PSPF DISHES OUT NEARLY E100 MILLION TO MEMBERS

MBABANE – Benefits paid to members of the Swaziland Pensions Fund (PSPF) amounted to nearly E100 million.

This is contained in the annual report for the financial year ended March 31, 2017. The actual amount that was paid to members was E948 million. A large tranche of E585.5 million was paid to pensioners. Among the highest beneficiaries were those in retirement at E275.5 million. The lowest was received under funerals where there were 482 beneficiaries that got E3.3 million. Board Chairman Sandile Ceko also highlighted that it remained a priority focus of the board to steer the fund to a sustainable path as has been the case in prior years through the implementation of diverse but viable investment ventures as well as the engagement of the employer on prudent decisions and interventions that safeguard the Fund’s resources. “In so doing, the Board and Management relies on the good expert advise provided by its capable professionals of actuaries, investment advisors and auditors,” said Ceko.

It should be mentioned that a total of E1 089 million was received as contributions for 40,513 members. In the previous financial year, the fund had received E888 million for 39,501 members. “Contributions increased by E201 million which translates to a 23 per cent increase,” reads the report.  Meanwhile, over the year, the suspended pensioners (pensioners who have not submitted proof of existence) decreased by 19.8 percent (from 2 163 to 1 734), while retirees and spouses had increased slightly by 6.6 per cent and 6 per cent, respectively. “The decrease in suspended pensioners is the result of the Fund’s investigation campaign to trace all suspended pensioners,” it was pointed out.

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