Former president Mwinyi advises PSPF to increase public awareness of benefits

By Sylivester Domasa

Former President Ali Hassan Mwinyi unveils plaque to launch Public Sector Pensions Fund (PSPF) call centre services at the Fund's annual general meeting in Dar es Salaam yesterday.

 

Former President Ali Hussein Mwinyi has challenged the Public Security Pension Fund (PSPF) to conduct a countrywide awareness campaign for its registered and none registered members as well as to benefits they stand to gain from the fund.


Speaking at the opening ceremony of a two-day PSPF Annual General Meeting held in Dar es Salaam yesterday, the Former President said the current situation necessitates broader education especially on the forms of terminal benefits offered as well as the variety of other services the fund has. “the value of benefits is not measured by the total amount of money provided to a member during difficult times but rather those that enable them to survive on a daily basis,” he told the conference.

Hailing the security scheme for introducing a voluntary coverage plan, Mwinyi called on wananchi especially those in the informal sector to register with PSPF to secure their livelihood after aging or in the event of accidents that limit their ability to work.

PSPF Director General Adam Mayingu told the gathering that delays by the government to pay unremitted pre-1999 contributions was a challenge hampering the scheme’s performance.

Other challenges mentioned include delays in collecting matured investments, significant increase in members’ salaries just few months before retirement dates, access to information and/ or updates of retirees for the assurance of their existence, limited safe and high yielding investment opportunities.

“…The scheme also faces a challenge in tracing member’s movement from one employer to another, however it’s good that the corporate plan 2012/13 to 2016/17 will address the challenge,” he said.

The Director noted however that the scheme had managed to collect 516.5bn/- in contributions from its members in 2012 and in that same year, paid a total of 543.7bn/- to beneficiaries.

George Yambesi, TPSF Board Chairman said there were good investment performances in 2012 with the fund collecting a net return on investment amounting to 204.69bn/- and recording a surplus of 164.89bn/- during the same period.

Deputy Minister of Finance, Adam Malima reassured the fund that it is in the course of paying back the loan owed to PSPF and that it’s committed to ensuring the scheme does not collapse.

Also: “The government is aware of the financial support it gets from the various social security schemes and that includes PSPF especially in the construction of development projects,” the minister noted.

Malima listed the government’s use of the loan secured from PSPF to include the construction of University of Dodoma (UDOM), Nelson Mandela African Institute of Science and Technology, and construction of police apartments in Dar es Salaam.

SSRA Director General Irene Isaka announced that the government has already paid 50bn/- to PSPF to meet its actuarial deficit.
The conference was attended by senior officials from various social security schemes, the conference was also which include, GEPF, NHIF, PPF, NSSF and LAPF, Deputy Finance Minister Adam Malima, Permanent Secretaries, Members of the Parliament and Social Security Regulatory Authority (SSRA) Director General Irene Isaka. 

SOURCE: THE GUARDIAN