By CATHERINE NYIRENDA
SATURINA Regna Pension Fund, the largest privately managed pension scheme in Zambia, last week declared 15-per cent return to its members, double the current inflation rate which is hovering around 7.7 per cent.
The declared percentage net return means that every pensioner under Saturnia Regna Pension Fund would this year see a 15 per cent extra on their pension benefit.
Saturina Regna Pension Fund scheme with an accumulated net asset of K1.4 billion has 124 participating companies with about 29,000 individual members
The scheme is managed by African Life Financial Services and administered by Benefits Consulting Limited.
The return was announced during the fund’s Annual General Meeting (AGM) held at Intercontinental Hotel in Lusaka at the weekend.
The 2013 investment of 15.38 net is from the initial gross return of 19 per cent beating the current inflation rate of 7.7 as of March 2014.
Fund trustees chairperson Doreen Kabunda said in an interview after the meeting that the good investment performance of the fund was as a result of prudent management.
“We are proud of the fund and the returns that it is posting, from this return our members will get is actually a real term because we have beaten inflation which currently stands at 7.7 per cent as of March month-end,” Ms Kabunda said.
Ms Kabunda who was flanked by Benefits Consultants Limited chief executive officer Bryson Hamanzuka said the fund investment were spread across portifolios.
She said that if the economic environment continue to be vibrant the Fund would continue make positive returns.
Mr Hamanzuka was hopeful that the policy changes that Government intends to introduce in social security soon would help growing the pension industry.
“We hope that once these changes are effected it will help the retirement industry grow once implemented,” Mr Hamanzuka said.