Miss Abdul Majid then proceeded with a short presentation to members of the press to provide a highlight of the report showcasing SPF being on target with its obligations. Overall the report showcased the following;
• Contributions- Increased by 22% from SCR611m in 2022 to SCR 748m in 2023.
• Pension and Benefits- Increased by 13% in total benefit paid compared to 2022 from SCR599m to SCR679m in 2023.
• Members Fund – Growth of 5.5% from SCR1.8b in 2022 to SCR1.9b in 2023 compared to the growth of 4.8% in 2022.
• Members interest credited to members – 1.5% for the mandatory contribution and 3.75% on voluntary contribution.
• Excess Contributions over benefits – Excess surplus of SCR109m in 2023 compared to SCR47m in 2022.
Click on this link to access the whole report https://pensionfund.sc/publications/spf-annual-report-2023/
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In pursuant to that, Members Annual Statement of Accounts 2022 are to be released imminently. SPF wishes to remind members, that they can view their statements online. Members are required to go on our website www.pensionfund.sc and click on My e-service to create a new account. Alternatively they can contact our office on 4294699 and speak to a customer relations representative for assistance. SPF members without online access are being requested to visit our Customer Relations Manager at our main office or contact their respective office managers on Praslin and La Digue for a physical print out of their statements.
SPF takes the opportunity to thank all the members for their contributions for the year 2022. A summary of SPF’s performance in terms of contributions received, pension and benefits paid and investments made are presented herewith:
In pursuant to that, Members Annual Statement of Accounts 2020 are to be released imminently. SPF is pleased to inform its members, that effective this year, members are being encouraged to view their statements online. For registration, members are required to submit their National Identity Number, their Mobile phone number and their e-mail address to [email protected]. Alternatively, click on https://www.mypensionfund.sc/login/registration regarding signing up information.
SPF members without online access are being requested to visit our Customer Relations Manager at our main office or contact their respective office managers on Praslin and La Digue for a physical print out of their statements. SPF requests all members to check the correctness of their statements upon receipt and to contact SPF’s offices on Mahe, Praslin and La Digue if there are any queries.
The computation of interest rate employs the same rationale initiated in year 2019 with regards to Mandatory contribution. Interest rates has been applied only to members who are not yet qualified for a monthly pension. Qualified members are already eligible to a monthly pension; therefore, no interest is computed onto their mandatory contribution account. The interest rate for 2020 was 2.72%.
Interest rate for Voluntary Contribution was credited to members account at 5.99% for period 1st January to 31st March 2020, and reviewed to 5% from 1st April until 31st December 2020.
SPF takes the opportunity to thank all the members for their contributions for the year 2020. A summary of SPF’s performance in terms of contributions received, pension and benefits paid and investments made are presented herewith:
SPF Contributions
Comparative contributions for 2019 and 2020
|
|
Mandatory |
Voluntary |
|
||||
|
Year |
Total Contributors |
Employer |
Employee |
Total Contributors |
Employer |
Employee |
Total |
|
2019 |
43,715 |
SCR 196m |
SCR 199m |
8,325 |
SCR 7m |
SCR 21m |
SCR 423m |
|
2020 |
42,901 |
SCR 212m |
SCR 213m |
8,827 |
SCR 9m |
SCR 26m |
SCR 460m |
SPF Pension and Benefits
Comparative benefits paid for 2019 and 2020
|
|
|
|
Benefits |
|
|
||||
|
Year |
Total Pensioners |
Total Benefits paid |
Normal Retirement |
Permanent Incapacity |
Surviving Spouse Pension |
Children Pension |
Others |
Dependent Adult with |
Voluntary Contribution |
|
2019 |
5918 |
SCR 347m |
SCR 265 m |
SCR 45m |
SCR 21m |
SCR 5m |
SCR 2m |
SCR 0 |
SCR 9 m |
|
2020 |
6501 |
SCR 420m |
SCR 325m |
SCR 53 m |
SCR 24 m |
SCR 5m |
SCR 6m |
SCR 0.01 m |
SCR 9 m |
SPF Investments
Total Investment SCR 3.4 billion Investment as per Sectors
Click here to view the 2020 Anual Report
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]]>Thursday 28 March 2019
RELEASE ANNUAL REPORT 2018
In a short ceremony at Liberty House, the CEO of Seychelles Pension Fund (SPF), Mrs. Lekha Nair in the presence of the Chairman of SPF, Mr. Jacquelin Dugasse handed over the 2018 Annual Report of SPF to the Minister of Finance, Trade, Investment and Economic Planning, Ambassador Maurice Loustau-Lalanne as required under paragraph 54 of the Seychelles Pension Fund Act 2005. The Annual report will hereafter be submitted to the National Assembly as required under the Act. The Report comprises of the audited financial statements for 2018, as well as a summary of the activities of the different sections of SPF. The Financial Statements were prepared under the International Financial Reporting Standards and was audited by the Auditor General, who outsourced the audit to Pool and Patel Chartered Accountants.
