By Thokozani Mazibuko
The Public Service Pensions Fund (PSPF) has generated E3.390 billion in income within one year.
The PSPF’s first-quarter performance report for 2024/25, issued by the Ministry of Public Service, indicates that the PSPF had E2.128 billion in investments and received E1.262 billion from contributions, totalling E3.390 billion in income.
The PSPF is a pension fund for civil servants and operates under the Ministry of Public Service.
According to the income statement of the PSPF for the year ending March 31, 2024, the contributions in the quarter ending June 2023 were E318 million.
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In the subsequent quarter (September 2023), the contributions amounted to E342 million, and in the quarter following that (December 2023), the contributions were E340 million.
The statement indicates that in the last quarter (March 2024), PSPF collected E337 million. The total collections for this organization during this period amount to E1.262 billion.
Regarding investment income, PSPF made E485 million in the quarter ending in June 2023, and E822 million in the following quarter (September 2023).
The PSPF generated an investment income of EE822 million in December 2023, which dropped to EE811 million in March 2024, resulting in a yearly investment income of E2.128 billion.
The Fund operates under the Public Service Pensions Order, 1993 and has a Contributory Defined Benefit Scheme.
Starting from May 1, 2007, both members and participating employers contribute to the fund at different rates.
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The membership of the Fund is restricted to specific groups employed in the public service of the Government of the Kingdom of Eswatini as defined under the Public Service Pensions Order, 1993.
The Fund is responsible for paying all benefits under various regulations and acts and has a financial year running from April 1 to March 31.
The report covers activities from January 1, 2024, to March 31, 2024.
The Ministry of Public Service Report found that the Fund’s financial performance in the quarter declined compared to the previous quarter. The net surplus was E1.1 million, down from E1,388.8 million in December 2023.
The year-to-date surplus is E2,897.4 million, showing a favourable 74% variance to the budget, attributed to the resurgence in global equity markets due to inflation stagnation.
This improved prices in equities resulting in higher revaluation gains in the period under review.
