Discredited Saturnia Trust Fund ushers in 9 new trustees
...audit report not discussed ...members apprehensive
ALL the Saturnia Pension Trust Fund trustees who were critical to the running of the fund and constantly demanded for accountability were yesterday dropped as nine out of 10 were replaced by new ones during a disputed Annual General Meeting (AGM) held at Taj Pamodzi hotel in Lusaka. A technicality to achieve the ouster of the trustees was em- ployed by Benefits Consulting Services Limited and African Life Financial Services who the trustees accused of mismanaging the fund.
Earlier, there was consternation that the forensic audit report they had caused was not discussed and has been pushed to the next AGM which would be held in the next three months.
Most participants wondered why such an important document was not discussed during the meeting which saw trustees who raised concerns over the running of the pension fund being voted out, on the technically that they had exceeded their term limits.
Board chairperson Review Namanje yesterday confirmed the development to the Daily Nation and said the ordered audit report was not discussed in the meeting because it had been pushed to the next AGM.
Some trustees had initially insisted that the AGM be halted until audit into the governance of the Saturnia Regna Pension Trust Fund which was ordered by former Minister of Finance Felix Mutati following concerns raised following the revelation of anomalies contained in the Pension and Insurance Authority Inspection report of April 2016.
Among the anomalies highlighted included unauthorised externalisation of $40 million of pension funds and the illegal registration of titles for fund properties in Saturnia Regna Pension Registered Trustees instead of the Fund.
The Trustees also wanted a thorough investigation to be conducted into the bank accounts of Saturnia Regna Trustees Limited, a private company with no relationship to the fund as well as another unknown bank account called Saturnia Pension Scheme into which pension contributions have been illegally deposited.
Some trustees also said the decision by the Saturnia Regna Pension Scheme and the PIA to have the rescheduled 2016 AGM to yesterday where they were only given 18 days’ notice against the rules which stipulate a notice of 21 days, was aimed at ambushing them.
Communication prior to the circulation of the notice of the AGM alleged that Mr. Mutati had pressurised the Pension and Insurance Authority (PIA) to convene the AGM.
“Notice is hereby given that the rescheduled Saturnia Regna Pension Fund Annual General Meeting in respect of the year ended 31 December 2016 will be held on Wednesday 28 February 2018, at Taj Pamodzi Hotel, Lusaka at 09:30 hours,” reads the notice.
“Note: Pursuant to the powers contained in the Pensions Scheme Regulations Act (PSRA, 1996 as amended), the Pensions and Insurance Authority (PIA) has granted a special dispensation to reduce notice period of twenty-one (21) days to allow the Saturnia Regna Pension Fund (SRPF) Annual General Meeting to proceed as notified,” read the notice in part