PENSION SCHEME REGULATION ACT: SUBSIDIARY LEGISLATION (CHAPTER 255 )

CHAPTER 255 - PENSION SCHEME REGULATION ACT: SUBSIDIARY LEGISLATION

INDEX TO SUBSIDIARY LEGISLATION

Pension Scheme Regulations Act (Commencement) Order

Pension Scheme Registration Regulations

Pension Scheme Regulation (Investment) (Exemption) Order

Pension scheme (Offshore Investments) Regulations

Pension Fund (Annual Report) Regulations

Pension Scheme (Returns) Regulations

Pension Scheme Regulation (Pension and Insurance Levy) Regulations

Pension Scheme (Investment Guidelines) Regulations

PENSION SCHEME REGULATIONS ACT (COMMENCEMENT) ORDER

[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

[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..........................

..............................

Name...........................

Address..........................

..............................

Name...........................

Address..........................

..............................

Name...........................

Address..........................

..............................

Name...........................

Address..........................

..............................

Name...........................

Address..........................

..............................

Name...........................

Address..........................

..............................

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..........................

.............................

..............................

Name...........................

Address..........................

..............................

Name...........................

Address..........................

..............................

Name...........................

Address..........................

..............................

Name...........................

Address..........................

..............................

25. Names of all Directors and their contact address.

Name...........................

Address..........................

..............................

Name............................

Address..........................

..............................

Name...........................

Address..........................

.............................

...............................

Name...........................

Address..........................

..............................

Name...........................

Address..........................

..............................

Name...........................

Address..........................

..............................

Name...........................

Address..........................

..............................

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
1. Establishment of Pension Scheme	3 fee units per scheme member at a minimum of 5, 556 fee units
2. Management of Pension Scheme	8,333

PENSION SCHEME REGULATION (INVESTMENT) (EXEMPTION) ORDER

[Section 25]

Arrangements of Paragraphs

Paragraph

1. Title

2. Exemption on foreign investment

SCHEDULE

SI 37 of 2000.

1. Title

This Order may be cited as the Pension Scheme Regulation (Investment) (Exemption) Order, 2000.

2. Exemption on foreign investment

The Companies listed in the Schedule to this Order may, to the extent set out in the Schedule, invest and maintain outside Zambia contributions to a pension fund and any income or grains from such contributions to that fund subject to agreement between the members, the employers and the fund manager.

SCHEDULE

[Paragraph 2 ]

EXEMPT COMPANIES	PERCENTAGE TO BE INVESTED OUTSIDE ZAMBIA
Any pension fund established by Konkola Copper Mines Plc, ZCCM (Smelter) Limited	30%

PENSION SCHEME (OFFSHORE INVESTMENTS) REGULATIONS

[Sections 25 and 46]

Arrangements of Regulations

Regulation

1. Title

2. Application for offshore investments

SCHEDULE

SI 39 of 2002.

1. Title

These Regulations may be cited as the Pension Scheme (Offshore Investments) Regulations, 2002.

2. Application for offshore investments

An application for offshore investments under Section 25 shall be submitted to the Registrar in form PRT 3 set out in the Schedule to these Regulations.

SCHEDULE

[Paragraph 2]

PENSION SCHEME (OFFSHORE INVESTMENTS) REGULATIONS, 2002

FORM PRT 3

APPLICATION TO INVEST PENSION FUNDS OUTSIDE ZAMBIA

{mprestriction ids="2,3,5"}

[Regulation 2]

(1) Name of Applicant: ........................

(2) Name of Pension Fund: ......................

(3) Description of asset classes currently held by the Pension Fund .......

.................................

Description	Value of assets held Locally (K)	Value of Assets held abroad (K)	Total (K)







Total Assets of the Fund
Less: Liabilities
Net Assets of the Fund

FORM PRT 3

(4) Investment for which this Application is being made:

Description of Investment	Country of Investment	Amount
		Foreign Currency	Kwacha Equivalent

(5) DECLARATION

I/We ....................... declare that in accordance with Section 2(b) of the Pension Scheme Regulations act an agreement to invest funds outside Zambia has been reached between the members, employers and my self/ourselves (evidence attached herewith).

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

Signed (by or on behalf of administrator)

Name: ................

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

Date:....................

Address: ..................

.....................

......................

PENSION FUND (ANNUAL REPORT) REGULATIONS

[Sections 22 and 46]

Arrangements of Regulations

Regulation

1. Title

2. Annual report

3. Contents of report of trustees

SI 40 of 2002.

1. Title

These Regulations may be cited as the Pension fund (Annual Report) Regulations, 2002.

