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KING APPLAUDS PSPF FOR E18BN ASSETS

29/08/2015 06:28:00 BY ZWELIHLE SUKATI

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His Majesty the King poses with PSPF management.

MBABANE – The Public Service Pension Fund (PSPF) which started with an investment of E286 million, today has assets of E18 billion.

This was heard yesterday from the PSPF Chief Executive Officer Cleopas Dlamini when His Majesty King Mswati III officially opened the Mbabane Office Park, an event which coincided with Fund’s 20th anniversary.
The event started with His Majesty touring the E330 million building in the capital city before celebrations which were held at the Prince of Wales Stadium.

The PSPF Chief Executive Officer told His Majesty the King that there were 35 000 contributing members, 7 000 pensioners and 15 000 dependants and spouses with the Fund.

“The first milestone is marking 20 years of existence which has been characterised by growth and stability since establishment of the Fund on November 1, 1993,” remarked Dlamini.
He said in 1994, the Fund evolved from being a department of pensions in the then Ministry of Labour and Public Service to become the Public Service Pension Fund.
“The second milestone is that we are officially opening a landmark and imposing structure, what we refer to as the Mbabane Office Park but eagerly await the appropriate name that His Majesty is customarily expected to pronounce,”Dlamini said.

He said this structure was a response to His Majesty’s vision of attaining first world status by 2022.
The development consists of two five-storey buildings each with a lettable area of 14 800 square meters and a seven level parkade with 750 parking bays. The project was completed in July 2013 at a total cost of E330 million.

In his speech, His Majesty the King said as the nation celebrated the two decades of the PSPF, “we have learned that it is now worth over E18 billion in assets and is the leading financial institution in the kingdom.
“We commend this level of growth that has achieved through hard work as well team effort of various stakeholders. These include the Board, consultants and all others who have played a role towards the development of the Pension Fund.”

The monarch said such a spirit of cooperation is the kind of spirit many other organisations should emulate in order to advance the country towards its first world status vision.