Summary of Seychelles Pension Fund’s performance in 2017 |07 April 2018
The chief executive of the Seychelles Pension Fund (SPF), Lekha Nair, recently handed over the Fund’s 2017 Annual Report to the Minister for Finance, Trade and Economic Planning, Dr Peter Larose, as required under paragraph 54 of the Seychelles Pension Fund Act 2005.
This took place in a short ceremony held on March 29 at Liberty House in the presence of the former chairman of SPF, Patrick Payet, and current chairman Edwin Palmer.
The Annual Report 2017 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.
Now that the audit is completed, SPF has informed its members that their statement of accounts for the year 2017 will be dispatched individually to them, as of April onwards. All member accounts for both mandatory and voluntary contributions have been credited with an interest of 3.5% for 2017.
SPF requests all members to check the correctness of their statements on receipt and to contact SPF’s offices on Mahé, Praslin and La Digue if there are any queries.
SPF takes the opportunity to thank all the members for their contributions for the year 2017.
A summary of SPF’s performance in terms of contributions received, pension and benefits paid and investments made are presented herewith.
We’ve also published some of SPF’s assets and projects undertaken.
SPF Contributions
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Mandatory Contributions |
Voluntary Contributions |
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Year |
Total Contributors |
Employer Mandatory |
Employee Mandatory |
Total Contributors |
Employer Voluntary |
Employee Voluntary |
Total Contributions |
|
2016 |
41,085 |
SCR 106m |
SCR 106m |
5759 |
SCR 3m |
SCR 8m |
SCR 223m |
|
2017 |
42,760 |
SCR 115m |
SCR 140m |
6351 |
SCR 4m |
SCR 11m |
SCR 270m |
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Benefits types |
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Year |
Total Pensioners |
Total Benefits paid |
Normal Retirement |
Permanent Incapacity |
Surviving Spouse Pension |
Children Pension |
Others |
|
2016 |
3496 |
SCR 158m |
SCR 103m |
SCR 38m |
SCR 13m |
SCR 3m |
SCR 1m |
|
2017 |
4929 |
SCR 222m |
SCR 164m |
SCR 34 m |
SCR 16 m |
SCR 4m |
SCR 4m |
|
Asset Classes |
Descriptions |
Percentage |
|
Real Estate |
Properties ( land & buildings) |
59% |
|
Bank deposit Domestic |
Deposits in commercial banks in Seychelles |
11% |
|
Domestic Government ( Debt) |
Treasury bonds and Treasury Bills |
13% |
|
Equity domestic listed |
Shares listed on Seychelles Securities Exchange ( Trop X) |
10% |
|
Equity domestic unlisted |
Shares in local companies |
1% |
|
Equity International Unlisted |
Shares in overseas companies |
5% |
|
Combined Small Investments |
Any investments less than 1% of portfolio |
1% |
2017 HIGHLIGHTS
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A. Total Net Assets SCR 2.8 billion (2017) SCR 2.6 billion (2016) _____________________ B. Membership Active Members: 42,760 (84% coverage of working population - 50,606) Total Employers registered with SPF:3,068 New Employers in 2017: 310 (5% from 296 in 2016) Total self-employed registered with SPF: 1,653 New Self Employed in 2017: 285 (26% from 213 in 2016) Total Members’ Funds in 2017: SCR1.4 b (10% increase from 2016) _______________________ C. Contributions Mandatory Contributions: SCR255 m – received from 42,760 contributors (4% increase from 41,085 in 2016) Voluntary Contributions: SCR15 m – received from 6,351 contributors (9% increase from 5,759 in 2016 ) Total Contributions: SCR270 m _______________________ D. Pension and Benefits Total Pension and Benefits: SCR 222 m – paid to 4,929 beneficiaries (29% increase from 3,496 in 2016) Normal Retirement pension: SCR164 m – paid to 3,765 beneficiaries Permanent Incapacity pension: SCR34 m- paid to 632 beneficiaries Spouse Pension: SCR 16 m – paid to 381 beneficiaries Children Pension: SCR 4 m – paid to 151 beneficiaries Others: SCR 4 m -240 refunds Excess contributions over pension and benefits payments : SCR 48 m (SCR 65m in 2016) |
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E. Default cases of Employers 194 assessments cases of employers in default of contributions detected and amount recovered was SCR 2.5 m Surcharges levied was SCR 3.2 m. _______________________ F. Investments Investment income: SCR170 m (13% increase from SCR 151 m in 2016) Other income (surcharges): SCR 4m (SCR 1m in 2016) Total expenditure for investments and administration: SCR 136 m (SCR 123 m in 2016) Excess Income over Expenditure: SCR 38 m (SCR 29m in 2016) Rate of return for 2017 was 8% (9% in 2016) Investment income represented 39% of total revenue of SPF (35% in 2016) _______________________ G. Properties 25 properties on Mahé, Praslin/La Digue 3 are yet to be developed Rental Income of SCR 108 m (SCR 93 m in 2016) Property maintenance expenses: SCR 30 m (SCR 28 m in 2016) Net profit from rentals SCR 78 m (SCR 65m in 2016) Average occupancy rate of all SPF properties for the year is 92% (96% in 2016) Real Estate worth SCR1.5 billion |
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H. Projects 2 projects were completed in 2017 worth SCR14.2m -Maison Simone at Anse Boileau (rented out as of September 2017) -Eve Island dry storage facility (rented out as of August 2017) 3 ongoing projects -New Commercial Building on Independence Avenue (ex pirates arms) -Ile Perseverance Apartments -Ile du Port Micro Enterprise ________________________ I. Staffing Increase in SPF Workforce: 9% (123 in 2017 compared to 113 in 2016) 12 Vacancies filled 3% Staff Turnover _______________________ J. Administrative Expenses Administrative Expenses: SCR 39 m (3% increase from SCR 38 m in 2016)
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