2. Annual report

The annual report for submission to the Registrar under section 22 shall in addition to the information specified in that section comprise—

(a) a report of the trustees;

(b) a report of the auditors stating the information specified in section 22

(d) notes to the financial statements, including notes on portion of funds that have been invested abroad in respect of each investment type;

(e) list of participating pension schemes and net assets attributable to each of those schemes;

(f) five years financial summary; and

(g) five year membership summary.

3. Contents of report of trustees

The report of the trustees shall, among other things, over the following matters:

(a) object of the funds;

(b) history of the funds;

PENSION SCHEME (RETURNS) REGULATIONS

[Sections 26 and 46]

Arrangements of Regulations

Regulation

1. Title

2. Quarterly Returns

SCHEDULE

SI 41 of 2002.

1. Title

These Regulations may be cited as the Pension Scheme (Returns) Regulations, 2002.

2. Quarterly Returns

Quarterly returns under section 26 shall be submitted to the Registrar in Form PRT 4 set out in the Schedule to these Regulations.

SCHEDULE

[Paragraph 2]

FORM PRT 4

PENSION SCHEME REGULATION ACT 1996

QUARTERLY RETURNS

NAME OF PENSION FUND.....................

(a) INCOME AND EXPENDITURE ACCOUNT for the Quarter Ended.........

	Previous Quarter K'000	Current Quarter K'000	Year to date K'000
INCOME
1.Contributions:
(a) Normal - member
(b) Normal - employers
(c) Additional/voluntary
(d) special
(e) Transfers from other Funds
SUB-TOTAL
2. Investment Income:
(a) Interest from fixed interest securities
(b) Dividends from equities
(c) Net rent form property
(d) Interest on cash deposits
SUB-TOTAL
3. Other Income:
(a) Claims on insurance policies
(b) Other (Specify)
SUB-TOTAL
Total Income
Expenditure
4. Benefits paid
(a) Pensions
(b) Lump sum benefits
(c) Death benefits
(d) Refunds of contributions
(e) Transfer to other pension funds
SUB-TOTAL
5. Other expenses:
(a) Premiums on insurance policies
(b) other (Specify)
SUB-TOTAL
6. Administration Expenses (Provide Breakdown
Total Expenditure
Excess/deficit of income over expenditure

(b) BALANCE SHEET AS AT ........... (END OF QUARTER)

	K'000
1. Assets
(a) Fixed Assets
(b) Investments
(i) Fixed interest securities
(ii) Equities
(iii) Property
(iv) Cash deposits
(v) Insurance Policies
(vi) Other investment (specify)
SUB-TOTAL
(c) Current Assets
(i) Debtors
(ii) Accrued income
(iii) Arrear contributions
(iv) Cash at bank
(v) Other (specify)
SUB-TOTAL
TOTAL ASSETS
2. Liabilities
(a) long Term Liabilities
(b) current liabilities
(i) Creditors
(ii) Contribution received in advance
(iii) Benefits due
(iv) Bank overdraft
(v) Other (Specify)
SUB-TOTAL
Total Liabilities
NET ASSES AS AT END OF QUARTER
3. Member"™ Fund
Member's fund at start of quarter
Excess of income over expenditure
Change in market value of investments
Members' fund as at end of quarter

(1) Investment Portfolio

Investment Type	Local		Abroad		Total
	K"™ million	%	K"™ million	%	K"™ million	%
(a) Government bonds
(b) Treasury bills
(c) Municipal
(d) Corporate bonds (listed)
(e) corporate bounds (unlisted)
(f) Commercial paper
(g) Other fixed interest securities
(h) Equities (listed)
(i) Equities (unlisted)
(j) collective investment schemes
(k) Property
(l) Cash Deposits
(m) Other investments (specify)
TOTAL INVESTMENTS

(2) Analysis of Investment Income

Income Type	Local		Abroad		Total
	K"™ million	%	K"™ million	%	K"™ million	%
(a) Interest on Government bonds
(b) Interest on Treasury bills
(c) Interest on Municipal Bonds
(d) Interest on Corporate bonds (listed)
(e) Interest on corporate bounds (unlisted)
(f) Interest on Commercial paper
(g) Interest from Other fixed interest securities
(h)Dividends from Equities (listed)
(i) Dividends from Equities (unlisted)
(j)Income from collective investment schemes
(k) Net rent from Property
(l) Interest on Cash Deposits
(m) Other investments (specify)
TOTAL INVESTMENTS

(3) Analysis of Investment in Equities (including Collective Investments Scheme)

Name of Shares	Date issuing company was incorporated	Number of shares Held	%Holding	Cost of shares held (k'000)	Market value for shares (k'000)

