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Tuesday, December 1, 2020

The KCM pension scheme is no longer in Saturnia

General News The KCM pension scheme is no longer in Saturnia

United Party for National Development (UPND) Nchanga Constituency Aspiring Parliamentary Candidate Derrick Chilundika has said that it is not the Saturnia pension scheme that is holding on to ex-miners’ money but the current law that governs pension schemes and called for its immediate amendment.

Reacting to reports of ex-miners threatening to march on UPND Leader Hakainde Hichilema to demand their dues, Mr. Chilundika said that miners should blame the current government who have failed to amend the law.

Mr. Chilundika dispelled insinuations that UPND President Hakainde Hichilema has failed to pay former miners their dues.

“The current KCM pension scheme is no longer in Regina Saturnia as alleged by some propagandists who want to serve face. People and particularly ex-miners should know that their private scheme is under an organization called BENCON financial services and not Saturnia.

“The truth of the matter is that under Regina Saturnia scheme, miners used to get their full (100%) retirement package, unlike the current situation. The Copperbelt has 22 MPs out of which 20 are for the ruling PF. Are they telling us that they are not aware of this law,” Mr. Chilundika asked.

Mr. Chilundika said the UPND is demanding for the immediate amendment of the current pensioner’s scheme law and income Tax Act and avoid pointing fingers at innocent private individuals while knowing very well that the hold is a statutory and not institutional problem.

“Why is it that in November 2019 the Miner’s union went to parliament to meet the mines and finance ministers if this issue does not concern the Government. As the UPND, we are not going to relax until miners start getting their benefits in full. The pf government should stop telling lies and pointing fingers at an innocent individual because what is holding the ex-miners is a statutory instrument which was introduced by the same PF government. Am now urging all serving miners, ex-miners and their families to become UPND campaign managers, he added.

In a letter dated 3rd July 2020 addressed to the Executive Committee of ex-miners, Secretary to the Treasury Fredson Yamba said the ex-miners request to waive statutory provisions in order to allow their members access the remainder of the 50 percent of the pension through a lump sum as opposed to monthly annuities is not legally tenable.
Mr. Yamba advised the association to subscribe to the monthly annuities as provided for in the KCM pension scheme rules and in line with the provisions of the income tax Act and pension scheme regulations.

Ex KCM miners through their Chairman Ilunga Kasompe threatened to march against President Hichilema on Friday this week unless Regina Saturnia provides a roadmap on how it intends to dismantle their remaining pension dues.

24 COMMENTS

  1. Exactly, well spoken Mr Chilundika. The PF dunderheads don’t even know the laws and dont even know where their is held!! What kind of stupidity is this? It’s like 10 witchdoctors bewitched Ilunga and his PF sponsors.
    PF the Party of dunderheads is getting out of control. Let Ilunga’s mother fvkers go and demonstrate their stupidity and ignorance ?

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    • chilyata don’t comment on things you do not understand.Who changed SATUNIA REGINA to BENCON? and who did they consult.

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    • The fund managers of Saturnia Regna are African Life Financial Services Limited and the fund administrators are Benefits Consulting Services (BENCON)Limited. These are sister companies with the same shareholders; These shareholders are Botswana Insurance Fund Limited (49%) and Menel management services of Zambian with 51%. The shareholders of Menel management services limited are as follows; Munakupya Hantuba, Zambian with 39%, Valentine Chitalu, Zambian with 30.5%, Hakainde Hichilema, Zambian with 30.5%. So stop commenting on issues blindly like your fellow moron from chingola who is ignorantly heaping blame on BENCON, where Hakainde has a stake.

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  2. YES WELL SPOKEN BUT WHO CHANGED SATUNIA REGINA TO BENCON AND WHO DID THEY CONSULT? THIS IS PURE CRIMINAL AT ITS BEST SO THE ONLY PEOPLE TO FOLLOW ARE THE OWNERS OF THIS INSITUTION.EX-MINERS HAVE A VALID POINT WHICH WELL MEANING ZAMBIAN WILL SUPPORT.HH MUST JUST PAY THESE MINERS WE DONT WANT MERIDIAN BIAO AGAIN PLEASE.

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  3. The Fund had sent money abroad for investment beyond what is stipulated by law. Then the 2008 market meltdown happened, pension funds with investments in US assets especially lost all their money. There is no way that all the money Saturnia had invested offshore was not lost like others. My assumption is that there is a gaping hole that can’t be filled and the fund has become a Ponzi scheme. No money in it that equals beneficiaries. A symptom of this will be no payments. It’s insolvent. I suspect government also knows this or else if they don’t they have been dribbled with international accounting like ZRA and mines transfer pricing problems. Let them release the concluded audit on the fund and what I’m saying will most likely come to light.

