Ministry of Labour and Social Security Permanent Secretary, Zechariah Luhanga has called on Zambians to take greater responsibility in planning for their retirement. Mr Luhanga says a secure and dignified retirement depends on informed financial decisions and consistent pension…

Ministry of Labour and Social Security Permanent Secretary, Zechariah Luhanga has called on Zambians to take greater responsibility in planning for their retirement.

Mr Luhanga says a secure and dignified retirement depends on informed financial decisions and consistent pension contributions throughout one’s working life.

Speaking at the official launch of the 8th Annual Pensions Awareness week in Lusaka, Mr Luhanga said pension is more than deductions from workers’ salaries, describing it as an important financial tool that guarantees security, independence and dignity in old age.

He urged workers to join pension schemes early, make regular contributions and remain engaged with pension providers, adding that a strong pension culture reduces old-age financial vulnerability while easing the burden on families and government.

Mr Luhanga said government remains committed to promoting inclusive growth, decent work and comprehensive social protection through recent pension reforms.

He explained that the enactment of the National Pension Scheme Act No. 72 of 2026, the Public Service Pensions Act No. 73 of 2026, and the Local Authorities Superannuation Act No. 74 of 2026 has modernised Zambia’s pension legal framework, strengthened pension administration and enhanced protection of workers’ retirement benefits.

Mr Luhanga said government has also established a comprehensive four-pillar pension system comprising non-contributory social assistance, mandatory contributory pension schemes, voluntary occupational and private pension arrangements, and complementary social support services such as healthcare to promote active and dignified ageing.

He further said expanding pension coverage is a key pillar of the Second National Financial Inclusion Strategy for 2024 to 2028, as it promotes household resilience, long-term savings, wealth creation and reduces old-age poverty.

He added that a financially secure retired population contributes to stronger families, resilient communities and sustainable national economic development.

Mr Luhanga said the recently released 2025 FinScope Survey shows financial inclusion has increased from 69.4 percent in 2020 to 80.1 percent in 2025, while pension coverage has also grown from 8.2 percent to 14.6 percent over the same period.

He said the improvements reflect the success of government and stakeholder efforts to promote financial literacy and consumer education, while encouraging more Zambians to participate in formal pension schemes.

Speaking at the same event, Pensions and Insurance Authority (PIA), Registrar and Chief Executive Officer, Namakau Ntini revealed that the private occupational pensions industry recorded growth in 2025, with net assets rising to approximately K26.9 billion, representing a 29 percent increase from 2024, largely driven by gains in local equities and government bonds.

Ms Ntini added that membership in registered pension schemes increased to about 275,000 in 2025 from approximately 265,000 in 2024, largely due to the admission of new participating employers into existing occupational pension schemes.