LASF MD Confers with Lusaka Water Retirees

LASF MD Confers with Lusaka Water Retirees
Local Authorities Superannuation Fund Managing Director George Chileshe hosted
retirees from the Lusaka Water Supply and Sanitation Company (LWSSC) on Thursday,
October 28, 2021, to attend to their concerns in the payment of retirement benefits.
The meeting took place in the LASF Boardroom and was also in attended by Director
Contributions and Benefits, Milner Mooba and Contributions and Benefits Manager,
Keith Shempela.
The retirees were led by the pressure group’s Chairman Ian Nakamonga and his vice
Mutinta Nyangale.
The retirees wanted to know why the payment of their retirement benefits was taking so
long when their employer was current with the remittance of pension contributions.
Additionally, they wanted to agree on a way forward in which the payment process
could be expedited in their favour.
“As you are aware MD, we have earned these retirement benefits after working and
contributing for a long time. When it takes too long to access this money, its value
becomes eroded by the various negative economic factors,” Mr. Nakamonga said.
Mr. Chileshe acknowledged that the Fund was aware of the erosion of the value of
money if it took too long to be paid. He explained that although Lusaka Water Supply
and Sanitation Company was current in the remittance of contributions, in real terms the
money being received by LASF was not enough to cover the pension expenditure for
everyone.
“In terms of preferential treatment, we are guided by principles of fairness and equity
whereby we consider those who retired early to be the first ones to be paid and then
move to more recent cases. I would like to make it clear that under the rules which
govern the pension industry, all members are equal,” Mr. Chileshe said.
He informed the meeting that the short term solution to LASF’s historical financial
challenges was the recapitalisation by Government aimed at bridging the financing gap
arising from the actuarial deficit. He thanked Government for their consistency in
recapitalising the Fund since 2017.
“In the long term, the reforming of the social security sector will address the challenges
being faced by statutory pension schemes as stakeholders will come up with
sustainable and modern parameters under which the institutions will operate,” Mr.
Chileshe said.
At the end of the meeting it was agreed that there should be enhanced communication
between the pressure group and LASF management.



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