(4) Comments on Investment Policy and Performance for the Quarter

............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

(d) ANALYSIS OF ADMINISTRATION EXPENSES

Description	Previous Quarter	Current Quarter	Year to Date
	K'000	K'000	K'000
Management fees-investment management
Management fees-administrative management
Audit fees
Actuarial valuation fees
Legal fees
Bank charges
Consultancy fees
Depreciation
Rent and office expenses
Salaries and wages
Secretarial fees
Property valuation fees
Other expenses (specify)
TOTALS

	MEMNBERSHIP STATISTICS*						Amount in K'000
Name of Pension Scheme	Number of active members	Number of deferred Pensioners	Number of Pensioners	Number of widows /widowers	Number of dependant Children	Total	Total contribution received during the quarter	Total Benefits paid out during the Quarter	Net Assets as at quarter End

EXPLANATORY NOTES;

1. "active members" means those members still making contributions and at present benefits accruing benefits under the scheme.

2. "Pensioners" means those members who are currently entitled to a pension form the pension scheme.

3. "Deferred Pensioners" means those deferred members who are entitled to preserved benefits.

DECLARATION

I .....................(full names) declare that to the best of my knowledge and belief, the information given in these returns is correct and complete.

Signed:.................

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

Date:....................

PENSION SCHEME REGULATION (PENSION AND INSURANCE LEVY) REGULATIONS

Regulation

1. Title

2. Interpretation

3. Imposition of levy

4. Rate of levy

SI 100 of 2007.

1. Title

These Regulations may be cited as the Pension Scheme Regulation (Pension and Insurance Levy) Regulations, 2007.

2. Interpretation

In these Regulations, unless the context otherwise requires -

"Authority" means the Pensions and Insurance Authority; and

"gross premium income" means the total premium written before deducting reinsurance expense, acquisition costs and adjustments on insurance reserves.

3. Imposition of levy

The following shall pay a levy to the Authority:

(a) a pension scheme;

(b) an insurance company; and

4. Rate of levy

(1) A levy shall be paid"”

(a) on the net assets of pension funds, at a rate of 0.3 percent per annum;

(b) on the gross premium income of each general insurer, at a rate of 0.8 percent per annum; and

(2) The Ievy referred to under sub-regulation (1) shall be computed on quarterly accounts and paid to the Authority within sixty days after the end of each quarter.

(3) A pension scheme, insurance company or person liable to pay the levy imposed under these Regulations shall, where the audited financial statements relating to the pension scheme, insurance company or business, as the case may be, determine that the amount of the levy paid for that year is less than the actual levy due from the pension scheme, insurance company or business, pay the difference in the amounts to the Authority.

(4) Where the audited financial statements of a pension scheme, insurance company or business determine that the pension scheme, insurance company or business has paid a levy in excess of actual levy due, the Authority shall credit the pension scheme, insurance company or business for the following year with the excess amount or refund the over payment to the pension scheme, insurance company or business.

PENSION SCHEME (INVESTMENT GUIDELINES) REGULATIONS

[Sections 25(3) and 46]

Arrangement of Regulations

Regulation

1. Title

2. Interpretation

3. Application

4. Prudential investment management principles

5. Restrictions on cash and cash equivalents

6. Government securities

7. Investment in listed and quoted entity

8. Collective investment scheme

9. Corporate bonds

10. Investing in property

11. Investments outside Republic

12. Insurance policy

13. Supranational bond

14. Exemptions

15. Appeal

16. Prohibitions

17. Other investments

18. Conflict of interest

19. Duration for compliance

20. Revocation of S.I. No. 141 of 2011

FIRST SCHEDULE

SECOND SCHEDULE

SI 50 of 2021.

1. Title

These Regulations may be cited as the Pension Scheme (Investment Guidelines) Regulations, 2021.

2. Interpretation

In these Regulations, unless the context otherwise requires"”

"Authority" means the Pensions and Insurance Authority established under the Act;

"bank" has the meaning assigned to the word in the Banking and Financial Services Act, 2017;

"cash equivalent" means short term, highly liquid investments that are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value;

"collective investment scheme" has the meaning assigned to the word in the Securities Act, 2016;

"corporate bond" means a debt instrument with a maturity date of more than 12 months, excluding a convertible debenture, however prescribed, issued by a company incorporated under the Companies Act, 2017, or other body corporate established by law;

"derivative" means a financial instrument whose price is based on the price of another underlying asset;

"equity" means the shares of a company excluding shares in property companies, whether those shares are preferred or not, and including convertible debentures;

"Exchange Traded Fund" means a marketable security that tracks a stock index, a commodity, bond, or a basket of assets;

"fair value" means the price likely to be received on the sale of an asset, or paid to transfer a liability in an orderly transaction between market participants at the measurement date;

