The Chief Executive Officer of Seychelles Pension Fund, Ms. Nisreen Abdulmajid in the presence of the Chairman of SPF, Mr. Marc Hoareau, handed over the 2020 Annual Report to the Minister of Finance, Economic Planning and Trade, Mr. Naadir Hassan in a short ceremony at Liberty House on Monday 28th June 2020. This is in accordance with Section 52 (5) of the Seychelles Pension Fund Act 2005. The Annual Report 2020 will hereafter be submitted to the National Assembly as required under the Act. 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.
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 |
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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
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| Benefits |
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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
