ASSETS for the Public Service Pensions Fund (PSPF) have grown from 1.09trillion/- in 2012 to 1.25trillion/- last year, making the Fund well placed in providing returns in the future.
Speaking at the third meeting of stakeholders in Dar es Salaam on Wednesday, PSPF Director General Mr Adam Mayingu said that the Fund also registered a surplus of 164.89bn/- last year compared to 161.8bn/- recorded in 2012.
According to Mr Mayingu, investment performance has been promising, and as a point of interest on investment performance, PSPF achieved returns of 204.69bn/-. This represents an increase of 129 per cent from 89.4bn/- in 2012.
“The financial year 2012/13 was operationally good. The Fund managed to record a total of 367,402 members. Out of this number, 320,860 were classified as contributing members. In 2012, contributing members stood at 309,767 showing an increase of 4 per cent,” said Mr Mayingu.
He added that the number of pensioners has also grown from 36, 535 in 2012, to 46,542 last year, showing an increase of 27 per cent.
According to him, the increase in contributing members and the increase in salaries during the year had a corresponding rise in contribution income collected.
The contribution of 516.5bn/- was collected for the year 2013. This amount is 16.3 per cent higher than contributions collected in the year 2012 which was 444.1bn/-.
Mr Mayingu mentioned challenges facing the Fund as delay by the government to pay unremitted contributions for the period before July 1, 1999, delays in collecting matured investments, an aging and impact of HIV/Aids in relation to the increasing number of widows/widowers in pension payroll.
Other problems include significant increase in members’ salaries few months before retirement dates, getting information or updates of retirees for the assurance of their existence. All these challenges have been addressed in corporate plan (2012/13 to 2016.17).
The PSPF chief said that the Fund was positioning itself to take advantage of opportunities that will arise in financial year 2013/14 by increasing membership through voluntary registration.
It also aims at getting closer to members through opening regional offices in new regions and investing in safe and high yielding investment opportunities.