SECRETARY to the Treasury, Felix Nkulukusa, says Zambia needs to reform its pension system to ensure retirees receive a steady income instead of a one-time lump sum payment. He has explained that many retirees become financially vulnerable because they struggle to manage large sums of money received at once. Speaking before the Committee on Parastatal Bodies, Nkulukusa said the current Public Service Pension Fund (PSPF) system did not serve retirees well. “When you look at the public service pension fund, when someone retires, it’s a lump sum and then they get very minimal amounts. When you look at NAPSA, there will be no lump sum, they’ll still get. The ideal situation and this is what works everywhere is that the...
