The Seychelles Pension Fund (SPF or the Fund) undertook an extensive review of its investment management framework and related practices in 2021 and 2022. The exercise focussed on improving the institution’s Investment Policy framework, so that operations are aligned to international best practice and the prescriptions of the ISSA Guidelines.
Key improvements in the Investment Policy document include the inclusion of investment beliefs, disclosure of the institution’s investment objective, a clearly defined risk budget, improvements in the classifications of asset classes, use of cognitive approaches to determine the strategic asset allocation, consideration for asset liability management, credit and operational risks’ parameters, among the other changes made. On the side of operations, notable internal changes were made to reduce prospects of fraud with enhanced segregation of responsibilities, with more resources channelled towards increasing human resources and systems. The Board of Trustees approved the new Investment Policy in December 2021, with the new framework being fully operationalised as of January 2022. In subsequence, there has been a notable improvement in investment management operations, with an evident upscale in the institution’s reputation.