Gaps threaten pensions managed by Fairlife in Eswatini
By the AFREEQUE newsroom, based on Times of Eswatini
Eswatini’s financial regulator has identified serious shortcomings in the management of the Fairlife Beneficiary Fund, which administers 20 pension funds and related schemes. Its 80% funding ratio, lack of monthly bank reconciliations and absence of a recovery plan are weakening benefits for thousands of beneficiaries, according to the regulator’s investigation submitted to a court file.
Investigations by the Eswatini Financial Services Regulatory Authority (FSRA) have identified several shortcomings in the management of the Fairlife Beneficiary Fund, which administers benefits for members of occupational pension schemes. The fund has a funding ratio of 80%, does not regularly carry out its monthly bank reconciliations and has no structured financial recovery plan, according to the Times of Eswatini.
These shortcomings in financial management and governance are threatening the confidence of pensioners and dependants who rely on pension and beneficiary funds in Eswatini, reports the Times of Eswatini.
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Summary produced with the help of artificial intelligence tools, under AFREEQUE’s editorial responsibility.
