Government, has commended the Local Authorities Superannuation Fund (LASF) for making positive strides aimed at actualising the Eighth National Development Plan (8NDP), which has outlined bold reforms in the pension sector.

Speaking when he officially launched the Local Authorities Superannuation Fund’s 2024 – 2026 Strategic Plan, Local Government and Rural Development Minister Gift Sialubalo said the among reforms was the creation of an occupational pension scheme for public workers, aimed at ensuring adequacy of pension benefits and reducing old-age poverty.

“This reform is not abstract; it is about real lives. It is about mothers and fathers who have served this country in councils, public utilities, and local government institutions. It is about ensuring that when their time of service ends, they retire with peace of mind, dignity, and security”, he said.

The minister the 2024–2026 Strategic Plan was not only aligned with the 8NDP but was also a major step in modernising the pension system to meet today’s realities and tomorrow’s demands.

He said the 2024–2026 Strategic Plan spoke to the heart of LASF’s mandate and the expectations of its members.

He also announced that Government had so far released K200 million out of the K400 million budget allocation in the 2025 cycle.

“Let me assure you that the Government remains steadfast in supporting LASF. Already, we have disbursed K200 million out of the K400 million budgeted this year for the capitalisation of the Fund. This brings total Government support since 2017 to K1.6 billion.

This capitalisation programme demonstrates our resolve to bridge the financing gap and to ensure timely settlement of accrued benefits. It is proof that pension reforms are not just policy pronouncements but actions backed by resources.”, Mr Sialubalo said.

And speaking at the same occasion, LASF Board Chairperson Martin Libinga said the over the years, LASF has faced significant challenges, recording negative financial and actuarial positions. These challenges have been compounded by legislative and environmental changes that were not adequately matched with adjustments to the Scheme’s operations.

Mr Libinga said despite these difficulties, the previous Strategic Plan achieved positive results. Notably, the funding level improved, with a 16% actuarial deficit reduction recorded between December 2019 and December 2022. This was largely driven by the Government’s recapitalisation programme. Going forward, it is imperative that LASF implements bold and sustainable initiatives to secure its long-term viability.

“LASF will implement initiatives to strengthen its financial and actuarial position. These include ensuring adequate recapitalisation, effective collection of contributions, enhanced accountability, and adoption of sustainable investment strategies to deliver optimal returns.

“We are fully aware that formulating a Plan does not guarantee its success. Its actualisation will depend on the commitment of our workforce. To this end, LASF commits to cultural and behavioural transformation, anchored on the core values of Integrity, Accountability, Courtesy, Teamwork, Innovation, and Transparency” Mr Libinga said.

Mr Libinga added that the successful implementation of the Strategic Plan did not rest on LASF alone and would require the continued commitment of its members, employees, industry partners, and Government.

He ended by calling upon Management and staff to dedicate themselves to bringing the Plan to life while pledging to provide oversight, guidance, and support throughout its execution.