June 23rd, 2022 at 09:36 am
Top 5 African Pension Funds
Pension funds are financial intermediaries which offer social insurance by providing income to the insured persons following their retirement. Often, they also provide death and disability benefits. Pension schemes are important cornerstones of African households’ income during retirement. Pension funds also play a role in financial markets as institutional investors.
In Africa, here are the top 5 pension funds that exist
1 . Firstly, The Government Employees Pension Fund (GEPF)
This is Africa’s largest pension fund. having more than 1.2 million active members, in excess of 450,000 pensioners and beneficiaries, and assets worth more than R1.61 trillion.
GEPF is a defined benefit pension fund that was established in May 1996 when various public sector funds were consolidated. Our core business, which is governed by the Government Employees Pension Law (or GEP Law), as amended, is to manage and administer pensions and other benefits for government employees in South Africa.
2 . Secondly, The Government Institutions Pension Fund (GIPF)
This was established at the end of 1989, marking a new dawn for all Namibians as it has granted a lot of pensioners in the country, a better funds system, especially after their work in service.
3 . Also, Botswana Public Officers Pensions Fund (BPOPF)
This is the biggest pension fund in Botswana. The Fund was registered in 2001 as a result of a Government decision to change the Public Officer’s Pension arrangement from a Defined Benefit Pension Scheme to a Defined Contribution Pension Scheme.
The Fund has experienced phenomenal growth since its inception owing to the overwhelmingly positive response as public servants exercised their option to join the fund. At the heart of what we do is our focus on our members and pensioners, which compels us to constantly and consistently seek solutions to meet their needs.
4 . Another is The National Social Security Fund (NSSF)
This is a quasi-government agency responsible for the collection, safekeeping, responsible investment, and distribution of retirement funds from employees of the private sector in Uganda who are not covered by the Government Retirement Scheme. Participation for both employers and employees is compulsory.
5 . Last but not least, Pension Fund Administrators (PFAs)
This pension fund exists mainly in Nigeria. The Contributory Pension Scheme requires pension funds to be privately managed exclusively by licensed Pension Fund Administrators (PFA). The main functions of the PFA are to open Retirement Savings Account (RSA) for employees; invest and manage pension fund assets; pay for retirement benefits and account for all transactions relating to the pension funds under their management.
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