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Reforming pensions in Zambia : an analysis of existing schemes and options for reform

Author

Listed:
  • Queisser, Monika
  • Bailey, Clive
  • Woodall, John

Abstract

All of Zambia's pension schemes are deficient in design, financing, and administration. This report urges that Zambia restructure its social protection system to complement its new economic strategy. That restructuring must address such basic problems as macroeconomic fluctuations and an unstable financial sector; high inflation rates and politically-motivated low-yield investments and loans; income ceilings irregularly adjusted for inflation; overgenerous public sector pension benefits; and inadequate management of pension fund operations. In the short and medium term, the objectives should be to settle outstanding pension claims, revise early retirement provisions and investment policies, and improve capabilities for administering statutory pension funds. In the long term the objectives should be to convert the Zambia National Provident Fund (ZNPF) into a modest basic pension scheme for private sector employees, and subsequently integrate civil servants and public sector employees into that scheme; establish regulatory provisions to develop and supervise private pension funds; and establish an administrative mechanism to review social protection policy and to supervise and coordinate its application by all agencies.

Suggested Citation

  • Queisser, Monika & Bailey, Clive & Woodall, John, 1997. "Reforming pensions in Zambia : an analysis of existing schemes and options for reform," Policy Research Working Paper Series 1716, The World Bank.
    • Handle: RePEc:wbk:wbrwps:1716
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    References listed on IDEAS

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    1. Vittas, Dimitri & Skully, Michael, 1991. "Overview of contractual savings institutions," Policy Research Working Paper Series 605, The World Bank.
    2. Vittas, Dimitri, 1993. "Swiss Chilanpore : the way forward for pension reform?," Policy Research Working Paper Series 1093, The World Bank.
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    Cited by:

    1. Henryk Gurgul & Paweł Majdosz, 2006. "The impact of institutional investors on risk and stock return autocorrelations in the context of the Polish pension reform," Operations Research and Decisions, Wroclaw University of Science and Technology, Faculty of Management, vol. 16(2), pages 5-30.

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