Tanzania Public Service Pensions Fund Registers Record Surplus in 2013

The Tanzania Public Service Pensions Fund (PSPF), one of the 6 available social security schemes in the country, saw its asset grow from TZS 1.09trillion in 2012 to TZS 1.25trillion in 2013, showing a 14% year on year increase.

During the same period the number of found members increased by 4% to reach 367,402 while the number of pensioner increased by 27% to 46,542.

PSPF performances were presented at the fund’s last stakeholders meeting by its Director General Mr Adam Mayingu.

During the meeting Mayingu commented that the fund was eagerly looking at the opportunities that voluntary registration will bring in 2014, to further increase PSPF memberships.

It is estimated that just 2% of the Tanzanian working population is covered by pension schemes.

Currently there are six pension funds available in Tanzania.

In order to improve social security schemes, the government recently announced a proposal to only have 2 funds, a public and a private one.