Organization
The Public Service Pensions Fund (PSPF) is a public organization that was established in 1993 for the management and administration of pensions for government (public sector) employees.The scheme is run as a Defined Benefit (DB) pension and provides the following products for its members and their dependents:
- Retirement Annuities
- Death Benefits
- Disability Benefits
- Other pension-related benefits
Membership
As at 31 March 2016 the Fund had 39 680 Active (contributing) members, 7 511 Pensioners (retired members) and 15 690 Dependents (beneficiaries) including children and spouses, all of whom receive a pension benefit from the Fund. It is fully administered in-house and financed through employer and employee contributions of 15% and 5% of basic monthly salary respectively.
Financing
The market value of assets of the Fund reached E20 billion in 2015 translating to a funding level of 90.3%. While the total assets grew year on year, the funding level declined marginally owing to the increase in liabilities mainly due to the growth in beneficiary numbers. Of the total assets base, the 30 percent local requirement (over E5 billion) is invested in various instruments in the Swaziland market and the rest offshore. The Actuarial valuation as at 31 March.