CHAPTER 255 - PENSION SCHEME REGULATION ACT: SUBSIDIARY LEGISLATION

INDEX TO SUBSIDIARY LEGISLATION

Pension Scheme Regulations Act (Commencement) Order, 1997

Pension Scheme Registration Regulations, 1998

Pension Scheme Regulation (Investment) (Exemption) Order, 2000

Pension scheme (Offshore Investments) Regulations, 2002

Pension Fund (Annual Report) Regulations, 2002

Pension Scheme (Returns) Regulations, 2002

Pension Scheme (Investment Guidelines) Regulations, 2011

PENSION SCHEME REGULATIONS ACT (COMMENCEMENT) ORDER, 1997

[Section 1]

Arrangement of Paragraphs

   Paragraphs

   1.   Title

   2.   Commencement

SI 27 of 1997.

1.   Title

This Order may be cited as the Pension Scheme Regulations Act (Commencement) Order, 1997.

2.   Commencement

The Pension Scheme Regulation Act, 1996, shall come into operation on the publication of this Order.

PENSION SCHEME REGISTRATION REGULATIONS, 1998

[Sections 9 and 46]

Arrangements of Regulations

   Regulation

   1.   Title

   2.   Application for registration

   3.   Fees

      FIRST SCHEDULE

      SECOND SCHEDULE

SI 63 of 1998.

1.   Title

These Regulations may be cited as the Pension Scheme Registration Regulations, 1998.

2.   Application for registration

An application for registration under section nine shall be submitted to the Registrar–

      (a)   in Form PRT set out in the First Schedule to these Regulations for the establishment of a pension scheme; and

      (b)   in Form PRT 2 set out in the First Schedule to these Regulations for the management of a pension scheme.

3.   Fees

The application for registration under regulation 2 shall be accompanied by the fee set out in the Second Schedule to these Regulations.

FIRST SCHEDULE

[Regulation 2]

FORM PRT 1APPLICATION FORM FOR REGISTRATION OF PENSION SCHEME

The Registrar

P.O.Box 30X

Ridgeway

Lusaka

Tel: 251365/251367

BASIC DETAILS OF PENSION SCHEME TO THE REGISTERED

1.   Full name of Applicant (Scheme)

      (a)   …………………………………………………………………………

Previous name(s)

      (b)   ……………………………………………………………………………

2.   Postal Address of Scheme …………………………………………………………..

………………………………………………………………………………

………………………………………………………………………………

Telephone No. …………………………. Facsimile No. …………………………….

3.   Physical Address of the place where the pension scheme is to be established or managed

………………………………………………………………………………

………………………………………………………………………………

………………………………………………………………………………

4.   Registered Office Address ………………………………………………………….………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

5.   Scheme status- tick appropriate box

……….. Open

……….. Frozen

……….. Closed

6.   Benefit type-tick appropriate box

……….. Money Purchase

………..   Defined Benefits

……….. Pension on Retirement

……….. Death in Service Benefit

………. Lump sum by Commutation

………. Combination of benefits specified above

7.   Commencement date of Scheme ……………………………………

8.   Date of first premium/contribution …………………………………

9.   Total membership ……………………………………………………

10.   Is the Scheme membership discretionary?

tick appropriate box

…….. Yes ………… No

11.   Estimated total contributions by all participating employers to this Scheme……..

………………………………………………………………………………

12.   Estimated Employee contributions (as percentage of remuneration) ……………

……………………………………………………………………………..

13.   State normal retirement age (NRA)……………………………………..

SCHEME DOCUMENTATION

14.   Interim trust deed ………Yes …….. No

Date of execution………………………………………………….

15.   Definitive trust deed ……… Yes ……… No

Date of execution …………………………………………………

16.   Funding

Nature of Scheme Investment – tick appropriated box

……….. Insured

……….. Self Administered

……….. Unfunded

17.   Insured details:

Are the Scheme benefits, or any of them, secured by a contract of Insurance or an annuity contract?

tick appropriate box

If yes complete the item 18, 19 and 20 if not go to item 21.

18.   Address of Insurer…………………………………………………………………….

…………………………………………………………………………….

19.   Address the Insurer (where the pensions department is located)

……………………………………………………………………………..

…………………………………………………………………………….