"financial institution" has the meaning assigned to the word in the Banking and Financial Services Act, 2017;

"fund size" means the total assets of a pension scheme;

"Government securities" means securities issued by the Government of the Republic through the Bank of Zambia;

"hedge fund" means an asset which uses any strategy or takes any position that could result in the portfolio incurring losses or gains greater than its fair value at any point in time, and which strategies or positions include leverage and net short positions;

"investment policy statement" means a document containing principles governing decisions on investment of scheme funds, a description of a scheme's general investment philosophy and objectives as determined by the scheme's liability profile and risk appetite;

"listed company" has the meaning assigned to the word in the Securities Act, 2016;

"manager" has the meaning assigned to the word in the Act;

"passive investment fund" means a listed investment scheme that issues units or similar financial instruments to the investing public where the value of the units or financial instruments tracks or mirrors an established industry index;

"policy" has the meaning assigned to the word in the Insurance Act, 1997;

"private equity" means an asset class consisting of equity securities in operating companies that are not publicly traded on a stock exchange;

"quoted entities" means entities whose securities are registered under the Securities Act, 2016 and have not been listed on any licensed securities exchange;

'speculative investment" means a financial instrument that carries a high degree of risk whose profits are based on price fluctuations of the investment market value; and

'supranational entity" means an entity which is collectively governed by member states and whose influence and power of member states transcend national boundaries.

3. Application

These Regulations apply to a pension scheme registered under the Act.

4. Prudential investment management principles

A pension scheme shall ensure that an investment of the pension scheme is based on the following principles"”

(a) adoption of an investment policy statement that reflects the investment strategy of the pension scheme set out in the First Schedule;

(b) considers the level of risks to be taken in aggregate to the liability structure of the fund;

(d) prudent and responsible investment of money for the benefit of scheme members;

(e) mitigate risk by ensuring alignment of interest, where possible;

(f) diversify investment portfolio while ensuring quality of investment and sufficient liquidity for the normal operations of the pension scheme;

(g) compliance with investment limits set by the Authority and the Minister;

(h) ability to pay pension benefits when they fall due;

(i) monitoring and assessment of investment success in line with the investment policy statement on a regular basis; and

(j) adherence to principles of good corporate governance and accepted accounting standards.

5. Restrictions on cash and cash equivalents

(1) A pension scheme shall not make an investment of more than 20 per cent of the fund size in cash, bank balances and money market instruments with any one bank or financial institution, except for a pension scheme that has, from the date of registration, been in existence for a period of less than 12 months.

(2) A pension scheme shall maintain an investment of not less than two and a half per cent of its fund size in cash, bank balances and money market instruments.

6. Government securities

A pension scheme shall maintain an investment of Government securities of not less than two and half per cent of its fund size.

7. Investment in listed and quoted entity

(1) A pension scheme shall, maintain an investment of not less than 5 per cent, but not more than 70 per cent of its fund size in listed and quoted equities, except for a pension scheme that has, from the date of registration, been in existence for a period of less than 12 months.

(2) The investment under sub-regulation (1) shall consist of"”

(a) not more than 15 per cent of the fund size where it is invested in the equities of the same company;

(b) not more than 10 per cent of ownership of the share capital of any one company;

(c) not more than ten per cent of the fund size of the pension scheme where it is invested in a company that has been in existence for less than three years;

(d) not more than 15 per cent of the fund size of the pension scheme where it is invested in private equity; and

(e) not more than five per cent of the fund size of a pension fund where it is invested in securities of a sponsoring employer where the sponsoring employer includes direct and successive subsidiaries and holding companies of the sponsoring employers, except that any secured loans of the sponsoring employer shall form part of this limit.

8. Collective investment scheme

A pension scheme shall invest not more than 20 per cent of the fund size in a collective investment scheme.

9. Corporate bonds

A pension scheme shall maintain an investment of not more than 10 per cent of its fund size in corporate bonds of the same company.

10. Investing in property

(1) A pension scheme may invest not more than 40 per cent of the fund size in immovable property.

(2) The investment under sub-regulation (1) shall consist of direct or indirect investment, except that the direct investment shall not exceed 30 per cent of the fund size.

(3) The property referred to under sub-regulation (1) consists of"”

(a) claims secured by mortgage bonds;

(b) units in collective investments schemes in property related financial instruments; or

11. Investments outside Republic

(1) A pension scheme may invest not more than 30 per cent of its fund size outside the Republic as may be authorised by the Minister under the Act.

(2) A pension scheme shall not invest in property outside the Republic.

12. Insurance policy

A pension scheme shall not invest more than 10 per cent of fund size in an insurance policy with a registered insurer.

