KCM maintains three phases of payments

 KCM maintains three phases of payments

Konkola Copper Mines Plc (KCM) Pension board of trustees says the decision to pay the 60% pension benefits to unionized miners still stands in three phases as the first phase will commerce on December, 31st , 2021.

Speaking in a memo to the miners, KCM Chairperson of the Pension Trust Scheme Beatrice Mutambo explained that this timeline is on the basis that all members, that want be paid the 21% pension benefit, submit correct banking details and documentation for payment purposes.

“During the 21 % pension benefit payment process, all members who wish to exercise the option of getting the 21% payment of their pension benefits are expected to collect the Claim Forms for the 21% payment from their respective Departmental HCM Officers.”

“The process of filling in and submitting of the Claim Forms for the 21% payment will commence on Monday, November, 8, 2021 and is expected to be concluded on Friday 12th November, 2021. Thereafter the Claim Forms will be submitted by the Pensions Officer to the Pension Scheme Administrator for verification of the bank details and payment processing,” she said.

Ms Mutambo said that for employees who do not want to claim their 21% pension benefits in the month of December 2021, are free to make their choice on which phase they will collect their money and will not be required to fill in any claim form

“This will mean that your entire 60% balance will continue to be administered and managed under the old Pension Scheme (the Closed KCM Plc Pension Scheme). Employees who would like to transfer their entire 60% pension benefits to the New Pension Schemes will be issued with Transfer Forms at the time when the New Pension Schemes are operational.”

“Governing rules concerning the transfer of the 60% balance will be attached to the 60% Transfer Form to ensure that employees are aware of the conditions pertaining to the 60% pension benefit transfer-out and the rules governing the two New Pension Schemes,’ she said.