PSPF’S SIBEKELO HOUSE TO BE EVALUATED

MBABANE – The Public Service Pension Fund (PSPF) intends to evaluate the eye-catching Sibekelo House.

  The fund has presented a business opportunity to suitably qualified property valuers to undertake the job at the investment properties, which is 100 per cent owned by the fund.

The current value of the multimillion Emalangeni building could not be immediately ascertained.  It was explained that the fund would not bind itself to accept the lowest or any tender.  “The fund reserves the right to reject any or all tenders. First preference will be given to Eswatini companies,” PSPF clarified. 

 
Determination

 It was pointed out that experience in works of similar nature and size for each of the last two years with details of works under way or contractually committed would be taken into account when determining who will eventually enter into a contract with the fund.  The contract will be for the whole project based on the bid price submitted by the bidder.

“All duties, taxes and other levies payable by the property valuer under the contract shall be included in the total bid price submitted by the bidder,” said the fund in the invitation to tender document. 
The prices quoted by the bidder will not be subjected to adjustment during the performance of the contract. The Public Service Pensions Fund (PSPF) is a public organisation 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;
As at March 31, 2017 the fund had 39 498 active (contributing) members, 8 000 pensioners (retired members) and 16 225 dependents (beneficiaries) including children and spouses, all of whom receive a pension benefit from the fund.

It is fully administered in-house and financed through employer and employee contributions of 15 per cent and 5 per cent of basic monthly salary respectively.

Information

The market value of assets of the fund reached E20 billion in 2015 translating to a funding level of 90.3 per cent.
While the total assets grew year on year, the funding level declined marginally owing to the increase in liabilities mainly due to the growth in beneficiary numbers.

Of the total assets base, the 30 percent local requirement (over E5 billion) was invested in various instruments in the Eswatini market and the rest offshore.
It should be mentioned that it recently cost pensioners E170 million to own a 50 per cent stake at one of the largest shopping centres in the kingdom, The Gables.
This was through the acquisition of 50 per cent shares of The Gables (Pty) Ltd by PSPF, a public organisation established in 1993 for the management and administration of pensions for government (public sector) employees.

Transaction

The centre comprises of a cinema, restaurants, banks, tourism facilities and corporate offices among other features.  PSPF previously explained that it considered purchasing a stake of The Gables, a viable investment due to its strategic location. 

Major ongoing developments at Ezulwini include the multimillion International Convention Centre, Five Star Hotel and Eswatini Revenue Authority Headquarters.                 

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