13. Supranational bond

A pension scheme shall not invest more than 30 per cent of its fund size in financial instruments issued by a supranational entity, except in instances where the Authority provides other specified limits following an assessment of the supranational entity.

14. Exemptions

(1) The Registrar may, on an application by a pension scheme, exempt the pension scheme from any of the provisions of these Regulations, subject to conditions that the Registrar may impose for purposes of the Act.

(2) A pension scheme may apply for an exemption to the Authority in Form I set out in the Second Schedule.

(3) The Registrar shall, within 60 days of receipt of an application under sub-regulation (2)"”

(i) grant the exemption applied for;

(ii) make alternative recommendations; or

(iii) refuse to grant the exemption, giving reasons for the refusal.

15. Appeal

A person dissatisfied with the decision of the Registrar, may appeal to the Minister within 30 days of receipt of the decision.

16. Prohibitions

(1) A pension scheme shall not invest in derivatives, hedge funds or any other speculative investments, except where a specific request is made for risk management purposes to the Registrar and approval is granted.

(2) A pension scheme shall not, without the approval of the Registrar, directly or indirectly grant a loan to, or invest in, any debt instrument, shares of a company or its subsidiary, holding company or successive subsidiary or holding company controlled by a member or trustee of a fund or a director of a sponsoring employer of the fund and service providers.

17. Other investments

A pension scheme may, with the approval of the Registrar, invest in other investments, which includes passive investments such as exchange traded funds for purposes of these Regulations.

18. Conflict of interest

(1) A trustee, manager, and custodian of a pension scheme shall develop and observe comprehensive policies and procedures to minimise instances of insider dealing and conflict of interest in all their operations.

(2) The policies referred to in sub-regulation (1) shall provide awareness on insider dealing and conflict of interest in areas such as investment approvals, contracts for works or employment, business relationships, professional services and competing business.

19. Duration for compliance

A pension scheme shall comply with these Regulations within a period of 12 months from the commencement of these Regulations or longer period that the Registrar may specify.

20. Revocation of S.I. No. 141 of 2011

The Pension Scheme (Investment Guidelines) Regulations, 2011, are revoked.

FIRST SCHEDULE

[Regulation 4]

INVESTMENT POLICY STATEMENT

1. Contents of investment policy statement of pension scheme

(1) The trustees of a pension scheme shall cause to be prepared and maintained a written investment policy statement of the scheme in accordance with these Regulations.

(2) The investment policy statement shall contain"”

(a) the investment objectives;

(b) the types of investments to be held by the pension scheme;

(c) the percentages of the total fair value of the assets of the pension scheme invested in accordance with the asset classes;

(d) the level of risk and volatility of returns which the Board of trustees considers appropriate in connection with the investments of the pension scheme;

(e) the desired level of liquidity for the pension scheme;

(f) the realisation of investments;

(g) asset liability matching;

(h) the desired investment outcome for the pension scheme;

(i) the performance benchmarks for the returns that the trustees seek to achieve;

(j) the diversification to be made within asset classes and between asset classes;

(k) any restrictions and prohibitions on investing in a particular asset class;

(l) any restrictions on the pension scheme holding investments in a single entity or group;

(m) any minimum liquidity standards for a particular category of investments;

(n) the criteria used to monitor and review the performance of the fund manager;

(o) the procedures adopted to monitor the investments of the pension scheme and actions taken accordingly;

(p) the procedures adopted to prepare or review the investment policy of the pension scheme;

(q) any factors which are peculiar to the pension scheme; and

(r) any other matters as the Authority may determine.

(3) The investment policy statement of a pension scheme shall preclude the sponsor from determining investment decisions.

(4) The investment policy statement shall be signed by all the trustees of the pension scheme.

(5) A certified copy of the investment policy statement of the pension scheme shall be submitted to the Authority within 14 days of its approval by the Board of Trustees.

2. Preparation of investment policy statement

The investment policy statement shall be prepared in a manner"”

(a) that is capable of being clearly communicated to the members or prospective members of the pension scheme;

(b) in which the members or prospective members of the pension scheme are able to understand the objectives set for the fund manager and to reconcile these objectives with the overall investment policy statement set by the Board of Trustees; and

(c) in which the members or prospective members can understand the manner in which the investment performance and management of the pension scheme is measured.

3. Review of investment policy statement

(1) The investment policy of the pension scheme shall be reviewed at least once every 3years, and submitted to the Authority within 14 days of its approval by the Board of Trustees.

(2) Despite sub-regulation (1), the trustees may review the investment policy statement of the pension scheme where there is a material change to the pension scheme, an anticipation of a major change or where such change does not occur.

(3) Where the investment policy statement is amended in line with sub-regulation (2), the reviewed investment policy statement shall be submitted to the Authority within 14 days of its approval by the Board of Trustees.