……………………………………………………………………………

20.   Insurance Company Reference/Policy number, if known……………………………

21.   Attach certified copy of the certificate of Incorporation of the trust…………………………………………………………………………

22.   Zambia Revenue Authority (ZRA) Tax approved reference number……………….

ABOUT THE SCHEME TRUSTEES

23.   Name of all scheme trustees and their contact address if different from Scheme address

Name………………………………………………………………………

Address……………………………………………………………………

………………………………………………………………………………

………………………………………………………………………………

Name………………………………………………………………………

Address……………………………………………………………………

………………………………………………………………………………

………………………………………………………………………………

Name………………………………………………………………………

Address……………………………………………………………………

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………………………………………………………………………………

Name………………………………………………………………………

Address……………………………………………………………………

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Name………………………………………………………………………

Address……………………………………………………………………

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Name………………………………………………………………………

Address……………………………………………………………………

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Name………………………………………………………………………

Address……………………………………………………………………

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Name………………………………………………………………………

Address……………………………………………………………………

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………………………………………………………………………………

Name………………………………………………………………………

Address……………………………………………………………………

………………………………………………………………………………

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Name………………………………………………………………………

Address……………………………………………………………………

………………………………………………………………………………

………………………………………………………………………………

Name………………………………………………………………………

Address……………………………………………………………………

………………………………………………………………………………

………………………………………………………………………………

Name………………………………………………………………………

Address……………………………………………………………………

………………………………………………………………………………

………………………………………………………………………………

About Scheme Professional Advisors

24.   Name of Scheme Actuary……………………………………………

Address……………………………………………………………………

……………………………………………………………………………

Telephone No………………………… Facsimile…………………………………..

25. Attach latest Actuarial Valuation Report (NB. Initially not application to newly established pension funds or pensions fund managers)

26.   Name of Scheme Auditor…………………………………………….

Address……………………………………………………………………

………………………………………………………………………………

Telephone No………………………… Facsimile…………………………………..

27.   Attach latest Audited Accounts (NB. Not initially applicable to newly established pension funds or pension fund managers)

About Scheme Administrator

28.   Is the employer the Scheme administrator.   If not give details below

tick appropriate box

…………. Yes ………….. No

Name of Scheme Administrator……………………………………………..

Contact address……………...…………………………………………….

………………………………………………………………………………

………………………………………………………………………………

Telephone No………………………… Facsimile…………………………………..

About the Principal employer (where relevant)

29.   Principal employer’s (current) name……………………………………..

30.   Principal employer’s address………………….………………………..

………………………………………………………………………………

………………………………………………………………………………

31.   Nature of Business………………………………………………………

32.   Employer’s Accounting date…………………………………………….

About current employers associated with the scheme (other Participating Employers)

33.   Employer’s name……………………………………………………….

34.   Employer’s address…………………………………………………….

………………………………………………………………………………

Employer’s name…………………………………………………………….

Employer’s address………………………………………………………..

……………………………………………………………………………

……………………………………………………………………………

Employer’s name………………………………………………………….

Employer’s address………………………………………………………..

………………………………………………………………………………

………………………………………………………………………………

Previous principal employer or previous name(s) by which the principal employer has been known and any previous address

      (Details required are those of all the employers to which the scheme has been related)

35.   Employer’s name…………………………………………………….

36.   Employer’s address…………………………………………………….

………………………………………………………………………………

Employer’s name…………………………………………………………….

Employer’s address…………………………………………………………..

………………………………………………………………………………

………………………………………………………………………………

Employer’s name…………………………………………………………….

Employer’s address…………………………………………………………..

………………………………………………………………………………

………………………………………………………………………………

37.   Certified up-to-date extract from the register of companies (please attach)

38.   Description of the applicants qualifications enabling the applicant to manage a pension scheme or fund (please attach)

39.   Total amount of Application Fee (enclosed)……………………………

40.   Cheque No……………………………………………………………

DECLARATION
I/We hereby apply for registration of the pension scheme named in Section 1 on this form.

I/We declare that to the best of my/our knowledge and belief the information given in this application is correct and complete.

Signed (by or on behalf of administrator)

Name;………………………………………………………………………

Capacity in which signed:…………………………………………………….

Date:…………………………………………………………………………

Address……………………………………………………………………

………………………………………………………………………………

………………………………………………………………………………

NOTES

1.   Please make sure the registration application form is completed correctly and is printed or typed in capital letters.   If in doubt, please contact the Registrar’s office for guidance and help before completion of this form.

2.   If any of the information required on the form is not available at the time of registration you should inform the Registrar of the reason why it cannot be provided.   But you should supply as much information as is practicable on initial submission of the registration application form.

3.   If there is not enough room on this page for the entries you have, please photocopy the page as required.

Any photocopied pages should be enclosed with this form.   Indicate number of continuation sheets .......................………………………….

4.   Please give the name, address and telephone number of the person(s) to whom any enquiries about this form should be sent which should be scheme trustee or person authorised to act on behalf of the trustees.

