Don’t abuse pensioners’ funds, Shameda tells Napsa

LABOUR Minister Fackson Shamenda has cautioned National Pension Scheme Authority (NAPSA) Board and management not to abuse funds entrusted to them by pensioners.
Speaking at the launch of the NAPSA head office building in Lusaka on Friday, Mr Shamenda implored the authority to ensure that all aspects of corporate governance were strictly adhered to to avoid venturing in wrong investments.
The minister said investment of funds entrusted to NAPSA had in some instances caused concern on the part of Government due to a number of wrong investment decisions made in the past.
“We would like NAPSA to be run as a commercial venture, in a professional and transparent manner, for the benefit of ordinary
Zambians and not politicians,” Mr Shamenda said.
“We shall provide policy direction but the rest is up to you because you are the technocrats who understand the business.”
He also urged NAPSA to start the second phase of Levy Business Park and ensure that it runs the project professionally.
Speaking at the same event, NAPSA Board chairperson Joseph Chikolwa said the Authority had held a series of meetings with management of Konkola and Mopani Copper mines and employees over the operations of the scheme.
This followed the Government’s decision to revoke the exemption of the two mining giants in remitting to NAPSA.
Mr Chikolwa said plans were underway to open liaison offices within the mine premises to provide efficient services to new members.