Now that the audit is completed, SPF will hereafter be getting the members’ statement of accounts ready to be dispatched individually, from April onward.
The Annual report can be accessed on SPF’s website (www.pension.sc) from Monday onward. Members may also contact SPF on 4294699 for reservation of a hard copy of the report.
SPF takes the opportunity to thank all the members for their contributions for the year 2018.
Click here to link to the 2018 SPF Annual Report
Now that the audit is completed, SPF is pleased to inform its members that their statement of accounts for the year 2017 will be dispatched individually to them, beginning of April onwards. All member accounts for both mandatory and voluntary contributions have been credited with an interest of 3.5% for 2017. SPF requests all members to check the correctness of their statements on receipt and to contact SPF’s offices on Mahe, Praslin and La Digue if there are any queries.
SPF takes the opportunity to thank all the members for their contributions for the year 2017. A summary of SPF’s performance in terms of contributions received, pension and benefits paid and investments made are presented herewith:
SPF Contributions
Contributions received in 2017
Comparative contributions for 2016 and 2017
SPF Pension and Benefits
SPF Pension and Benefits paid
Comparative benefits paid for 2016 and 2017
SPF Investments
| 2017 HIGHLIGHTS
A. Total Net Assets SCR 2.8 billion (2017) SCR 2.6 billion (2016) _____________________ B. Membership Active Members: 42,760 (84% coverage of working population – 50,606) Total Employers registered with SPF:3,068 New Employers in 2017: 310 (5% from 296 in 2016) Total self-employed registered with SPF: 1,653 New Self Employed in 2017: 285 (26% from 213 in 2016) Total Members’ Funds in 2017: SCR1.4 b (10% increase from 2016) _______________________ C. Contributions Mandatory Contributions: SCR255 m – received from 42,760 contributors (4% increase from 41,085 in 2016) Voluntary Contributions: SCR15 m – received from 6,351 contributors (9% increase from 5,759 in 2016 ) Total Contributions: SCR270 m _______________________ D. Pension and Benefits Total Pension and Benefits: SCR 222 m – paid to 4,929 beneficiaries (29% increase from 3,496 in 2016) Normal Retirement pension: SCR164 m – paid to 3,765 beneficiaries Permanent Incapacity pension: SCR34 m- paid to 632 beneficiaries Spouse Pension: SCR 16 m – paid to 381 beneficiaries Children Pension: SCR 4 m – paid to 151 beneficiaries Others: SCR 4 m -240 refunds Excess contributions over pension and benefits payments : SCR 48 m (SCR 65m in 2016) |
E. Default cases of Employers 194 assessments cases of employers in default of contributions detected and amount recovered was SCR 2.5 m Surcharges levied was SCR 3.2 m. _______________________ F. Investments Investment income: SCR170 m (13% increase from SCR 151 m in 2016) Other income (surcharges): SCR 4m (SCR 1m in 2016) Total expenditure for investments and administration: SCR 136 m (SCR 123 m in 2016) Excess Income over Expenditure: SCR 38 m (SCR 29m in 2016) Rate of return for 2017 was 8% (9% in 2016) Investment income represented 39% of total revenue of SPF (35% in 2016) _______________________ G. Properties 25 properties on Mahé, Praslin/La Digue 3 are yet to be developed Rental Income of SCR 108 m (SCR 93 m in 2016) Property maintenance expenses: SCR 30 m (SCR 28 m in 2016) Net profit from rentals SCR 78 m (SCR 65m in 2016) Average occupancy rate of all SPF properties for the year is 92% (96% in 2016) Real Estate worth SCR1.5 billion |
H. Projects
2 projects were completed in 2017 worth SCR14.2m -Maison Simone at Anse Boileau (rented out as of September 2017) -Eve Island dry storage facility (rented out as of August 2017) 3 ongoing projects -New Commercial Building on Independence Avenue (ex pirates arms) -Ile Perseverance Apartments -Ile du Port Micro Enterprise ________________________ I. Staffing Increase in SPF Workforce: 9% (123 in 2017 compared to 113 in 2016) 12 Vacancies filled 3% Staff Turnover _______________________ J. Administrative Expenses Administrative Expenses: SCR 39 m (3% increase from SCR 38 m in 2016)
|
The Board of Trustees of Seychelles Pension Fund have the pleasure to submit the Audited Financial Statements for the year 2017 to its esteemed members:
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