info@psptf.mw | P.O. Box 30146, City centre, Lilongwe
info@psptf.mw | P.O. Box 30146, City centre, Lilongwe
Fund Overview
ABOUT THE FUND
The Public Service Pension Trust Fund (PSPTF) is a stand-alone Contributory Pension Scheme for Public Servants. PSPTF was set up in accordance with the Pension Act (CAP 55:02) and is managed by an independent Board of Trustees. The Fund was established to provide retirement and pension benefits to public servants upon reaching the mandatory retirement age of 60. The Pensions Act mandates employers in the country to have a pension scheme for their employees. PSPTF started operating on 1st July, 2017 and was licensed on 10th July, 2018 by the Registrar of Financial Institutions (Reserve Bank of Malawi).
MEMBERSHIP
Membership is compulsory to all public servants who were born after 1st January 1982, and all those who joined public service on or after 1st July 2017 regardless of their age. As an employee, a member contributes 5% and the employer (Malawi Government) contributes 10% of the employee’s pensionable salary into the member’s pension savings account. Membership is compulsory to all public servants who were born after 1st January 1982, and all those who joined public service on or after 1st July 2017 regardless of their age. As an employee, a member contributes 5% and the employer (Malawi Government) contributes 10% of the employee’s pensionable salary into the member’s pension savings account.
