In a short ceremony at Liberty House, the CEO of Seychelles Pension Fund, Mrs. Lekha Nair in the presence of the Principal Secretary and former Chairman of SPF, Mr. Patrick Payet, and current Chairman of SPF, Mr. Edwin Palmer handed over the 2017 Annual Report to the Minister of Finance, Trade and Economic Planning, Dr. Peter Larose as required under paragraph 54 of the Seychelles Pension Fund Act 2005. The Annual Report 2017 will hereafter be submitted to the National Assembly as required under the Act. The Financial Statements were prepared under the International Financial Reporting Standards and was audited by the Auditor General, who outsourced the audit to Pool and Patel Chartered Accountants.


Now that the audit is completed, SPF is pleased to inform its members that their statement of accounts for the year 2017 will be dispatched individually to them, beginning of April onwards. All member accounts for both mandatory and voluntary contributions have been credited with an interest of 3.5% for 2017. SPF requests all members to check the correctness of their statements on receipt and to contact SPF’s offices on Mahe, Praslin and La Digue if there are any queries.


SPF takes the opportunity to thank all the members for their contributions for the year 2017.  A summary of SPF’s performance in terms of contributions received, pension and benefits paid and investments made are presented herewith:

SPF Contributions

Contributions received in 2017

Comparative contributions for 2016 and 2017

SPF Pension and Benefits

SPF Pension and Benefits paid


Comparative benefits paid for 2016 and 2017

SPF Investments


A. Total Net Assets

SCR 2.8 billion (2017)

SCR 2.6 billion (2016)


B. Membership

Active Members: 42,760

(84% coverage of working population – 50,606)

Total Employers registered with SPF:3,068

New Employers in 2017: 310

(5% from 296 in 2016)

Total self-employed registered with SPF: 1,653

New Self Employed in 2017: 285

(26% from 213 in 2016)

Total Members’ Funds in 2017: SCR1.4 b

(10% increase from 2016)


C. Contributions

Mandatory Contributions: SCR255 m –

 received from 42,760 contributors

(4% increase from 41,085 in 2016)

Voluntary Contributions:  SCR15 m –

received from 6,351 contributors

(9% increase from 5,759 in 2016 )

Total Contributions: SCR270 m


D. Pension and Benefits

Total Pension and Benefits: SCR 222 m –

paid to 4,929 beneficiaries

(29% increase from 3,496 in 2016)

Normal Retirement pension: SCR164 m –

paid to 3,765 beneficiaries

Permanent Incapacity pension: SCR34 m-

paid to 632 beneficiaries

Spouse Pension: SCR 16 m –

paid to 381 beneficiaries

Children Pension: SCR 4 m –

paid to 151 beneficiaries

Others: SCR 4 m -240 refunds

Excess contributions over pension and benefits payments : SCR 48 m

(SCR 65m in 2016)

E. Default cases of Employers

194 assessments cases of employers in default of contributions detected and amount recovered was SCR 2.5 m

Surcharges levied was SCR 3.2 m.


F. Investments

Investment income: SCR170 m

(13% increase from SCR 151 m in 2016)

Other income (surcharges): SCR 4m

(SCR 1m in 2016)

Total expenditure for investments and administration:  SCR 136 m

(SCR 123 m in 2016)

Excess Income over Expenditure: SCR 38 m

(SCR 29m in 2016)

Rate of return for 2017 was 8%

(9% in 2016)

Investment income represented 39% of total revenue of SPF

(35% in 2016)


G. Properties

25 properties on Mahé, Praslin/La Digue

3 are yet to be developed

Rental Income of SCR 108 m

(SCR 93 m in 2016)

Property maintenance expenses: SCR 30 m

(SCR 28 m in 2016)

Net profit from rentals SCR 78 m

(SCR 65m in 2016)

Average occupancy rate of all SPF properties for the year is 92%

(96% in 2016)

Real Estate worth SCR1.5 billion

H. Projects

2 projects were completed in 2017 worth SCR14.2m

-Maison Simone at Anse Boileau (rented out as of September 2017)

-Eve Island dry storage facility (rented out as of August 2017)

3 ongoing projects

-New Commercial Building on Independence Avenue

(ex pirates arms)

-Ile Perseverance Apartments

-Ile du Port Micro Enterprise


I. Staffing

Increase in SPF Workforce: 9%

(123 in 2017 compared to 113 in 2016)

12 Vacancies filled

3% Staff Turnover


J. Administrative Expenses

Administrative Expenses: SCR 39 m

(3% increase from SCR 38 m in 2016)


The Board of Trustees of Seychelles Pension Fund have the pleasure to submit the Audited Financial Statements for the year 2017 to its esteemed members: