About the Fund

The Statutory Bodies Family Protection Fund operates in the field of pension benefits.

The Fund has been set up since 1966 under the Statutory Bodies Family Protection Fund Act for the purpose of providing assistance mainly to families of deceased employees of Municipal/District Councils, Sugar Industry Labour Welfare Fund, Town & Country Planning Board and Statutory Bodies Family Protection Fund.

The main regulations concerning the Statutory Bodies Family Protection Scheme have been identified and explained so that associates of the Fund may be in a position to better understand the reasons as to why they are contributing to the Scheme and the benefits that their families will derive in the event they pass away.

It is hoped that the text will be easily understood by the associates and that their Union representatives may find therein sufficient materials to even make it clearer to them.

Background

 

The number of associates as at year 2019 contributing to the scheme was about 5300. The number of beneficiaries stood at around 1175.

Annual contributions revolve around Rs60 million and the Fund Financial position as at 31 December 2019 stood at Rs1.8 billion.
The Annual Pension payable stands at around Rs75m.

Apart from the provision of pension services, the Fund also operates a housing and personal loan scheme for the benefit of all its members and employees giving loans up to Rs1m/-and Rs100,000 respectively per associate.

Vision

  • We desire to place our organisation on the same footing as other institutions in the financial sector offering invaluable services to the whole community of pensioners and affiliated members and diversifying our activities.
  • We shall endeavour to concentrate much of our efforts on innovative actions, teamwork, initiative, efficiency and competitiveness.

Mission

  • We are an organisation which caters mainly for the pension needs of beneficiaries of deceased employees from all Municipalities, District Councils and other member Statutory Bodies.
  • We manage funds in the best possible manner to achieve a superior financial return balanced with our long-term growth, benefiting primarily our pensioners, associates and employees.
  • We have a dedicated staff who have a sense of commitment for the welfare and improvement of our pensioners and members.
  • We endeavour to provide an excellent level of service to the community of members and beneficiaries backed by up to date information technology and professional support

Objectives

  • To ensure the well-being of our members, pension beneficiaries and employees.
  • To provide continuous training and staff motivation to keep pace with development trend and to meet daily challenges.
  • To improve the financial base of the organisation.
  • To promote its growth.
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