by Sipilisiwe Ncube on 23 Aug 2017by Joseph Mwenda on 23 Aug 2017by Joseph Mwenda on 23 Aug 2017by Sipilisiwe Ncube on 23 Aug 2017
- Goal Diggers
by Joseph Mwenda on 23 Aug 2017by Diggers Reporter on 23 Aug 2017by Joseph Mwenda on 22 Aug 2017by Diggers Reporter on 21 Aug 2017
by Mirriam Chabala on 23 Aug 2017by Diggers Reporter on 23 Aug 2017by Mirriam Chabala on 23 Aug 2017by Mukosha Funga on 23 Aug 2017
by Mukosha Funga on 23 Aug 2017by Mukosha Funga on 22 Aug 2017by Diggers Reporter on 22 Aug 2017by Diggers Reporter on 22 Aug 2017
- Editor's Choice
by Diggers Editor on 23 Aug 2017by Diggers Editor on 19 Aug 2017by Diggers Editor on 18 Aug 2017by Diggers Editor on 16 Aug 2017
by Joseph Mwenda on 22 Aug 2017by Thomas Mulenga on 20 Aug 2017by Joseph Mwenda on 18 Aug 2017by Mukosha Funga on 3 Aug 2017
- Guest Diggers
by Sishuwa Sishuwa on 4 Aug 2017by Dr. Vernon J Mwaanga on 25 Jul 2017by David Julian Wightman on 8 Jul 2017by Sishuwa Sishuwa on 6 Jul 2017
PIA steps in at Saturnia Fund, calls for meetingBy Mukosha Funga on 25 May 2017
The Pensions and Insurance Authority (PIA) has invited Saturnia Regna Pensions Fund Board of Trustees and Fund administrators to plan for an Annual General Meeting as Zambia’s largest private pensions scheme sinks in turmoil.
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 in a letter dated May 23, PIA deputy registrar Bob Musenga invited the trustees and Benefits Consulting, which is the fund administrator for a meeting tomorrow.
“I wish to invite you to a meeting to be held at the Authority offices on Friday the 26th May, 2017 at 10:30 hours for the purposes of planning for the Annual General Meeting. Take note that the Authority is deeply concerned on the current status of the scheme and it is therefore imperative that you attend without fail. We shall appreciate your usual cooperation,” Musenga wrote.
In November 2016, the trustees wrote to PIA complaining about Benefits Consulting and seeking the authority’s intervention but there was no reply and no action taken.
Among the complaints listed, the trustees, through their chairperson Doreen Kabunda, stated that Benefits Consulting was undermining the role of the trustees and failing to avail them with relevant information regarding the management of the fund.
The trustees also complained that Benefits Consulting had refused to address their short-comings as revealed in the PIA report on the fund but instead decided to attack the composition of the Board of Trustees.
About Mukosha Funga
Interested in good governance and youth empowerment.
- Court acquits man accused of calling Lungu ‘chik*la’ - 23 Aug 2017
- Mopani only customer refusing to pay revised tariffs – CEC - 23 Aug 2017
- Mopani announces planned retrenchment of 4,700 workers: We are left with no option - 22 Aug 2017
- PF wants Kambwili’s expulsion case dismissed - 22 Aug 2017
- PF warns Mopani against sending miners on forced leave: Don’t take Zambians for granted - 22 Aug 2017
You may also like...
- Lungu would have pardoned HH if court convicted him, says Kampamba Mulenga
- Tujilijili drinking competition leaves winner dead
- Mopani announces planned retrenchment of 4,700 workers: We are left with no option
- Shaka Ssali in to discuss democracy in Zambia
- PF losing numbers since 2011, while UPND is gaining - Max
Subscribe for email alerts
Weekly Most Digged
- August 2017
- July 2017
- June 2017
- May 2017
- April 2017
- March 2017
- February 2017
- January 2017
- December 2016
- November 2016
- October 2016
The News Diggers
Plot No. Lus/9812/649-MC8
off Alex Chola Road
P.O. Box 32147
Telephone or WhatsApp:
+26-097-7708285, 095-3424603, 096-5815078
diggers [at] diggers [dot] news
editor [at] diggers [dot] news
Send this to a friend