REPORT OF THE BOARD OF TRUSTEES
pspf for peace of mind
for the year ended 30 June 2013 (continued)
6. FUNCTIONS, OBJECTIVES AND ACTIVITIES OF THE FUND (CONTINUED) b) Fund’s Objectives (Continued) ii. Working with the Social Security Regulatory Authority, the Government and other employers to reduce the level of risk to members’ benefits through ensuring that dues from the Government and employers are remitted to the Fund timely. iii. Regularly assessing progress towards the funding level and review the appropriateness of, and progress towards, the funding target on an annual basis. iv. Controlling the extent of our exposure to investment risk by altering our investment strategy. We assume the level of risk which ensures that any movements in liabilities are matched by corresponding movements in assets. v.
Hiring employees who have the required integrity, competence and the proper education and experience to carry out their jobs and ensure that the employees are suitably compensated.
vi. Managing service delivery systems and making incremental improvement in the systems to bring about sustainable improvements as quickly and effectively as possible. c) Activities To fulfil its functions, the Fund carries out the following activities on daily basis: (i) Registering members who are willing and eligible to be registered as members of the Fund. (ii) Reliably and timely collecting contributions, pre-retirement loan repayments and other receipts; (iii) Making proper records of all contributions, payments and other data necessary for efficient and effective management of the Fund; (iv) Paying benefits and pre-retirement loans in a correct, accurate and timely manner; (v) Securing sound financial management and productive investment of Fund’s assets. (vi) Maintaining an effective communication network, including development of accurate data and record keeping mechanisms to support collection, payment and financial activities; (vii) Timely producing financial statements and reports.
PSPF annual REPORT FOR THE YEAR ENDED 30Th JUNE 2013
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