No trustees yet at Public Service Pension Fund

Two months after the Registrar of Financial Institutions fired the board of trustees of the Public Service Pension Trust Fund, authorities are yet to replace them.

In an interview yesterday, the fund’s spokesperson Yamikani Sekeni said no new board is in place and that the secretariat was waiting from authorities.

“It’s a process between the RBM [Reserve Bank of Malawi] and the Ministry of Finance, Economic Planning and Decentralisation. Those appointed also go for orientation at RBM. So, we are yet to get the new Board of Trustees,” he said.

RBM Governor George Partridge, the Registrar of Financial Institutions (RFI), on April 30 2026 revoked licences of 11 trustees of the fund over alleged failure to comply with financial services laws.

Under clause 10.1 of the Trust Deed, the fund is supposed to have 12 trustees, half of whom are representatives of the Employer (Ministry of Finance), while the others are for members appointed by the Malawi Congress of Trade Union (MCTU).

Trustees are supposed to be replaced within 28 days under the law.

MCTU president Charles Kumchenga said the RFI has not approached the union on the matter, but his body will engage the registrar on the delays.

“We are not supposed to have any vacuum, once the other team is out, instantly we are supposed to replace them. Currently, transparency and accountability matters are being compromised,” he said.

In a separate interview, RBM spokesperson Boston Maliketi Banda acknowledged the delay, but said a remedy is being worked on.

“We have not received the nominations yet. But looking at the fact that the fund sits on huge sums of money that needs investing, the process is underway to recruit a Statutory Manager who will act on behalf of the Board, the law allows that,” he said.

The fund sits on assets valued at more than K1.1 trillion.

Earlier, Maliketi Banda told The Nation that RBM had asked the Ministry of Finance, Economic Planning and Decentralisation to urgently facilitate the nomination and appointment of new trustees.

Commenting on the development, University of Malawi governance expert Gift Sambo hoped the processes will be concluded soon.

On his part, executive director of Youth and Society Charles Kajoloweka said in an interview that the governance architecture is being frustrated and undermined.

The fund also operated without a board between October 2024 and June 2025, when new investments continued to be made, including a K4.9 billion disbursement without due oversight.

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