SPF presents its 2020 annual report
July 01, 2021
The Seychelles Pension Fund (SPF) has presented its 2020 Annual Report to the Minister for Finance, Economic Planning and Trade, Naadir Hassan.
The presentation ceremony was held on Monday 28th June.
When accepting the report, Minister Hassan acknowledged the ‘challenging years ahead’ for the SPF.
“Many decisions in regards to SPF will have to be taken in the near future to ensure the sustainability of the fund. Let me reassure SPF, that the government will support the fund moving forward.”
Minister Hassan accepted a copy of the report from the Chief Executive Officer of SPF, Nisreen Abdul Majid and the Chairperson of the Board, Marc Hoareau.
Speaking to the local media afterwards, Ms. Abdul Majid said currently SPF is ‘facing challenges with the COVID 19 pandemic which will impact on its financial situation.’
“This year, 2021, we will feel the brunt of the pandemic even more.”
Apart from the COVID 19 pandemic, there are other key elements which will have an impact on the SPF financial situation, and they include; pension contribution rate, retirement age, funding and investment policy and strategic asset allocation.
The main highlights from the 2020 annual report are:
- 9% increase in contributions representing R460 million (increase of 8% in mandatory contribution/25% increase in voluntary contribution)
- Increase of 21% in total benefit paid compared to 2019, which amounted to R420 million
- There’s a growth of 6% in members fund in 2020
- Reduction of 2% in active members
- Registration for new employers increased by 51%
- Registration for self-employed reduced by 38%
- Reduction in Excess Contributions over benefit – R40 million on 2020 compared to R76 million in 2019.
On behalf of the government, Minister Hassan expressed his appreciation to the Board and all staff of SPF for their hard work to 'safeguard and ensure the fund remains sustainable.'
Below is a photo of the presentation.
http://www.finance.gov.sc/uploads/files/PRESENTATION%20OF%20REPORT.jpg
