* As the statutory management makes significant progress and its mandate extended to December 2026
* After strengthening governance, improving pension administration and advancing financial accountability during its first three months of statutory management
By Victor Singano Jnr
Stain Singo — the veteran chartered insurer and corporate leader, who was appointed as the Statutory Manager for the Public Service Pension Trust Fund (PSPTF) on July 1, 2026 by the Reserve Bank of Malawi (RBM) — has gained confidence of the Registrar of Financial Institutions having made significant progress in strengthening governance.
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Under the statutory management, the PSPTF, which was embroiled in the controversial purchase of Amaryliss Hotel, has since strengthened governance, improved pension administration and advanced financial accountability during its first three months of statutory management.
The Registrar of Financial Institutions has thus extended Stain Singo’s role as Statutory Manager to December 2026, after steering a critical stage in PSPTF’s reform process.
The Fund is reported to be continuing in strengthening internal oversight, improve service delivery, enhance financial reporting and reinforce accountability in the management of members’ retirement savings.
Singo, who has served over 45 years in Malawi’s insurance and financial sectors before officially stepping back from active executive insurance roles, said the extension of the mandate enables the Pension Trust Fund to sustain the momentum established during the initial period of statutory management and ensure that critical reforms are implemented effectively.
“Institutional recovery requires sustained effort, effective oversight and the completion of outstanding reforms,” he said.
“The extension of the mandate provides an opportunity to build on the progress already made, strengthen the Fund’s governance structures and continue improving services to our members and pension beneficiaries.”
Singo further said during the initial three months, PSPTF “prioritised governance reforms, member-centric service delivery, transparency and accountability as the foundation for institutional recovery”.
“One of the key milestones achieved has been the processing and resolution of all pending pension and benefit claims that specifically required decisions by the Board of Trustees.
“The needs of our members remain central to our work. We have made progress in resolving claims that required Board of Trustees decisions, and we remain committed to improving turnaround times and providing more responsive services.
“We recognise that individual cases may still require additional administrative steps, and these must be completed properly,” he said.
Under the statutory management, financial reporting has been a major priority with efforts underway to accelerate outstanding financial audits covering the 2022 to 2025 financial years, with 2021 financials completed and signed during the initial three months of statutory management.
The audit exercises remain ongoing, with completion targeted for December 2026, subject to the completion of the necessary audit procedures and related reviews.
Singo explained that the outstanding financial reporting and audit work will establish a sound basis for determining the Fund’s financial position and the appropriate interest returns to members.
“We understand that members want clarity on the interest returns on their savings, and we appreciate the importance of this matter.
“However, it is important to ensure that any figures communicated are supported by verified financial information.
“Our priority is to complete the outstanding work professionally and establish a credible basis for future reporting and decisions on members’ returns,” he said.
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As part of efforts to strengthen governance and institutional accountability, Singo said the Fund has initiated the recruitment and onboarding process for a Risk and Compliance Manager and an Internal Audit Manager.
“The strengthened risk management and internal audit functions form part of a broader reform agenda designed to promote sound decision-making, professional standards and responsible stewardship of members’ retirement savings,” he said.
“The PSPTF has successfully concluded renewal negotiations with CIC Insurance Company, its group life insurance provider, resulting in improved benefits to members without increasing the existing cost to the government.
“The enhancement strengthened financial protection for members and their families by increasing death cover, improving benefits for permanent total disability and critical illness, and raising funeral benefits for members, spouses and children.”
Meanwhile, PSPTF has reiterated its commitment to building a stronger, more accountable and professionally managed institution that public servants and pension beneficiaries can have confidence in.
The Fund says its immediate priorities remain the completion of outstanding audits, strengthening of internal oversight mechanisms, improvement of claims processing and enhancement of the reliability and timeliness of financial reporting.
Singo is also renowned as the inaugural chief executive officer and major shareholder of Smile Life, the first wholly Malawian-owned life insurance company.
He also works as a director at the multi-disciplinary consultancy, training, and organisational growth firm, Sycamore Consult.
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