Late PIA registrar ordered Saturnia closure
sion funds to settle its liabilities to the chagrin of the trustees and tacit approval from the PIA which has failed to implement the directive of its late Registrar.
In 2016, the then chairperson of the Board of Trustees for Saturnia Regna Pension Trust Fund reported in her complaint to the PIA that over K2 million of pension funds were used to settle a significant judgment against Saturnia Regna Pension Trust Limited which the Trustees insisted that the illegal company had to refund.
Then in 2017, the Benefits Consulting Services Limited who are the Fund Managers of Saturnia Regna Pension Scheme offered to settle tax liabilities for Saturnia Regna Pension Trust Limited in response to demand note number 2386100 amounting to K2, 040, 805.00 dated 09/09/2016.
“On behalf of our client Saturnia Regna Pension Trust Fund, we are in receipt of your demand notice dated 09 September 2016 received 16 September 2016.
“We request to enter into a time to pay agreement of ZMW 1, 585, 316.61 for a period of 12 months whilst the issues are being reconciled and resolved. The amount is after consideration of the ZMW 455, 387.15 whose proof of payment details are attached.” Bencon wrote to the ZRA.
The statement by Bencon that Saturnia Regna Pension Trust Limited was their client was a total lie as the shareholders of the limited company African Life Financial Services and Botswana Insurance Fund Management are the same shareholders of Benefits Consulting Services Limited.
According to the Saturnia Regna accounts for the year ended December 2016, the ghost company’s liabilities amounting to ZMW 2, 797, 412.76 were paid to Zambia Revenue Authority and a law firm by the Pension Fund Manager Benefits Consulting Services Limited.
In addition to the tax liabilities, pension funds were also used to settle another legal judgment in which the court passed judgment in favour of Nkwazi Chambers against Saturnia Regna Pension Trust Limited. The amount paid was K650, 000.00.
The Trustees in their complaint letter to the PIA, indicated that some Fund properties had been registered in the name of the limited company and that the fund managers Bencon who are also the Board of Trustees secretaries had failed to provide the necessary documents including the title deeds for all 51 properties. The former Trustees who were removed at the fraudulent Saturnia Regna Pension Trust Fund annual general meeting on 28 February, 2018 had argued strongly against the abuse of the pension funds by Saturnia Regna Pension Trust Limited but they failed to win the support of the PIA.