(4) For the purpose of sub-regulation (3), a material change to the pension scheme may result from"”

(a) a significant change in the membership of the pension scheme;

(b) a significant change in the benefit structure;

(d) the transfer or amalgamation of assets or liabilities between pension schemes; or

(e) a change in the actuarial valuation assumptions which results in a material change to the actuarial values of either the assets or the liabilities of the retirement benefits scheme.

4. Circumstances to consider in preparing or reviewing a pension scheme's investment policy statement

The trustees of a pension scheme shall, in preparing or reviewing the pension scheme's investment policy statement take into account"”

(a) the professional advice of a qualified actuary or financial analyst; and

(b) all the circumstances of the pension scheme including"”

(i) the risk involved in making, holding and realising investments of the pension scheme;

(ii) the likely returns from the pension scheme's investments having regard to its objectives and its expected cash flow requirements;

(iii) the funding methods used in the pension scheme, including, in the case of a defined contribution pension scheme, any smoothing of investment returns accrued to individual member accounts and unitisation of pension schemes;

(iv) the composition of the pension scheme investments as a whole including the extent to which the investments are diverse or involve the pension scheme being exposed to risks from inadequate diversification;

(v) the liquidity of the pension scheme's investments having regard to its expected cash flow requirements;

(vi) the ability of the pension scheme to discharge its existing and prospective liabilities;

(vii) the membership profile of the pension scheme including the age distribution of the members;

(viii) the reasonable expectations of the members;

(ix) the nature and expected timing of the members' entitlements;

(x) the size of the pension scheme;

(xi) tax considerations affecting the scheme;

(xii) the likelihood of future support from employers, where appropriate;

(xiii) any limitations and constraints on investments imposed by the Act, these Regulations, the trust deed or the pension scheme's rules;

(xiv) any reports from experts or other qualified professional advisers;

(xv) disclosure of any actual or potential conflict of interest involving the trustees, the fund manager or an associate of the trustee or the fund manager; and

(xvi) disclosure of any benefit that will be derived as a result of the actual or potential placement of the investments of the scheme.

5. Investment policy statement of a defined benefits scheme

(1) An investment policy statement for a defined benefits scheme shall be prepared on the advice of a qualified actuary, in accordance with these Regulations.

(2) A qualified actuary of a defined benefits scheme shall issue a written confirmation that the investment policy statement is consistent with the objectives of the pension scheme.

6. Investment of scheme funds and assets

(1) A pension scheme shall ensure that an investment of the pension scheme is made in accordance with the pension scheme's investment policy statement under these Regulations.

(2) The trustees shall monitor the performance of the fund manager to ensure compliance with the pension scheme's investment policy statement.

(3) Where an investment of a pension scheme cease to be consistent with the pension scheme's investment policy statement, the fund manager shall as soon as possible but not later than three months, notify the trustees and the Authority.

SECOND SCHEDULE

FORM I

[Regulation 14]

REPUBLIC OF ZAMBIA

The Pension Scheme Regulation Act, 1996

(Act No. 28 of 1996)

The Pension Scheme (Investment Guidelines) Regulations, 2021

APPLICATION FOR EXEMPTION

To: The Registrar:

1. Name of Pension Scheme

................................................................................................................................................

.................................................................................... hereby applies for exemption

2. Particulars of Pension Scheme:

(a) Name of Pension Scheme: ...........................................................................................

(b) Board of Trustees:

No.	Designation	Full Names (CAPITAL LETTERS)	Occupation	Nationality	Residential Address	Contact No.	Date of Appointment
1.
2.
3.
4.
5.
6.
7.

3. State reasons for applying for exemption:

..........................................................................................................................................................

4. State the extent of exemptions or non-compliance with the Regulation as a proportion (percentage) of the fund size:

..........................................................................................................................................................

5. Indicate the proposed period of exemption:

..........................................................................................................................................................

For official use (this Part to be returned to applicant)

The Registrar shall, within sixty days of receipt of the application indicate

The decision of:

(i) grant the exemption applied for;

(ii) make alternative recommendations; or

(iii) refuse to grant the application by giving reasons for such.

Comments:

..........................................................................................................................................................

Signature: ..................................

Registrar

Date: .......

DECLARATION

I/We declare that to the best of my knowledge and behalf, the information provided in this application is correct and complete.

Signed (by or on behalf of the Board of Trustee)

Name: .......

Date: ........