Name:………………………………………………………………………

Address……………………………………………………………………

………………………………………………………………………………

………………………………………………………………………………

Telephone No. .……………………………………..

Facsimile No. ………………………………………

5.   Please send the form and the cheque for the total amount of the registration fee to the address shown at the bottom of this page.

The crossed Cheque should be endorsed either “A/C Payee” or “not negotiable” and made payable to “PENSION AND INSURANCE AUTHORITY”.   (Please PRINT in CAPITAL LETTERS)

6.   If you require confirmation that your scheme details have been recorded on the Register, please enclose a stamped self addressed envelope.

7.   Please send this form to: The Registrar of Pensions

P/bag 30X

Ridgeway

Lusaka

Telephone: 251346/251365/251367

FORM PR2

The Registrar of Pensions and Insurance

P.O.Box 30X

Ridgeway

Lusaka

Tel: 251365/251367

Fax: 251862

REGISTRATION OF FUND MANAGERS OF PENSION SCHEMESBASIC DETAILS OF PENSION SCHEME/FUND MANAGERS TO BE REGISTERED

1.   Full name of applicant (Fund Manager)

      (a)   ………………………………………………………………………….

Previous name (s)

      (b)   …………………………………………………………………………

2.   Current postal address of pension scheme/fund managers………………..

………………………………………………………………………………

………………………………………………………………………………

Telephone No:…………………………. Facsimile No…………………......

3.   Physical address of the place where the pension scheme/fund manager are to be located

……………………………………………………………………………..

………………………………………………………………………………………………………………………………………………………………

4.   Registered office address……………………………………………….

………………………………………………………………………………

………………………………………………………………………………………………………………………………………………………………

5.   Benefit type – tick appropriate box

…………….Money purchase

…………….. Defined benefits

……………. Pension on retirement

…………….. Death in service benefit

…………….. Lump sum by communication

…………….. Combination of benefits specified above

6.   Date pension/fund manager became registered ……………………………………….

7.   Please disclose the current total amount of pension scheme/funds under your management.

K…………………………………………………………………………

(Amount in words)………………………………………………………….

……………………………………………………………………………

8.   Please disclose the current total amount of pension/funds under your portfolio of management to which the above amount relates.

9.   Current total number of membership split as follows:

Actives …………………………………………………………………………….

Pensioners……………………………………………………………………

Deferreds………………………………………………………………….

10.   Please disclose current monthly average total amount of contribution by all participating pension schemes/funds

K…………………………………………………………………………

(Amount in words)………………………………………………………..

…………………………………………………………………………….

11.   State number of new client accounts gained over the immediate preceding year

……………………………………………………………………………..

12.   Indicate the total amount of funds grained as a result of these new client accounts

K…………………………………………………………………………

(Amount in words)…………………………………………………………..

………………………………………………………………………………

13.   State number of client accounts lost during the immediate preceding year……..………………………………………………………………..

14.   Indicate the total amount of funds lost as a result of the loss of these accounts.

K……………………………………………………………………………

(Amount in words)…………………………………………………………..

………………………………………………………………………………

Asset Allocation

15.   Do you operate only collective vehicles (i.e Managed Funds) – where the investments of many different pension schemes can be co-mingled.

………….. Yes ……………… No

16.   Do you operate only segregated funds e.g. to large pension funds

………….. Yes ………………. No

17.   Do you operate both Managed Funds and Segregated Funds type of investment

…………… Yes ……………….. No

18.   Please indicate the current percentage holding of the pension scheme/funds investments in any of the following asset categories:

Asset Type Percentage Holding

- Zambia Government Treasury Bills …………………..

- Zambia Government Bonds…………………..

- Zambia Equities …………………..

- Property ………………….

- Cash ………………….

- Overseas Investment ………………….

- Other Investment (specify)………………….

Pension Scheme/Fund Managers Documentation

19.   Certified copy of Certificate of Incorporation (attach)

……………………… Yes ……………. No

Date obtained

20.   Reinsurance details

Are the pension scheme/funds secured by a contract of reinsurance? – tick appropriate box.

………………. Yes No……………….

If yes complete item 13, 14 and 15

21.   Name of Re-Insurer

22.   Address of Re-insurer

………………………………………………………………………………

………………………………………………………………………………

………………………………………………………………………………

23.   Re-insurance Company Reference/policy number……………………….

About the Scheme/fund Manager

24.   What is the ownership of the Investment organisation (Give brief details)

Names of all Shareholders and their contact address.

