Fri, 23 Feb 2018 08:01:16 +0000 THE massive plunder of Saturnia pension funds will continue until and unless decisive action is taken by Government to regularise operations at this huge institution representing more than 34, 000 subscribing members. This is a national catastrophe. The greatest tragedy is that the Pensions and Insurance Authority (PIA) which should serve as an oversight institution has not only been complicit but appears to have abetted irregularities amounting to offences under the laws of Zambia. How, for example, did the PIA allow the multi-billion Dollar institution operate without a TPIN number meaning that the Zambia Revenue Authority (ZRA) was effectively denied revenue? The most troubling aspect of this scandal is the manner in which funds were administered. We have been made to understand that contributions were channeled into a number of nonexistent institutions, such as Saturnia Pension Scheme, Saturnia Pension Fund Limited among others. Then there is the question of […]
