Mozambique: Standard Pension Fund launched

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Mozambique: Standard Pension Fund launched

9:05 CAT | 14 Feb 2022

Photo: Diario Economico

The Standard Fundo de Pensões – Sociedade Gestora, a subsidiary of Standard Bank, was launched in Maputo on Thursday, February 10th.

This institution is dedicated to the administration of pension funds to help employees and individuals in general to save, invest, generate wealth and ensure financial stability in the medium and long term, while guaranteeing a decent retirement.

The Standard Pension Fund proposes to manage Closed Pension Funds, established by companies or other collective entities, as well as Open Pension Funds, intended for individuals and other interested parties not affiliated to a Closed Fund.

While for companies the Pension Fund may help attract and retain qualified staff in a competitive environment, for individuals it represents an alternative to traditional forms of investment in the market.

The fund also represents an investment option to provide a dignified complementary pension, acting as social security for the future, as insurance in case of unwanted events, and as an investment.

The Pension Fund now launched is an institution where companies and interested individuals will be able to entrust the management of their money to a team of professional managers, whose responsibility is to guarantee security and investment in assets that will generate returns over time.

Among other advantages that this fund offers, the highlight goes to the benefit of subscribers being able to have access to a wide range of investments, including shares of companies listed on the Mozambique Stock Exchange (BVM).

The executive director of the Standard Pension Fund, Agnaldo Mavera, explained that “the fund works as a social security mechanism, whose primary objective is to safeguard and guarantee beneficiaries a sustainable quality of life after retirement, when income levels have generally been low”.

Likewise, it constitutes an insurance mechanism, since, in the event of an accident or similar which causes total or partial disability, the subscriber will be able to rely on the pension fund to meet his/her daily needs.

In addition to these aspects, “it is also a savings and investment mechanism, because by subscribing to the pension fund, the member is giving up consumption in the present to be able to do so in the future, with additional returns.” Mavera explained.

Subscribers to the Standard Pension Fund, he said, would benefit from advantages that they would hardly have access to otherwise, enjoying greater diversification for their investments and, consequently, better profitability.

“We are the first pension management entity carrying out the entire operation with local resources, at the country level, which provides flexibility in responding to the interests of customers. We are guided by asset management focused on an investment strategy adjusted to the objectives and risk profile of the client,” he concluded.

Source: Carta de Moçambique