Name………………………………………………………………………

Address……………………………………………………………………

……………………………………………………………………………

……………………………………………………………………………

Name………………………………………………………………………

Address……………………………………………………………………

……………………………………………………………………………

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Name………………………………………………………………………

Address……………………………………………………………………

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Name………………………………………………………………………

Address……………………………………………………………………

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Name………………………………………………………………………

Address……………………………………………………………………

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Name………………………………………………………………………

Address……………………………………………………………………

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25.   Names of all Directors and their contact address.

Name………………………………………………………………………

Address……………………………………………………………………

………………………………………………………………………………

………………………………………………………………………………

Name……………………………………………………………………….

Address……………………………………………………………………

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Name………………………………………………………………………

Address……………………………………………………………………

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Name………………………………………………………………………

Address……………………………………………………………………

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Name………………………………………………………………………

Address……………………………………………………………………

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Name………………………………………………………………………

Address……………………………………………………………………

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Name………………………………………………………………………

Address……………………………………………………………………

………………………………………………………………………………

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Name………………………………………………………………………

Address……………………………………………………………………

………………………………………………………………………………

………………………………………………………………………………

Name………………………………………………………………………

Address……………………………………………………………………

………………………………………………………………………………

………………………………………………………………………………

Name………………………………………………………………………

Address…………………………………………………………………………………………………………………………………………………..

………………………………………………………………………………

About Scheme/Fund Manager’s Actuary

26.   Name of Scheme/Fund Manager’s Actuary……………………..............

………………………………………………………………………………

Address……………………………………………………………………

……………………………………………………………………………

Telephone No…..…………. Facsimile No……………………………….

27.   Attach latest Actuarial Valuation Report (NB. Initially not applicable to newly established pension funds or pension fund managers)

Address……………………………………………………………………

……………………………………………………………………………

Telephone No…………..…. Facsimile No…………………………………

28.   Attach latest Audited annual Accounts (NB. Initially applicable to newly established pension funds or pension fund managers)

About Scheme/Fund Administrators

29.   Give a brief history and a full description of the qualifications and experience of senior management staff assisting the final manager manage a pension scheme/funds portfolio, including full contact address (please attach)

30.   How stable is the senior management staff of the Investment Managers.

………………………………………………………………………………

………………………………………………………………………………

………………………………………………………………………………

………………………………………………………………………………

31.   How many senior management staff are there currently in the team.

………………………………………………………………………………

32.   How many senior management staff joined the management team during the year immediately preceding.

………………………………………………………………………………

33.   How many senior management staff left the management team during the immediately preceding

………………………………………………………………………………

34.   Certified up-to-date extract from the register of companies (please attach)

35.   Total amount of Application fee (enclosed)…………………………….

36.   Cheque No…………………………………………………………….

DECLARATION:

I/We hereby apply for registration as fund managers of…………………………......................................................................

…………………………………………………….. Pension Scheme

I/We declare that to the best of my/our knowledge and belief that the information given in this application is correct and complete.

Signed (by or on behalf of administrator)

Name………………………………………………………………………

Capacity in which signed……………………………………………………..

Date…………………………………………………………………………

Address……………………....……………………………………………..

……………………………………………………………………………

…………………………………………………………………………….

NOTES

1.   This form is to be completed by persons applying to be fund managers for the very first time.

2.   Please make sure the registration form is completed correctly.   If in doubt, please contact the registrar’s office for guidance and help before completion of this form.

3.   If there is not enough room on this page for the entries please continue on separate sheet.

4.   If any of the information required on the form is not available at the time of registration you should inform the Registrar of the reason why it cannot be provided.   But you should supply as much information as is practicable on initial submission of the registration application form and pay the full registration fee.

5.   Please give the name, address and telephone number of the person (s) to whom any enquiries about this form should be sent this should be a scheme trustee or person authorised to act on behalf of the trustees.

Name………………………………………………………………………

Address…………………………………………………………………

………………………………………………………………………………

………………………………………………………………………………

Telephone No………………….. Facsimile No……………………………

6.   Please send the form and the cheque for the total amount of the registration fee to the address shown at the bottom of this page.

The crossed cheque should be endorsed either “A/C Payee” “not negotiable” and made payable to “PENSIONS AND INSURANCE AUTHORITY”.. (Please PRINT IN CAPITAL LETTERS)

7.   If you require confirmation that your scheme details have been recorded on the Register, please enclose a stamped self addressed envelope.

8.   Please send this form to: The Registrar of Pension and Insurance

P/Bag 30X

Ridgeway

Lusaka

Telephone: 251346/251365/251367

SECOND SCHEDULE

(Regulation 3)

PRESCRIBED FEES

Fee Units

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