STOP SATURNIA

Thu, 22 Feb 2018 07:28:06 +0000

–Halt remittance of pension contributions

–allow for independent forensic audit

By NATION REPORTER

The Government should urgently step in and help pensioners recover billions of Kwacha syphoned out of the Saturnia pension fund through un-authorized payments disguised as investments and management fees.

And a veteran human resources and pension administrator has called on the Trustees of the Fund to immediately suspend members’ remittances to the beleaguered multi-employer pension scheme until the lacunas surrounding its administration and management are sorted out.

Former Member of Parliament for Lubansenshi Constituency Mr. Lazarus Chota who also once worked as assistant General Manager for Human resources at Zambia State Insurance Corporation advised that it does not make sense for the participating companies to continue risking the future benefits of members in the light of the revelations that have surfaced in the media.

“There is a very strong case to argue in favour of suspending pension contributions to Saturnia Regna Pension Trust Fund until exhaustive investigations have been undertaken by an independent forensic team appointed by the Trustees,” Mr. Chota said.

He said that complaints about the management of Saturnia Regna Pension Trust Fund have gone on for too long and time has come to take decisive action.

“Instead of finger pointing and accusing whoever, the right thing to do is to immediately suspend remittances until accountability and transparency are established,” Mr. Chota said.

“It is logical to suspend remittances to this pension scheme until all the records are corrected so that the pensioners don’t lose their benefits.”

Mr. Chota also explained that under current Zambian pension laws, individual members of any pension scheme had choices which they could take if their employers did not heed the warnings about the Saturnia Regna Pension Scheme.

“One has a right to take a transfer value from one scheme to another or can apply for accrued pension rights redeemable at any time because the laws provide for portability of pension benefits,” he said.

He urged the Trustees of the Saturnia Regna Pension Trust Fund to immediately convene meetings of the general members to explain what was going on in the scheme and discuss the options that were available to them under the circumstances.

Mr. Chota doubted if the provisions contained in the so called Saturnia Trust Deed can restrain anyone from withdrawing if it is true that it is not registered with the Ministry of Lands and that the funds are going into the bank accounts of private companies.

He said that many prominent public figures had been mentioned in the Saturnia saga and that it was very important that it is brought to an end as soon as possible.

“The case has already been reported to the minister of finance who has conducted an audit which should be released to clear people who may not be involved,” he said.

Mr. Chota has worked in human resource management and has a lot of experience in pension management. He worked for RCM and ZCCM where he was involved in the setting up of Mukuba Pension Fund for miners.  He has also chaired several boards and held directorships at Zambia Railways, Zambia State Insurance Corporation, Industrial Training Center, National Airports Corporation, Zambia Airports Corporation, University Teaching Hospital and Metal Marketing Corporation of Zambia (Memaco), Medicines Transparency Alliance and African Health Accountability Platform.