Kwacha Pension Trust Fund is a Single Employer Pension Trust that manages pension on behalf of its members, who comprise former and current employees of the Bank of Zambia.

Our Properties

Contacts

Stand No 5534
Corner Kakola & Libala Roads, Kalundu, Lusaka - Zambia

info@kptf.org.zm

+260 211 291 985

KPTF FAQs

Frequently Asked Questions (FAQs)

Find answers to common questions about your pension benefits and services

Important Information

Essential procedures and guidelines for members

📋 CLAIMING PENSION BENEFITS - ACTIVE MEMBERS

All retiring Members are required to submit a completed Pension Claim Form, certified copy of the National Registration Card (NRC), final payslip and a certified copy of the Spouse's NRC, if married. Members are also urged to ensure that their record of dependents is updated with the Human Resource department of the Bank, before their Normal Retirement Date.

📢 COMPLAINTS HANDLING PROCEDURE

The Fund adopted the following complaints handling procedure, in line with the Pensions and Insurance (PIA) guidelines on complaints handling:

  1. All complaints must be addressed to the Fund Director in writing and must contain the Member's full name, contact address, phone number and email address.
  2. Explain the complaint as clearly and simply as possible.
  3. Submit supporting documentation, if any.
  4. The Fund will acknowledge receipt of your complaint within 2 working days.
  5. Determination of a complaint shall be within 14 working days or earlier, depending on the level of investigation required.
  6. Complaints not resolved within 90 days will be reported to PIA.
  7. The Fund will provide regular updates until the complaint is fully resolved.
  8. Members who are not satisfied with the resolution of their complaints have the right to escalate their complaint to PIA.

General Pension Information

Understanding KPTF and your pension benefits

1. What is Kwacha Pension Trust Fund (KPTF)?
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KPTF is a pension fund that manages retirement benefits for current and former Bank of Zambia employees through contributions, investments, and prudent fund administration.
2. Who can become a Member of the Fund?
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Membership was closed to new Members in 2004.
3. How are contributions made to the Fund?
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Both the employer and employees contribute a specified percentage of the employee's monthly salary. The exact rate is defined in the Fund Rules.
4. What types of benefits does KPTF offer?
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The Fund provides retirement benefits, early withdrawal benefits, and death benefits as stipulated in the Fund Rules.
5. When can I access my pension benefits?
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Members can typically access benefits upon reaching the retirement age specified in the Fund Rules. Early withdrawals may be permitted under specific conditions such as resignation or medical incapacitation.
6. How is my pension investment managed?
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KPTF invests pooled Member contributions in diversified portfolios including Government securities, equities, property, corporate bonds, and other approved assets, guided by the Fund's Investment Policy Statement and in line with the Pension Scheme Investment Guidelines, Statutory Instrument No. 50 of 2021.
7. Can I track the performance of my pension fund?
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Yes, Members receive Member statements annually and can access updates through official KPTF communication channels. Further, Members can access their statements through the online portal on the KPTF website. Members are also required to attend an Annual General Meeting where Trustees present a report.
8. What happens if I change employers?
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You will be required to withdraw from the Fund and claim your accrued pension benefits in line with the guidance from the Pensions and Insurance Authority that deferred pension was abolished by the Supreme Court judgment in 2008.
9. How are benefits paid out?
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Benefits are paid out as partly lump sums (up to 50%) or annuities (paid monthly on the 1st of each month), depending on the Member's choice. Payments are processed upon completion of a claim form.
10. What should I do in case of a change in personal details?
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Notify the Fund immediately through the Bank of Zambia Human Resource Department or directly and submit the necessary documentation to update your records.
11. Who governs the Fund?
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KPTF is overseen by a Board of Trustees (50% employer appointed and 50% Member elected), supported by three committees, namely, the Administration and Communications Committee, Audit and Risk Management Committee and the Finance and Investment Committee, in line with the Pension Scheme Regulation Act.
12. How do I contact the Fund?
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You can contact KPTF through its official:

Website: www.kptf.org.zm
Customer service email: info@kptf.org.zm
Telephone numbers: +260 (211) 291 985 / +260 (764) 241 692

Or visit the Fund's offices located at plot No. 5534, corner of Libala and Kakola Roads, Kalundu, Lusaka, during working hours between 08:00 hours and 17:00 hours, from Monday to Friday. The office is closed on Saturday, Sunday and on public holidays.

