Answers to your pension questions.

A pension fund is a long-term savings arrangement that collects contributions from you (and usually your employer) during your working years, invests those funds to grow them over time, and then pays out a retirement income or lump sum when you reach retirement age.

Mukuba Pension Trust holds and manages contributions on behalf of its members. The fund is a separate legal entity from your employer, meaning your retirement savings are protected even if your employer’s circumstances change.

There are two main types of pension scheme — Defined Benefit (DB) and Defined Contribution (DC). Mukuba administers both. To understand which type you belong to and what it means for your retirement income, see our Schemes page.

Keeping your details up to date is important — it ensures your benefit statement reaches you, and that your nominated beneficiaries receive any death benefit promptly.

Personal details (address, phone, email): Contact our member services team by phone or email with your updated information. You will need to provide your member number and a form of identification.

Beneficiary nomination: Download the Nomination of Beneficiary Form from our Resources page, complete it, and return it to us by email or in person at our Kitwe office. You can nominate multiple beneficiaries and specify the share each should receive.

Bank account for benefit payment: If your bank details change near retirement, please notify us as soon as possible to avoid delays in your first pension payment. We will require a certified copy of a bank statement or letter confirming your new account details.

All updates are processed within five working days of receipt of the required documentation.

The key difference is how your retirement benefit is calculated:

Defined Benefit (DB) — Your pension is based on a formula, typically involving your years of service and your salary at or near retirement. The fund bears the investment risk: regardless of how investments perform, your benefit is calculated according to the formula. This provides a predictable, guaranteed income in retirement.

Defined Contribution (DC) — Your pension is based on the money that has been contributed to your individual account, plus investment returns. The benefit you receive at retirement depends on how much was paid in and how the investments performed. You bear the investment risk, but you can also see your account grow over time.

Mukuba Pension Trust administers both types. The type of scheme you belong to depends on your employment terms. If you are unsure, please contact us at info@mukuba.com.zm or +260 212 220 884.

Your DC contributions are invested in one of three investment strategies. New members are enrolled in the Balanced Growth Fund by default; you may request a switch at any time by contacting member services.

Strategy	Target return	Risk level	Best suited to
Balanced Growth Fund	Inflation + 4% p.a.	Medium	Members 10+ years from retirement
Income Protection Fund	Inflation + 1% p.a.	Low–Medium	Members 3–10 years from retirement
Capital Preservation Fund	Capital preservation	Low	Members within 2 years of retirement

All three strategies are managed by independent professional investment managers appointed by the Board of Trustees and governed by the fund’s Investment Policy Statement. The Board’s Investment Committee monitors performance quarterly.

You can find five-year annual return figures for the fund on our Investments page.

The normal retirement age under Mukuba Pension Trust is [CONFIRM: normal retirement age]. Members who reach this age are entitled to their full retirement benefit.

In certain circumstances, early retirement may be permitted — for example, due to ill health or under specific provisions of your scheme rules. The terms and conditions for early retirement vary depending on whether you are in the Defined Benefit or Defined Contribution section. Early retirement may result in a reduced benefit.

If you are approaching retirement, we strongly recommend contacting us at least [CONFIRM: months] before your intended retirement date so we can guide you through the process and ensure all paperwork is in order. You can also visit our Approaching Retirement page for a step-by-step guide.

If you leave your employer before reaching retirement age, you become a deferred member of Mukuba Pension Trust. This means your benefit is preserved in the fund until you reach retirement age.

Defined Benefit members: Your accrued benefit at the date of leaving will be preserved and may be increased in line with [CONFIRM: DB deferred revaluation policy] until you reach retirement age.

Defined Contribution members: Your individual account balance at the date of leaving will remain invested in the fund. The account continues to receive investment returns until you retire.

In some circumstances, a transfer to another registered pension fund may be possible. Please contact us to discuss your options: info@mukuba.com.zm or +260 212 220 884.

You should notify us promptly when your employment ends so we can update your membership record and ensure your benefits are correctly preserved.

Mukuba Pension Trust provides death-in-service benefits to protect members’ families. The specific benefits depend on your scheme section:

Defined Contribution members: The full balance of your DC account is paid to your nominated beneficiaries.

Defined Benefit members: A death-in-service benefit of [CONFIRM: DB death benefit formula] is payable. A spouse’s and/or dependant’s pension may also be payable in accordance with the scheme rules.

Nomination of beneficiaries: It is very important that you keep your beneficiary nomination up to date. You can update your nomination at any time by submitting a Nomination of Beneficiary form, available on our Resources page or from our office.

In the event of a member’s death, the family should contact Mukuba Pension Trust as soon as practicable at +260 212 220 884 or info@mukuba.com.zm. We will guide the family through the claims process with care and sensitivity.

Yes — early retirement is available to both DB and DC members from age 55, subject to certain conditions.

DB members: Early retirement requires the consent of the Board of Trustees and your employer. Your pension will be reduced to reflect the longer payment period: a reduction of 0.4% for each month your retirement date falls before your 60th birthday (i.e. up to 24% for someone retiring at exactly 55).

DC members: You may access your full DC account balance from age 55, subject to trustee approval. Because you are drawing on your savings earlier, the balance will typically be lower than at age 60.

Ill-health early retirement is a separate provision: if you are permanently incapacitated before age 55, you may qualify for ill-health retirement regardless of age, with no early-retirement reduction for DB members. Medical evidence is required.

If you are considering early retirement, please contact us well in advance so we can calculate your projected benefit and explain all the implications.

This depends on whether you are a DB or DC member:

DB members: When a DB pensioner dies, the following may be payable:

• Spouse’s pension: An eligible surviving spouse receives 50% of your pension for the rest of their life, paid monthly.
• Dependant’s pension: If there is no eligible spouse, or in addition to a spouse’s pension, a pension may be payable to dependent children up to age 18 (or 25 if in full-time education). The rate is set out in the Scheme Rules.
• Guarantee period: If you die within five years of your retirement date, your nominated beneficiaries receive the balance of five years’ pension payments as a lump sum, regardless of whether there is an eligible spouse.

DC members: The retirement option you chose at retirement governs what happens. If you purchased a joint-life or guaranteed annuity, your insurer will make payments in accordance with the annuity terms. If you chose a phased withdrawal, the remaining balance is paid to your estate.

To ensure your wishes are carried out, keep your beneficiary nomination up to date. Download the Nomination of Beneficiary Form from our Resources page.

Contribution rates depend on which section of Mukuba Pension Trust you belong to and the terms of your employment:

Defined Contribution (DC) members: Your employer contributes [CONFIRM: employer contribution rate]% of your pensionable salary, and you contribute [CONFIRM: member contribution rate]% of your pensionable salary. Both amounts are paid into your individual DC account each month.

Defined Benefit (DB) members: Contributions are paid by both you and your employer, but they fund the pool of benefits rather than an individual account. The contribution rates are [CONFIRM: DB contribution rates].

Your monthly payslip should reflect your pension contribution as a deduction. If you believe the correct amount is not being deducted, please contact your HR department in the first instance, or reach us at info@mukuba.com.zm.