The Registrar of Financial Institutions has extended the mandate for veteran insurer and businessperson Stain Singo as Statutory Manager for the Public Service Pension Trust Fund (PSPTF).
The mandate has been extended by another three months to December 2026.
Singo said he would continue with two roles of statutory manager and principal officer.
He said, in the last three months under the statutory manager role, the fund has reported progress in ensuring efficiency in governance and prudence in financial accountability and pension funds management.
“The extension provides continuity for the reform programme and allows the Statutory Manager to consolidate the progress made during the initial period,” Singo said.
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He said institutional recovery required sustained effort, effective oversight and the completion of outstanding reforms.
According to Singo, the extended mandate would enable PSPTF to continue strengthening governance, advancing financial reporting and improving services to members and pension beneficiaries.
The Public Service Pension Trust Fund is a stand-alone contributory pension scheme for all public servants born on January 1, 1982 and thereafter and those joining public service from July 1,
2017.
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It is managed by an independent board of trustees.
Recently, licences of about 11 trustees of the fund were revoked.
This happened after the fund was involved in a K128 billion deal of purchasing Amaryllis Hotel in Blantyre City.
The deal led to an investigation by the Public Accounts Committee of Parliament, where former trustees testified before committee members to highlight their role in the deal.