Claims & Benefits

Specific information about claims, benefits, and compliance

13. What happens if one or some of the deceased Member's registered biological children are not the spouse's biological children?
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Where a registered child is not under the guardianship or not a biological child of the registered spouse, The Fund is able to share the pension in equal portions between the concerned spouse and the guardian of the children. This is subject to the conditions that the spouse must give consent for the pension to be shared and the guardian providing an affidavit proving that they are the legal guardian of the children.
14. What happens if the Will of a deceased Member is not in line with the Fund Rules?
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Pension benefits are administered in line with the Pension Scheme Regulation Act (PSRA), Fund Rules and Trust Deed, and not the Wills and Administration of Testate Estates Act. In the event that there are inconsistencies between the two Acts, the PSRA shall prevail to the extent of the inconsistency.
15. Should the Annual Life Certificates be provided annually on the Member's birthday?
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No. All Pensioners and beneficiaries are required to complete and submit a Life Certificate to the Fund before 31st March of each year. The Fund begins to receive completed Life Certificates in the 4th Quarter of every year. Life Certificate forms are available at the KPTF Office, situated at Plot No. 5534, corner of Libala and Kakola Roads, Kalundu, Lusaka and on the KPTF website. Non-compliance results in suspension of a Member's pension until their compliance.
16. What is the essence of attending Annual General Meetings (AGM)?
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Members are informed of the overall performance of the Fund through the Trustees' report, Annual Financial Statements, and question and answer sessions. Therefore, all Members are required and encouraged to attend the Fund's AGMs and Extraordinary General Meetings (EGMs).
17. Does the Fund deduct and remit any contributions from the Members' monthly pension to the National Health Insurance Management Authority (NHIMA)?
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The Fund DOES NOT deduct any amount from monthly pensions paid to Members, for payment towards the National Health Insurance Scheme (NHIS) under NHIMA. The Fund is required to register all Pensioners with NHIMA, while Members register their Spouses and children. Further details are provided on the NHIMA website (www.nhima.co.zm), and the NHIMA Toll-Free number: 8000.

Commercial Property Rental

Information about KPTF commercial property rentals

1. What is the procedure for occupying a vacant space and what is the move-in process?
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To begin the process, an official inquiry must be sent to the Property Manager via email to chikuba@aflife.co.zm. Once both parties agree on the terms, the Property Manager will issue a Know Your Customer (KYC) form to be completed by the prospective tenant. After the KYC form is reviewed and approved, the lease agreement can be signed.
2. What is the monthly rent, and what does it include? Are there any additional fees (e.g., service charge, garbage collection)?
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The monthly rent can be negotiated with the Property Manager. In addition, a pro-rated service charge applies. This service charge covers the water, elevator maintenance (if applicable), electricity, garbage collection, security, generator fuel, cleaning of common areas and other property maintenance costs.
3. Is a security deposit required? If yes, how much is it?
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Yes, a security deposit equivalent to one month's gross rent is required upon signing the lease agreement. At lease renewal, an additional deposit will be required to cover the difference between the original deposit and the current monthly gross rent.
4. How long is the lease term? What is the renewal term?
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Lease terms vary based on the outcome of the KYC vetting process and request from the tenant. The maximum lease period is 4 years and 11 months. The tenant may renew the lease, provided that:

(a) all lease obligations have been fulfilled; and
(b) the tenant notifies the landlord in writing of their intention to renew at least six (6) months prior to the lease expiry date.