Public Service Pensions Fund

What Public Service Pensions Fund does

The Public Service Pensions Fund (PSPF) is a statutory pension fund established in 1993 under the Public Service Pensions Order 1993 and headquartered in Mbabane, Eswatini. It administers the mandatory defined benefit pension scheme for Eswatini's public service employees, providing retirement, death, disability, and funeral benefits. The fund operates on a contribution model in which members contribute 5% and the Government of Eswatini contributes 15% of pensionable emoluments, yielding a combined 20% inflow rate. PSPF manages assets under management in excess of E10 billion, with a diversified portfolio spanning domestic and international equities, property, agricultural holdings, financial services, mobile telecommunications, and energy infrastructure.

PSPF holds a portfolio of strategic equity stakes, including 100% of Tambankulu Estates and Libuyile, a 78% interest in SEL, a 40% interest in Eswatini Mobile, combined stakes of 8.3% and 6.5% in ESRIC, a 7.4% stake in FNB Eswatini acquired in 2023, and an 18-year holding in Eswatini Building Society. The fund is extending into direct energy infrastructure via the Lower Maguduza Hydro Power Station, where construction commenced in October 2024, and is advancing the ESASSCO commercial building and PaperTech manufacturing developments. Member services are delivered through five branch offices across Eswatini and through the Ingcamu Mobile App launched in 2025. Governance is exercised through a Board of Trustees and an Investment Committee, and the fund's funding level has recovered materially from 28% in 1996 to a substantially higher current level, reflecting a sustained long-term improvement in the scheme's actuarial position.

Name

Public Service Pensions Fund

Legal name

Public Service Pensions Fund

Website

https://pspf.co.sz

Company type

Private

Founded year

1993

Operating status

Operating

Headcount range

101–250 employees

Short description

PSPF is a statutory Eswatini pension fund administering the mandatory defined benefit retirement scheme for civil servants, holding E10 billion+ in diversified assets and serving members through five branches and the Ingcamu mobile app.

Ownership category

akta.pro rank

Product category

Public Sector Pension Fund Administration

NAICS

Pension Funds (525110)

SIC

Services-Social Services (8300)

akta.pro primary industry

Corporate & Public Pension Funds (DB/DC Sponsors) (FSAAAGAA)

akta.pro secondary industries

Taft-Hartley / Labor Union & Public Sector Retirement Systems (FSAAAGAK), Pensions & Retirement Benefits Administration (BPAIAKAA)

Keywords

• Pension fund management
• Public sector pensions
• Retirement benefits
• Defined benefit scheme
• Government employee pensions

Headquarters

HQ city

Mhlambanyatsi

Offices5 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. Pension Contributions: PSPF operates a defined benefit scheme funded through contributions. Members contribute 5% of their monthly pensionable salary, while the government (employer) contributes 15%, totaling 20% of monthly salary. These contributions are invested to fund future pension payouts.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels8 records

Core offering

Public Service Pensions Fund (PSPF) is a statutory pension fund established in 1993 under the Public Service Pensions Order 1993 to manage pensions for Eswatini government public service employees. It provides retirement, death (pre- and post-retirement), disability, funeral cover, and withdrawal benefits, funded by 5% member contributions and 15% employer contributions. The fund also offers the Ingcamu Mobile App and pensioner support services to assist members and pensioners.

Product overview

The Public Service Pensions Fund (PSPF) is a defined benefit pension scheme established in 1993 for Eswatini government employees. The organization offers the Ingcamu Mobile App as its primary digital self-service platform, enabling members to manage their pension accounts remotely. The core product portfolio includes retirement benefits (with options for compulsory, early, forced, and abolition of office retirement), pre-retirement and post-retirement death benefits, disability benefits, funeral cover, and withdrawal benefits. PSPF also provides investment management services to grow member contributions and delivers various support services including proof of life verification and stakeholder engagement through annual forums.

Differentiator

Problem solved

Functional benefit

Brands

• Ingcamu: Mobile self-service application allowing members to track monthly contributions, view/download benefit statements, download nomination and other forms, and access PSPF resources.

Products and services

• Retirement Benefits

Quantifiable outcome

• Funding level improved from 28% (1996) to significantly higher levels
• +2 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Scale indicators9 records

Recent moves5 records

Expansion highlights5 records

Others

• Eswatini Royal Insurance Corporation (ESRIC): Flagship investee of PSPF (8.3% direct plus 6.5% held for Government). While not a peer, ESRIC is closely linked as a domestic financial services partner that consistently delivers 15.5% average annual dividends to the fund.
• Eswatini Building Society: Domestic mortgage lender in which PSPF has been a permanent shareholder for over 18 years. Closely tied portfolio company receiving long-term PSPF capital, with aligned interest in supporting civil-servicer housing finance.
• Old Mutual Eswatini: One of PSPF's core domestic asset management partners responsible for managing and growing a portion of the fund's pension assets. Adjacent ecosystem participant and potential peer in retirement product distribution within Eswatini.
• FNB Eswatini: Domestic bank in which PSPF acquired a 7.4% equity stake in 2023. Closely tied to PSPF as a portfolio company and distribution partner for pensioner payments.
• Sanlam Investment Management: Foreign asset manager selected for PSPF's investment management. Adjacent as a pan-African institutional asset manager serving pension fund clients across multiple African jurisdictions.

Direct peers

• Public Investment Corporation (PIC): South African state-owned asset manager that invests pension and other public funds, including GEPF. Directly comparable as a public-sector pension investor with significant domestic equity stakes across financials, telecoms, and infrastructure.
• Government Employees Pension Fund (GEPF): Largest public-sector pension fund in Africa, administering defined benefits for South African government employees. Most directly comparable peer to PSPF given identical statutory mandate, DB structure, and employer-funded model, but at far greater scale (R2+ trillion AUM).

Regional players

• Public Service Superannuation Scheme (Kenya): Statutory pension scheme for Kenya's civil servants with a comparable defined-benefit structure and government-employer mandate. Regional peer with similar scheme design but serves a larger and more diversified economy.
• Botswana Public Officers Pension Fund: Defined benefit pension scheme for Botswana's public officers, with diversified investments across the domestic economy. Closest regional peer in scale and statutory structure, operating in another small Southern African economy.
• National Social Security Authority (NASSA) - Zimbabwe: Statutory social security and pension scheme administrator for Zimbabwe's workforce. Comparable as a Southern African state-mandated pension administrator with DB-style obligations and employer/employee contribution model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/pspf_sz
• YouTubeyoutube.com/@pspfeswatini
• Facebookfacebook.com/pspfeswatini
• LinkedInlinkedin.com/company/public-service-pensions-fund
• Instagraminstagram.com/pspf.sz

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Public Service Pensions Fund