NAPSA Pays 7,000 InterestFree Advances

By Daisy Mulenga Over 7,000 interest‑free advances have been paid to retirees since the National Pension Scheme Authority (NAPSA) introduced the facility. NAPSA Chief Executive Officer MUYANGWA MUYANGWA said the advance enables eligible retirees to access up to 75 percent of their accrued funeral grant, with repayment effected through deductions from future benefits rather than requiring cash repayments. Speaking at a media workshop in Siavonga, Mr MUYANGWA explained that the facility ensures retirees continue receiving their monthly pension while repaying the advance, as beneficiaries are not permitted to access the entire amount available. He added that the value of the funeral grant increases over time, allowing eligible retirees to access another advance once replenishment conditions are met. Mr MUYANGWA further noted that uptake of the facility is rising through the iCare digital platform, which enables retirees to submit claims remotely without visiting NAPSA offices.