Public Service Pension Trust Fund launches 2023-2027 strategic plan

The Public Service Pension Trust Fund (PSPTF) has launched its 2023-2027 Strategic Plan, marking a key development in securing the financialPublic Service Pens wasion Trust Fund launches 2023-2027 strategic plan future of Malawi’s public servants. The launch took place in Lilongwe and represents a significant milestone for the fund.

Adwell Zembere, Director of Economic Planning and Development in the Ministry of Finance, underscored the government’s commitment to the Pension Act 2023. This legislation ensures that all public servants retire with both dignity and financial security. Zembere highlighted the remarkable growth of the PSPTF, noting that it has expanded from K4 billion at its inception in 2017 to K349 billion today.

“Our obligation towards members of the fund is not only legal but also moral,” Zembere stated, emphasizing the government’s ongoing support for the fund’s strategic plan and its implementation.

James Kumwenda, Chairperson of the PSPTF’s Board of Trustees, expressed pride in the fund’s achievements and its future direction. He commended the fund’s effective financial management and growth, which have resulted in sustainable returns for its members.

“Our investment strategies have delivered impressive returns that will continue to benefit our members and their beneficiaries,” Kumwenda said. He also acknowledged the challenges ahead, including addressing past service liabilities and resolving issues related to delayed employer remittances.

The event highlighted the PSPTF’s pivotal role in Malawi’s economic development through prudent investment practices. As Kumwenda noted, “The PSPTF is more than a pension fund; it is a symbol of our commitment to public service and the well-being of our members.