{/mprestriction}

CHAPTER 255 - PENSION SCHEME REGULATION ACT: SUBSIDIARY LEGISLATION

INDEX TO SUBSIDIARY LEGISLATION

Pension Scheme Regulations Act (Commencement) Order

Pension Scheme Registration Regulations

Pension Scheme Regulation (Investment) (Exemption) Order

Pension scheme (Offshore Investments) Regulations

Pension Fund (Annual Report) Regulations

Pension Scheme (Returns) Regulations

Pension Scheme Regulation (Pension and Insurance Levy) Regulations

Pension Scheme (Investment Guidelines) Regulations

PENSION SCHEME REGULATIONS ACT (COMMENCEMENT) ORDER

[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

[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..........................

..............................

Name...........................

Address..........................

..............................

Name...........................

Address..........................

..............................

Name...........................

Address..........................

..............................

Name...........................

Address..........................

..............................

Name...........................

Address..........................

..............................

Name...........................

Address..........................

..............................

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

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 ..................................

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..........................

.............................

..............................

Name...........................

Address..........................

..............................

Name...........................

Address..........................

..............................

Name...........................

Address..........................

..............................

Name...........................

Address..........................

..............................

25. Names of all Directors and their contact address.

Name...........................

Address..........................

..............................

Name............................

Address..........................

..............................

Name...........................

Address..........................

.............................

...............................

Name...........................

Address..........................

..............................

Name...........................

Address..........................

..............................

Name...........................

Address..........................

..............................

Name...........................

Address..........................

..............................

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

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.

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
1. Establishment of Pension Scheme	3 fee units per scheme member at a minimum of 5, 556 fee units
2. Management of Pension Scheme	8,333

PENSION SCHEME REGULATION (INVESTMENT) (EXEMPTION) ORDER

[Section 25]

Arrangements of Paragraphs

Paragraph

1. Title

2. Exemption on foreign investment

SCHEDULE

SI 37 of 2000.

1. Title

This Order may be cited as the Pension Scheme Regulation (Investment) (Exemption) Order, 2000.

2. Exemption on foreign investment

SCHEDULE

[Paragraph 2 ]

EXEMPT COMPANIES	PERCENTAGE TO BE INVESTED OUTSIDE ZAMBIA
Any pension fund established by Konkola Copper Mines Plc, ZCCM (Smelter) Limited	30%

PENSION SCHEME (OFFSHORE INVESTMENTS) REGULATIONS

[Sections 25 and 46]

Arrangements of Regulations

Regulation

1. Title

2. Application for offshore investments

SCHEDULE

SI 39 of 2002.

1. Title

These Regulations may be cited as the Pension Scheme (Offshore Investments) Regulations, 2002.

2. Application for offshore investments

An application for offshore investments under Section 25 shall be submitted to the Registrar in form PRT 3 set out in the Schedule to these Regulations.

SCHEDULE

[Paragraph 2]

PENSION SCHEME (OFFSHORE INVESTMENTS) REGULATIONS, 2002

FORM PRT 3

APPLICATION TO INVEST PENSION FUNDS OUTSIDE ZAMBIA

{mprestriction ids="2,3,5"}

[Regulation 2]

(1) Name of Applicant: ........................

(2) Name of Pension Fund: ......................

(3) Description of asset classes currently held by the Pension Fund .......

.................................

Description	Value of assets held Locally (K)	Value of Assets held abroad (K)	Total (K)







Total Assets of the Fund
Less: Liabilities
Net Assets of the Fund

FORM PRT 3

(4) Investment for which this Application is being made:

Description of Investment	Country of Investment	Amount
		Foreign Currency	Kwacha Equivalent

(5) DECLARATION

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

Signed (by or on behalf of administrator)

Name: ................

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

Date:....................

Address: ..................

.....................

......................

PENSION FUND (ANNUAL REPORT) REGULATIONS

[Sections 22 and 46]

Arrangements of Regulations

Regulation

1. Title

2. Annual report

3. Contents of report of trustees

SI 40 of 2002.

1. Title

These Regulations may be cited as the Pension fund (Annual Report) Regulations, 2002.

2. Annual report

The annual report for submission to the Registrar under section 22 shall in addition to the information specified in that section comprise—

(a) a report of the trustees;

(b) a report of the auditors stating the information specified in section 22

(d) notes to the financial statements, including notes on portion of funds that have been invested abroad in respect of each investment type;

(e) list of participating pension schemes and net assets attributable to each of those schemes;

(f) five years financial summary; and

(g) five year membership summary.

3. Contents of report of trustees

The report of the trustees shall, among other things, over the following matters:

(a) object of the funds;

(b) history of the funds;

PENSION SCHEME (RETURNS) REGULATIONS

[Sections 26 and 46]

Arrangements of Regulations

Regulation

1. Title

2. Quarterly Returns

SCHEDULE

SI 41 of 2002.

