PSSSF scoops NBAA award on good financial records

PUBLIC Service Social Security Fund (PSSSF) has emerged as the best winner for competence in the preparation and presentation of financial statements for 2021 in the category of pension schemes and health insurance funds.

The award was presented by the National Board of Accountants and Auditors (NBAA) to PSSSF’s Director of Finance, Ms Beatrice Musa-Lupi, during the board’s annual conference which was held in Dar es Salaam on Wednesday.

During the conference which was officiated by Zanzibar’s Minister of State in President’s Office (State House Affairs), Mr Jamal Kassim Ali, the pension fund emerged the winner for best presented financial statements for the second year in row after clinching the same award last year.

The objective of the award is to recognise, encourage and promote best practices in the preparation of financial statements in the country.

Commenting on the award, the Director General of PSSSF, Hosea Kashimba, said the prize will act as a catalyst for motivating employees of the fund to continue embracing professionalism in the provision of services to its members.

Speaking after receiving the award, Ms Musa-Lupi, said the victory indicated that the fund adheres to professionalism, including observing the set international criteria in preparing financial statements.

“The victory sends a message to the general public that the fund professionally and carefully manages members’ contributions and other finances and thus builds confidence to members of the scheme,” she commented.

The PSSF’s Finance Director assured members of the pension fund on the safety of their contributions, including transparency in supervising and managing its assets.

“The award assures our members of their reliable future or ‘safe tomorrow’ as our slogan states- We are together today and tomorrow,” Ms Musa-Lupi said.

PSSSF is a social security scheme established through the Public Service Social Security Act of 2018. The main purpose of the fund is to collect contributions and payment of terminal benefits to employees in public service.

The fund was established after repealing several acts, including the Public Service Retirement Benefits Act, the LAPF Pensions Fund Act, the GEPF Retirement Benefits Fund Act and the PPF Pensions Fund Act.

Participating entities in the competition were placed into categories of banks, financial institutions, insurance companies as well as pension funds, and manufacturing companies in addition to government ministries, departments and agencies.

Other categories were for regulatory authorities, regional secretariats, telecommunication and media, in addition to local government authorities, and Non-Governmental Organizations (NGOs), among others.