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
The Fund membership profile consists of 36 771 active (contributing) members, 6 704 pensioners (retired) members and 15 547 dependant beneficiaries including children and spouses of members who also receive a pension from the Fund. It is fully administered in-house and financed through employer and employee contributions of 15% and 5% of monthly salary respectively.
Total assets reached E16 billion, a growth of 16.7 percent from the previous year. Of this amount 30 percent, equivalent to E4.5 billion is invested in the Swaziland market and the rest in offshore markets. The Actuarial valuation as at 31 March 2014 shows a funding level of 91.9 percent compared to 84.4 percent last year.