The 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 dependants:
- Retirement Annuities
- Death Benefits
- Disability Benefits
- Other pension-related benefits
Membership
The Fund membership profile consists of about 36 000 active (contributing) members and some 25 000 pensioners (principal pensioners and dependents). It is fully administered in-house and financed through employer and employee contributions of 15% and 5% of monthly salary respectively.
Financing
The Fund's gross reserves have seen significant growth over the years, reaching a level of about E 13.6 billion by March 2013 with a large proportion of income accruing from a diversified investment portfolio both in local and external markets. The funding level is currently at 84.4%.