VICTORIA, Seychelles — The Seychelles Pension Fund (SPF) is ‘very satisfied’ with its 2024 performance, chief executive Nisreen Abdul-Majid said on Friday, presenting the SPF Annual Report to the Ministry of Finance, National Planning and Trade at Liberty House. Total assets grew by over 8 percent, rising from R5.66 billion in 2023 to R5.94 billion in 2024, driven by strategic and diversified investment allocations across asset classes.
The Members’ Fund recorded a strong 10 percent growth, rising from R4.18 billion to R4.48 billion, further reinforcing the fund’s long-term sustainability. Contributions continued on an upward trajectory, with mandatory contributions increasing by 4.7 percent to R957.8 million and voluntary contributions rising by 9.9 percent to R1.4 million. From an operational perspective, the SPF recorded a surplus of R87 million in 2024, compared to R54 million in 2023. Investment income rose from R514 million in 2023 to R562 million in 2024, despite efforts to monitor and implement cost-reduction measures.
Chair of the SPF Board, Shella Mohideen, acknowledged that one of the persistent challenges remains the misunderstanding that surrounds the SPF and its products. The organisation is in the process of reviewing its Act, which dates back to 2009, and has sought Cabinet’s approval to dispose of real estate properties such as Corail D’or, which currently account for 7 percent of its investment portfolio. The SPF currently employs 94 staff.
