Government has reaffirmed its commitment to reforming Zambia’s pension system to expand coverage, strengthen regulatory oversight and improve retirement income security, particularly for workers in the informal sector.
Speaking at the official opening of the 2026 Annual Pension Conference, held under the theme “Building Sustainable Pension Innovation, Governance and Policy Reform,” Ministry of Labour and Social Security Secretary Zachariah Luhanga said pension reforms were essential to safeguarding workers’ contributions, enhancing benefits and positioning pension funds to contribute to national economic development.
Mr Luhanga said government remained committed to building a sustainable pension system that protects members’ savings, provides adequate retirement income and supports families in old age.
“Pension is more than a monthly payment,” the Permanent Secretary said, describing retirement benefits as recognition of workers’ years of service and sacrifice.
Mr Luhanga added that pension funds could also contribute to economic development by directing capital towards productive sectors, including infrastructure, housing and capital markets.
“The true measure of success is when the system protects members, provides adequate retirement benefits and reaches those who need it most,” Mr Luhanga said.
The Permanent Secretary also highlighted government’s ongoing efforts to improve the pension system through legislative reforms.
He further identified digital technology as an important tool for modernising pension administration, reducing operational costs and improving access to information.
Mr Luhanga, however, warned that technological advancement must be accompanied by strong data management, cybersecurity safeguards and adequate protection of members’ personal information.
He reiterated government’s commitment to expanding pension coverage, particularly among workers in the informal sector, many of whom remain outside formal pension arrangements.
Speaking earlier, Pension and Insurance Authority Registrar and Chief Executive Officer, Namakau Ntini, called for stronger governance, greater transparency and expanded pension coverage to ensure a sustainable retirement system capable of protecting contributors and supporting national economic development.
Ms Ntini stressed that pension systems could no longer rely on traditional approaches alone, particularly as demographic changes increase the need for sustainable retirement planning.
On governance, the Registrar emphasised the importance of competence, accountability, effective risk management and transparent investment decisions in protecting contributors’ savings and maintaining public confidence in pension institutions.
She said strengthening governance structures was essential to addressing weaknesses in pension administration and ensuring that the interests of contributors and retirees remained central to industry operations.
And Zambia Association of Pension Funds (ZAPF) Chairperson, Collina Halwampa, urged pension industry to embrace innovation, strengthen member engagement and promote policy dialogue to ensure the long-term sustainability of pension schemes amid changing membership demographics.
Meanwhile, Pan African Fund Managers Association Programme Manager, Oguche Aguda, called for reforms in pension systems to ensure retirement income security, promote sustainable contributions and channel pension funds into investments capable of driving economic growth.
Mr Aguda, said pension administrators and regulators must strike a balance between innovation, investment security and the long-term sustainability of retirement savings.
He also urged stakeholders to pay greater attention to younger workers, saying pension systems must become more relevant and understandable to younger generations to encourage early and consistent contributions.
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