LAPF best social security fund for 2008By Adam Ihucha 15th December 2009 Email Print Comments The National Board of Accounts and Auditors (NBAA) has named the Local Authorities Pension Fund (LAPF) as the best social security fund in terms of well audited accounts in 2008. "LAPF emerged the best in terms of presenting well audited financial statement for 2008, outsmarting several others in the social security funds category," NBAA Governing Board Chairman Dr Mussa Assad said at the award giving gala organised alongside the Annual Accountants Conference in Arusha at the weekend. Dr. Assad said the LAPF financial statement of the year was done in accordance with international financial reporting standards. Finance and Economic Affairs deputy minister Jeremiah Sumari handed over the prize to LAPF Director General Eliud Sanga during the colorful ceremony. Government Employees Provident Fund (GEPF) and National Health Insurance Fund (NHIF) ranked second and third respectively, within the same category. “NBAA Best Presented Accounts Award 2008 is not only an award for finance departments alone, but also an honour for the entire LAPF institution,” said LAPF Director for Finance John Kida, shortly after the event. Kida added that the award was not only an indicator of improvement of performance and financial security reporting, but also portrayed the LAPF management’s accountability. “We are managing colossal amounts of money of our members so the best financial statement for the year 2008 is the best method of understanding the financial health of LAPF and how its workers are accountable,” Kida said. LAPF was established in 1944 and was mandated to create a single fund for all local authorities’ employees in the then colonial Tanganyika. In 1972 Town and District Councils were abolished and the fund became dormant. It was revived in the 1986/1987 financial year, under Section 16 of the Local Government Service Commission Act, Number 10 of 1982, following the re-establishment of Town and District Councils in 1982. In 2006 it was converted from a provident to a pension fund through the enactment of the Local Authorities Pension Fund Act Number 9 of 2006, passed by Parliament in November 2006. Before LAPF was revived it operated under the Local Authorities Provident Fund Act no. 6, of 2000. SOURCE: THE GUARDIAN 0 Comments | Be the first to comment More News Articles Rwanda happy with efforts to curb fuel adulteration Tanzania permitted to mine uranium in Selous Govt starts enforcing law on spectacle sales Moi, Mwinyi press for enhanced EAC integration Lawmaker wants new media policy publicised Minister quizzed in Parliament on Deci Isles govt urged to buy local office furniture Govt to form board on domestic workers` conditions Alerts | Contact us | Lokopromo ippmedia.com © 1998-2010. All rights reserved

By Adam Ihucha
15th December 2009

The National Board of Accounts and Auditors (NBAA) has named the Local Authorities Pension Fund (LAPF) as the best social security fund in terms of well audited accounts in 2008.

"LAPF emerged the best in terms of presenting well audited financial statement for 2008, outsmarting several others in the social security funds category," NBAA Governing Board Chairman Dr Mussa Assad said at the award giving gala organised alongside the Annual Accountants Conference in Arusha at the weekend.

Dr. Assad said the LAPF financial statement of the year was done in accordance with international financial reporting standards.

Finance and Economic Affairs deputy minister Jeremiah Sumari handed over the prize to LAPF Director General Eliud Sanga during the colorful ceremony.

Government Employees Provident Fund (GEPF) and National Health Insurance Fund (NHIF) ranked second and third respectively, within the same category.

“NBAA Best Presented Accounts Award 2008 is not only an award for finance departments alone, but also an honour for the entire LAPF institution,” said LAPF Director for Finance John Kida, shortly after the event.

Kida added that the award was not only an indicator of improvement of performance and financial security reporting, but also portrayed the LAPF management’s accountability.

“We are managing colossal amounts of money of our members so the best financial statement for the year 2008 is the best method of understanding the financial health of LAPF and how its workers are accountable,” Kida said.

LAPF was established in 1944 and was mandated to create a single fund for all local authorities’ employees in the then colonial Tanganyika.

In 1972 Town and District Councils were abolished and the fund became dormant. It was revived in the 1986/1987 financial year, under Section 16 of the Local Government Service Commission Act, Number 10 of 1982, following the re-establishment of Town and District Councils in 1982.

In 2006 it was converted from a provident to a pension fund through the enactment of the Local Authorities Pension Fund Act Number 9 of 2006, passed by Parliament in November 2006. Before LAPF was revived it operated under the Local Authorities Provident Fund Act no. 6, of 2000.

SOURCE: THE GUARDIAN