1. Title

These Regulations may be cited as the Pension Scheme (Returns) Regulations, 2002.

2. Quarterly Returns

Quarterly returns under section 26 shall be submitted to the Registrar in Form PRT 4 set out in the Schedule to these Regulations.

SCHEDULE

[Paragraph 2]

FORM PRT 4

PENSION SCHEME REGULATION ACT 1996

QUARTERLY RETURNS

NAME OF PENSION FUND.....................

(a) INCOME AND EXPENDITURE ACCOUNT for the Quarter Ended.........

	Previous Quarter K'000	Current Quarter K'000	Year to date K'000
INCOME
1.Contributions:
(a) Normal - member
(b) Normal - employers
(c) Additional/voluntary
(d) special
(e) Transfers from other Funds
SUB-TOTAL
2. Investment Income:
(a) Interest from fixed interest securities
(b) Dividends from equities
(c) Net rent form property
(d) Interest on cash deposits
SUB-TOTAL
3. Other Income:
(a) Claims on insurance policies
(b) Other (Specify)
SUB-TOTAL
Total Income
Expenditure
4. Benefits paid
(a) Pensions
(b) Lump sum benefits
(c) Death benefits
(d) Refunds of contributions
(e) Transfer to other pension funds
SUB-TOTAL
5. Other expenses:
(a) Premiums on insurance policies
(b) other (Specify)
SUB-TOTAL
6. Administration Expenses (Provide Breakdown
Total Expenditure
Excess/deficit of income over expenditure

(b) BALANCE SHEET AS AT ........... (END OF QUARTER)

	K'000
1. Assets
(a) Fixed Assets
(b) Investments
(i) Fixed interest securities
(ii) Equities
(iii) Property
(iv) Cash deposits
(v) Insurance Policies
(vi) Other investment (specify)
SUB-TOTAL
(c) Current Assets
(i) Debtors
(ii) Accrued income
(iii) Arrear contributions
(iv) Cash at bank
(v) Other (specify)
SUB-TOTAL
TOTAL ASSETS
2. Liabilities
(a) long Term Liabilities
(b) current liabilities
(i) Creditors
(ii) Contribution received in advance
(iii) Benefits due
(iv) Bank overdraft
(v) Other (Specify)
SUB-TOTAL
Total Liabilities
NET ASSES AS AT END OF QUARTER
3. Member"™ Fund
Member's fund at start of quarter
Excess of income over expenditure
Change in market value of investments
Members' fund as at end of quarter

(1) Investment Portfolio

Investment Type	Local		Abroad		Total
	K"™ million	%	K"™ million	%	K"™ million	%
(a) Government bonds
(b) Treasury bills
(c) Municipal
(d) Corporate bonds (listed)
(e) corporate bounds (unlisted)
(f) Commercial paper
(g) Other fixed interest securities
(h) Equities (listed)
(i) Equities (unlisted)
(j) collective investment schemes
(k) Property
(l) Cash Deposits
(m) Other investments (specify)
TOTAL INVESTMENTS

(2) Analysis of Investment Income

Income Type	Local		Abroad		Total
	K"™ million	%	K"™ million	%	K"™ million	%
(a) Interest on Government bonds
(b) Interest on Treasury bills
(c) Interest on Municipal Bonds
(d) Interest on Corporate bonds (listed)
(e) Interest on corporate bounds (unlisted)
(f) Interest on Commercial paper
(g) Interest from Other fixed interest securities
(h)Dividends from Equities (listed)
(i) Dividends from Equities (unlisted)
(j)Income from collective investment schemes
(k) Net rent from Property
(l) Interest on Cash Deposits
(m) Other investments (specify)
TOTAL INVESTMENTS

(3) Analysis of Investment in Equities (including Collective Investments Scheme)

Name of Shares	Date issuing company was incorporated	Number of shares Held	%Holding	Cost of shares held (k'000)	Market value for shares (k'000)

(4) Comments on Investment Policy and Performance for the Quarter

(d) ANALYSIS OF ADMINISTRATION EXPENSES

Description	Previous Quarter	Current Quarter	Year to Date
	K'000	K'000	K'000
Management fees-investment management
Management fees-administrative management
Audit fees
Actuarial valuation fees
Legal fees
Bank charges
Consultancy fees
Depreciation
Rent and office expenses
Salaries and wages
Secretarial fees
Property valuation fees
Other expenses (specify)
TOTALS

	MEMNBERSHIP STATISTICS*						Amount in K'000
Name of Pension Scheme	Number of active members	Number of deferred Pensioners	Number of Pensioners	Number of widows /widowers	Number of dependant Children	Total	Total contribution received during the quarter	Total Benefits paid out during the Quarter	Net Assets as at quarter End