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
The Fund had 42 979 Active (contributing) members, 25 125 Retired Pensioners and other dependants as at 31 March 2019. It is fully administered in-house and financed through employer and employee contributions of 15% and 5% of basic monthly salary respectively.
Financing
New investment initiatives made into the different sectors of the country’s economy this year. Altogether, these investments have increased the portion of the Fund’s assets which are invested in the local territory to the 40 percent mark (8.64 billion). The highlight of the Fund’s performance this year has been the achievement of a new record with total assets reaching E21.7 billion. This level amounts to a modest 5.3 percent year-on-year growth of the asset base. Underpinning this growth has been a strong revenue account made up of pension contributions and investment income.