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Governance of Tanzanian pension fund investment

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Westerman W., Chande mpinga Z.

Central and Eastern European Journal of Management and Economics (CEEJME)

2016

issue 3

189-209

This study aims to examine how mainland Tanzania pension fund investments are governed and which developments can be foreseen. The literature provides ample leads for a conceptual and practical framework on pension fund investment governance. This framework is filled in along a case research design drawing upon system participant interviews. It is shown that whilst the system is gaining strength, its inherent limitations may call for change measures. The pension fund’s investments work out fine and contributors receive value for money. Also, the oversight is thought to work reasonably well. Quirks include investments limitations set by the markets and the government, and also a still low coverage, the heavy weight of the government, a load of administrative costs, employer compliance, beneficiary withdrawal, insufficient education throughout and ignorance in general. The system is governed by complex but strict controls and is being professionalised. To lower administrative costs and raise investment returns, the role of the Ministries versus the Regulator may be amended, while keeping Central Bank in the loop. The paper demonstrates that the hierarchical system engenders agency conflicts that are curbed by a trust grounded common strive for optimal financial value. In specific the paper argues that the investment governance benefits from strict controls and professionalising, especially if financial markets and government limitations are lessened

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1 Central and Eastern European Journal of Management and Economics (CEEJME)

1 Chande mpinga Z.

1 Westerman W.

1 2016

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Governance of Tanzanian pension fund investment