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  4. PF a party which has run down the economy of our country is the one sponsoring these mercenaries to say what they are saying. Their President bought a plane for a whooping K165 million dollars which could have cleared all the retirees. Evil government this one. Hell awaits

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  5. Don’t forget that whn the economy of any country hits the skids, so many things do get affected including pension funds. Pension fund assets such as commercial real estate underperform also in such an environment. But u don’t expect the uninformed to know this. I pity those whose job involves regular interface with such characters.

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  6. Then there is that ideotest on another forum called Zambian citizen condoning such lubbish. Lets sell the plane and pay retirees their money, K165 million dollars is a lot of money. This will help the country than the printing of money route. Zambia is too rich to be poor, it just requires visionary leaders.

  7. Jeremiah, please note that the plane was acquired on the advice of aviation safety experts who recommended acquisition of a new aircraft. The price paid may be another matter but I’m not competent to comment on it.

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  8. Mr Chilundika, who is the owner of Bencon? Who transfered the money from Saturnia Regna to Bencon? Are you part of that syndicate? How come no one said anything to that effect and how did you come across that information. Why didn’t HH tell the miners when they won that court case concerning the said funds? We need answers. No miner will support you on this issue. My dear Chilundika, you just risk of loosing your election if you discuss issues you know nothing about unless you are one of them. Just come up with your own campaign message. We need answers from HH not you.

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  9. This thief hh strives off the back of poor zambian. Look at privatisation and what he led to. Also look at the many deaths caused by him. I hear alikwata ichililomba

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  10. Mr. Chilundika, do no provoke people unnecessarily; ask those of us who were in KCM in the period around 2005/6. Ask also the former employees of Chambishi Metalls who were retrenched in 2008 how they were short changed by your Saturnia Friends. The matter was taken to court and the judgement is there. Do not force us to use the amalumbo words your boss used in the bembaland when he was campaigning in Lukashysa.

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  11. Pension fund money cannot be transferred into the coffers of those managing it as the two are separate entities at law. The chief executive of any company cannot get company money and put it in his account as the two are not same entity.

  12. Don’t comment anyhow broda, you expose your ignorance too much together with the same Chilundika aspiring to stand in chingola. BENCON is still owned by same HH. These are all under one roof, saturnia, aflife, and BENCON owned by same guys.

  13. 40% of the fund was invested offshore without government approval. In academia they say ask the right questions, in this case ask how much was lost of the 40% due to the 2008 global financial markets collapse and how much came back to Zambia. This is where people should be focused. In finance, follow the money if you want answers.

  14. Where are the representatives of miners on board of tustees of these pension funds? Wht are they saying? It doesn’t hv to be leaders of miners’ unions who may hv a challenge in understanding the opaque lingo of money managers. The miners’ unions are in fact at liberty to engage a financially-literate and sophisticated person to represent miners’ interests on boards of trustees. If things hv gone wrong as some are alleging, where hv the miners’ representatives been? Hv u asked them Ndoleshafye?

  15. Bencon are fund administrators, while African Life Financial Services are the fund managers. The money in Regna Saturnia is the Fund held in Trust. The money in that Trust is for workers who have been contributing towards the Fund.
    The problem arose when selfish individuals were bent to change the Trust Fund into a private company to defraud the workers
    Therefore, this UPND, Nchanga aspirant should not lie to us that Sartunia is history.

  16. Literacy levels among Bashi mine is average! They don’t know much about ‘utuntu!’ I worked in the mines and got my 100% Payout from Saturnia.
    Then came the PF politics on Saturnia to fix HH during the time Mwanakatwe was Minister of Finance. They passed an SI which was blindly supported by bashi mine. READ! Now that that Law is preventing you from getting your money until you are old like NAPSA is doing, you want to blame it on Saturnia? Remember that all Pension Schemes operate under very strict Rules. If your government makes good laws, support them. If your government makes bad laws targeting individuals, don’t support them because you may be the victim of those bad Laws!

  17. Looks like Chilundika knows so little (or nothing) about the connection Saturnia Regna story.
    He will be an embarrassment to the Chingola residents if he were to be their lawmaker.
    Bencon is the parent company to Saturnia Regna. Both firms are active and alive. Miners deserve the the truth and facts about

  18. Looks like Chilundika knows so little (or nothing) about the connection Saturnia Regna story.
    He will be an embarrassment to the Chingola residents if he were to be their lawmaker.
    Bencon is the parent company to Saturnia Regna. Both firms are active and alive. Miners deserve the truth and facts on the this matter.

Comments are closed.

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