2012

Zambia: Pensions Net Assets Swell to K3.3 Trillion

THE Pensions and Insurance Authority (PIA) has recorded an increase in pensions net assets from K3 trillion to K3.3 trillion representing an increase of two per cent, registrar Martin Libinga has said.

Mr Libinga said the upswing of pensions assets growth was between June 30 and September 30, 2012 respectively and is attributed to increased investments as well as contributions.

He said during the same period, the authority had a total number of 230 registered pensions schemes countrywide.

He said the K3.3 trillion pension net assists excluded the National Pensions Scheme Authority (NAPSA) which had K4 trillion.

"We have recorded an increase in pensions net assets and of the total which excludes NAPSA, the two per cent growth is between the second and third quarter of this year and we expect this growth to continue, "he said.

Mr Libinga said the major contributor to the recorded growth was increased investment in some investments and increased contributions.

He also disclosed that the authority had registered growth in its membership from 95, 634 to 98,419.

He, however, said that currently, the authority has only five pension managers and six pension administrators.

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