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About PSPF
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| About us |
| The Public Service Pensions Fund is a parastatal organization that was established 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: |
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Membership
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The Fund membership profile consists of about 35 000 live (contributing) members, 5 000 pensioners and some 18 000 dependants (spouses and children). It is fully administered in-house and financed through employer and employee contributions of 15% and 5% of monthly salary respectively.
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| Financing |
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The Fund's gross reserves have seen significant growth over the years, reaching a level of about E 10.5 billion by March 2011 with a large proportion of income accruing from a diversified investment portfolio both in local and external markets.
The funding level decreased from the previous year's level resulting from increased numbers of pensioners and dependants as well as the impairement of receivable contribuitons to reach 79.3%.
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| Board of Trustees |
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The PSPF is governed by an appointed Board of Trustees of this composition.
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- Chairman
- 4 Employee representatives
- 4 Employer representatives
- 1 Independant expert
- CEO (ex-officio)
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Principal responsibilities and functions of the Board are to:
supervise the operations and management of the Fund
direct the financing and financial position of the Fund
decide on investments of the Fund's assest on the advice of the Investment committee
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| Administrative Structure |
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The Fund is managed by an executive team headed by the Chief Executive Officer who is appointed by the Minister in consultation with the Board. The other managerial positions are appointed by the Board.
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