LAPF Northern Zonal Manager, Mr Lulyalya Sayi, said that the scheme posted 127.82bn/- as member contributions and profit in the period under review compared to 106.56bn/- the previous year.
He said benefits and operational costs increased to 50.09bn/- from 38.3bn/- registered in the previous period. The difference between contributions - profits and benefits and operational cost, make the Fund’s investments value stand at about 77.7bn/-.
Mr Sayi said LAPF invested 41 per cent in the government bonds, loans 12 per cent, equity shares 7 per cent, buildings 22 per cent and banks’ assets.
“The Fund has continuously been improving the service delivery to ensure that customers get maximum satisfaction from the contributions and finally in the benefits that are accrued at retirement age,” he noted.
He said, for example, the Fund is currently providing half of the pensions to their clientele with five years to go before retirement, so as to facilitate them to either build a house or start a business.