ZAMBIA’s largest private pension fund, Saturnia Regna, has recorded an 11 percent in the number of corporates joining the fund.
Up from 175 members in 2019, the number of companies have risen to 195 in 2020, while the number of employees in those organisations covered by the fund grew by 6 percent to 34,527 employees during the year.
Chief Executive of Benefits Consulting Services Bryson Hamanzuka attributed the rise in corporate members to an increased awareness of the importance of a reliable, trustworthy fund giving good returns and demonstrating long-term commitment.
“As an independent entity with ambitious aspirations and a clear, stronger focus in Zambia, we have seen the need for a pension fund with a distinctive customer value proposition,” he said.
Over the 29 years of its existence, the private pension fund has gained vast experience and demonstrated resilience and foresight in adapting to meet the evolving needs of members and the local market.
Saturnia remains the largest multi-employer pension fund in Zambia and the most well-diversified fund with assets of K3 billion invested in shares on the Lusaka Securities Exchange (LuSE), Zambian Government securities, property, corporate bonds and loans, and fixed-term deposits.
It paid out K288 million in pensions to retired employees during the year.
Members include the pension funds of many of the biggest name employers in the country, including British American Tobacco, DHL International, First National Bank Zambia, Investrust Bank, Lumwana Mining, the Lusaka Stock Exchange, Mopani Copper Mines, National Milling, the Patents and Companies Registration Agency (PACRA), Taj Pamodzi and World Vision.