Merging of pensions funds on track, says SSRA chief

Dar es Salaam. The process of merging four social security funds into the Public Services Social Security Funds (PSSSF) to serve public servants is on track.

Speaking to The Citizen yesterday, the Director General for Social Security Regulatory Authority (SSRA), Ms Irene Isack, said right now they were in the process of formulating regulations that will pave the way for managing the new fund. “The PSSSF act has already been enacted. The next step is formulating regulations that will guide the running of the fund and ensure that members information are correct,” said Ms Isack.

She said the purpose of reviewing member information is to ensure that none will lose their contributions when the funds are merged.

She added that they were currently conducting inspection on all the properties that belong to the funds and ensuring that the new fund meets all the requirements that are necessary.

“The merged fund will become operation on the day when the Minister of State in the Prime Minister’s office (Policy, Parliamentary Affairs, Labour, Employment, Youth and the Disabled), Ms Jenister Mhagama, will announce the regulations for the new funds are currently being formulated,” she said. The PSSSF Act no. 5 of 2018 was signed by President John Magufuli in February and will come into effect after the dissolution of the Parastatal Pensions Fund (PPF), Government Employees Provident Fund (GEPF), Local Authorities Pensions Fund (LAPF) and Public Service Pensions Fund (PSPF). The changes will entail the transformation of the National Social Security Fund (NSSF) into an entity that will cater for private sector employees only.