Plan to enhance compliance of pensions fund management unveiled

A trustee development curriculum to enhance the capacity of pension schemes in complying and upholding all aspects of pensions fund management has been unveiled in Lusaka.

The initiative to protect the interest of members and sponsors of scheme was launched by the Zambia Association of Pension Funds (ZAPF) in collaboration with the Pensions and Insurance Authority (PIA) and the Zambia College of Pensions and Insurance Trust.

ZAPF Chairperson, Catherine Makala, said at the launch of the initiative and training of trainers of trustees workshop on Monday in Lusaka that the three institutions had developed a Trustee Curriculum, which would be used by this cohort of trainers.

Makala said the curriculum that would be rolled out and delivered in future trustee training aimed to train various categories of people involved in handling pension funds.

“Furthermore, this curriculum will be used to enhance the capacity of pension schemes to comply and uphold all aspects of pensions fund management and administration in order to protect the interest of members and sponsors of schemes,” she said.

Makala expressed confidence that after the Training of Trainers session to be held over the next four days, the pensions industry would have a cadre of experts well versed in Trustee Training who will be using the same language as all trainers will have one document to refer to.

“It is my sincere hope that after this training, all Trainers will be committed and will be available to delivering their best in order to promote and protect the pensions industry in Zambia,” she said.

The trustee development curriculum and training of trainers of pension scheme trustees is meant to address the knowledge and skills gap observed during inspections of pensions schemes.

Speaking at the same function, PIA acting Registrar and Chief Executive Officer, Namakau Ntini, said it became necessary to offer a more structured training in order to standardise the content and ensure consistency in the knowledge being shared with trustees.

Ntini said PIA, with input from the pensions industry and Zambia college of pensions and insurance trust had developed a trustee development curriculum to address this need.

“The training will cover five modules that cover critical aspects of prudent pensions scheme management will be covered. The modules will be administered over a five-day training period and trustees will be required to undergo a competence examination upon completing the training.

“It is our hope that through these training trustees will have a better understanding of their fiduciary duties and be equipped with skills as well as knowledge to ensure prudent management of their pension schemes,” she said.

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