pspf-tz.org Main & Supplementary Scheme Tanzania : Public Service Pensions Fund

Name of the Organization : Public Service Pensions Fund
Type of Facility : Main & Supplementary Scheme
Country : Tanzania

Official Website : http://pspf-tz.org/benefit

Main & Supplementary Scheme :

Benefits Offered :
The Public Service Pensions Fund is a social security scheme established by Public Service Retirement Benefits Act No. 2 of 1999.

Related : Retirement/Survivors/Invalidity/Withdrawal Benefits Fund Tanzania : www.statusin.org/4797.html

The main purpose is to provide for collection of contributions and payment of terminal benefits to members. The Fund is operated under two different schemes known as PSPF Main Scheme and PSPF Supplementary Scheme of which membership is voluntary.

Benefits Offered for Mandatory Scheme :
Old Age Benefits :
The main purpose of old age pension payment is to provide a replacement of income to persons who have permanently lost income because of old age

Qualifying Conditions :
** Should be employed on Permanent & pensionable terms;
** Should be registered with the Fund by filling PSPF FN 1 form
** Should have contributed to the Fund. A member who has contributed to the Fund for a minimum period of 180 months or 15 years will be paid both pension and gratuity while a member who has contributed to the Fund for a period less than 180 months or 15 years will be paid a gratuity only;
** Should have attained 55 or 60 years of age for voluntary or compulsory retirement respectively;

Calculation of Old Age Benefits :
Specified Amount = 1/540 X Complete number of months of service X Last annual salary
Members who have contributed to the Fund for a minimum period of 180 months or 15 years
Commuted Pension Gratuity = (Specified Amount / 2) X 15.5 (payable only once)
Monthly Pension = (Specified Amount / 2) X 1/12 (the payment will last until your death)
Members who have contributed to the Fund for a period less than 180 months or 15 years
Gratuity = (Specified Amount X 5) payable only once.

Invalidity Benefits :

An invalidity benefit payment is made to a member as a result of loss of earning capacity due to inability to work. The assessment of invalidity is undertaken by an established Medical Board.

Qualifying Conditions :
** Should be a member of the Fund;
** Should have contributed to the Fund. A member who has contributed to the Fund for a minimum period of 180 months or 15 years will be paid both pension and gratuity while a member who has contributed to the Fund for a period less than 180 months or 15 years will be paid a gratuity only;
** Must have been declared permanently invalid and incapable of any normal gainful employment by an established Medical Board.

Calculation of Invalidity Benefits :
Specified Amount = 1/540 X Complete number of months of service X Last annual salary
Members who have contributed to the Fundfor a minimum period of 180 months or 15 years
Commuted Pension Gratuity = (Specified Amount / 2) X 15.5 (payable only once)
Monthly Pension = (Specified Amount / 2) X 1/12 (the payment will last until your death)
Members who have contributed to the Fund for a period less than 180 months or 15 years
Gratuity = ( Specified Amount X 5) Payable only once.

Survivor’s Pension :
The benefit is payable to dependants of the deceased member. Dependants include spouse, children and parents of deceased member. The survivors pension is payable without prejudice to the relevant laws of inheritance.

Qualifying Conditions :
** Should be a member of the Fund;
** Should have contributed to the Fund. This pension payment is only made where the deceased member had contributed to the Fund for a minimum period of 180 months or 15 years;
** Death Certificate;
** Letter of Estate Administrator;
** 2 Passport size photographs for each person who may be involved. They include Estate Administrator, Widow/Widower, children aged below 21 years and parents of the deceased member;
** Marriage Certificate;
** Affidavit of Guardian;
** Court /Administrator General directives.

Calculation Survivors’ Pension :
Specified Amount = 1/540 X Complete number of months of service X Last annual salary.
Survivors Pension = (Specified Amount / 2) X 1/12 .
Case of deceased members who had contributed to the Fund for a period less than 180 months or 15 years.
Survivors Gratuity = ( Specified Amount X 5) Payable only once.