Annual general report of the controller and - Parliament of Tanzania

was carried out by ‘The
Solomon Consortium’ as at 31
December 2003 with
projections to 30 June 2005,
which was deemed the
conversion date of the Fund
from a provident fund to a
pension scheme.
According to the actuarial
valuation report, additional
funding requirement was
determined to be TZS 107.3
billion as at 30 June 2005, to
enable all the existing
members in the scheme to
qualify for pensions, if they
contribute for a minimum of
15 years and have reached the
retirement age. The
Government of Tanzania has
agreed to inject in full the
additional funding in equal
installments over a period of
10 years from the 2007/08
financial year.
As explained also in note 39, the
Fund, as recommended in IAS 26
was expected to undertake second
actuarial valuation in 2008 and
report the result of such actuarial
valuation in its financial
statements for year ended 30 June
2008. However, the valuation is
ongoing.
• Payments to pensioners
made on behalf of the
Treasury
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Office of the Controller and Auditor General PA&oBs 2007/08 27