Finance Minister Felix Mutati has directed the Pensions and Insurance Authority (PIA) to appoint an independent auditor to assess the financial and operational governance of Saturnia Regna; Zambia’s largest private pensions scheme.
In a letter addressed to PIA registrar Martin Libinga, Mutati said that the audit should be undertaken and completed within thirty days.
“I am directing you to appoint an independent auditor to assess the matter that has arisen in the Saturnia Regna Pension Fund. The audit should be undertaken and completed within thirty days,” wrote Mutati, according to a statement issued by Finance Ministry public relations head Chileshe Kandeta.
Recently, News Diggers! reported that the fate of over K2 billion held in trust for contributors is at stake as bickering and fraud allegations at Saturnia Regna Pension Fund take center stake.
Munakupya Hantuba and several other prominent businessmen, including Hakainde Hichilema have been named in a controversial shareholding structure of Africa Life Financial Services, Menel Management Services and Benefits Consulting Services Ltd – companies which are behind the management of the private pension Fund.
The Board of Trustees has been calling for an Annual General Meeting in an attempt to change the Fund managers, but the latter has sought the court’s intervention although unsuccessful.
Fund administrators (Benefits Consulting Services Ltd) rejected the latest proposal for a meeting which was scheduled to take place yesterday, stating that the current Board of Trustees members were no longer recognized by Saturnia.
Saturnia Regna Pension Fund administrators went further to state that a new list of Board Trustee members had been proposed and the candidates were ready for elections.
But the PIA stepped in and mediated a meeting between the trustees and Benefits Consulting on May 26, at which it was resolved that the AGM would be held on July 14.
And yesterday, Libinga said the successful holding of an Annual General Meeting would help resolve the issues at Zambia’s largest private pensions scheme.