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The tables below illustrate how we performed against key metrics to measure performance
TARGETS EXCEEDED
ACHIEVED
BELOW TARGET
NEW MEASURE
The tables below illustrate how we performed against key metrics to measure performance
TARGETS EXCEEDED
ACHIEVED
BELOW TARGET
NEW MEASURE
| Objectives | Key Measures | Target | 2020 | 2021 | 2022 |
Outlook for the year ahead 2022/2023 target |
|
|---|---|---|---|---|---|---|---|
|
Improve customer satisfaction |
Customer satisfaction index score |
85% |
88% |
86% |
82% |
 |
85% |
|
Improve brand image |
Tonality score |
85% |
88% |
83% |
95% |
 |
80% |
|
Brand Health Survey Rating |
70% |
80% |
71% |
74% |
|
75% |
|
The overall CSI score has dropped slightly to 82%. A drop in communication (because of a low rating on members’ experience with the Interactive Voice Response system) and efficiency (due to a low rating on SMS alerts which were working intermittently) were the main contributors to the decline of the overall CSI. However, the Brand’s image improved compared to the previous year.
| Objectives | Key Measures | Target | 2020 | 2021 | 2022 |
Outlook for the year ahead 2022/2023 target |
|
|---|---|---|---|---|---|---|---|
|
Improve customer satisfaction |
Customer satisfaction index score |
85% |
88% |
86% |
|
82% |
85% |
|
Improve brand image |
Tonality score |
85% |
88% |
83% |
95% |
|
80% |
|
Brand Health Survey Rating |
70% |
80% |
71% |
74% |
|
75% |
|
The overall CSI score has dropped slightly to 82%. A drop in communication (because of a low rating on members’ experience with the Interactive Voice Response system) and efficiency (due to a low rating on SMS alerts which were working intermittently) were the main contributors to the decline of the overall CSI. However, the Brand’s image improved compared to the previous year.
| Objectives | Key Measures | Target | 2020 | 2021 | 2022 |
Outlook for the year ahead 2022/2023 target |
|
|---|---|---|---|---|---|---|---|
|
Increase contributions |
Average Monthly Contribution Collections |
125Bn |
106Bn |
114Bn |
125Bn
|
 |
135Bn |
|
1 Month Employer Compliance rate |
52% |
56% |
51% |
55% |
|
52% |
|
|
Increase income earned |
Gross Target return on investment |
12.98% |
13.82% |
15.91% |
11.62% |
|
11.52% |
|
Expense ratio |
1.15% |
1.19% |
1.06% |
1.18% |
|
1.17% |
|
The full reopening of the economy in January 2022 meant that many companies that had closed during the pandemic (especially in the hospitality, tourism, and education sectors) slowly started reopening. This in turn led to them being able to fulfil their obligations and thus have a positive impact on the compliance rate.
The Fund had to increase its investments in fixed deposits to implement Section 20A of the NSSF Amendment Act, enabling midterm access to benefits. This resulted in a lower return on investment of 11.62% compared to 15.91% attained in the previous financial year.
The expense ratio was 1.18% which is higher than the budget threshold of 1.15% due to a provision for restructuring arising from the organisational redesign aimed at aligning the Fund’s operations with requirements of the NSSF Amendment Act 2022.
| Objectives | Key Measures | Target | 2020 | 2021 | 2022 |
Outlook for the year ahead 2022/2023 target |
|
|---|---|---|---|---|---|---|---|
|
Increase contributions |
Average Monthly Contribution Collections |
125Bn |
106Bn |
114Bn |
125Bn
|
|
135Bn |
|
1 Month Employer Compliance rate |
52% |
56% |
51% |
55% |
|
52% |
|
|
Increase income earned |
Gross Target return on investment |
12.98% |
13.82% |
15.91% |
|
11.62% |
11.52% |
|
Expense ratio |
1.15% |
1.19% |
1.06% |
|
1.18% |
1.17% |
|
The full reopening of the economy in January 2022 meant that many companies that had closed during the pandemic (especially in the hospitality, tourism, and education sectors) slowly started reopening. This in turn led to them being able to fulfil their obligations and thus have a positive impact on the compliance rate.
The Fund had to increase its investments in fixed deposits to implement Section 20A of the NSSF Amendment Act, enabling midterm access to benefits. This resulted in a lower return on investment of 11.62% compared to 15.91% attained in the previous financial year.
The expense ratio was 1.18% which is higher than the budget threshold of 1.15% due to a provision for restructuring arising from the organisational redesign aimed at aligning the Fund’s operations with requirements of the NSSF Amendment Act 2022.
| Objectives | Key Measures | Target | 2020 | 2021 | 2022 |
Outlook for the year ahead 2022/2023 target |
|
|---|---|---|---|---|---|---|---|
|
Improve data quality |
Data Quality Index |
100% |
124% |
98% |
101%
|
|
100% |
|
Improve service delivery |
Benefits processing Turn Around Time, days |
7 days |
7 days |
8 days |
12.3 days |
|
9 days |
|
Improve governance, compliance & risk mgt |
Governance and Compliance Index |
100% |
104% |
100% |
100% |
|
100% |
|
Enhance strategic partnering |
% completion of Target Partnerships & Stakeholder milestones (NSSF Act Amendments) |
Internal milestones for the NSSF Act were all achieved. The bill is awaiting parliament’s decision |
100% |
Parliament passed the NSSF Amendment Bill which was sent to the President for assent |
NSSF Amendment Act 2022 was passed into law |
|
The focus will be on the execution of the NSSF Amendment Act 2022 |
|
Increase value-added products and services |
Number of new products and services |
2 |
1 |
0 |
2 |
|
1 |
|
% uptake of new product/service |
33% |
33% |
10.5% |
100% |
|
85% of the planned benefits realised |
|
|
Enhance technology impact |
% completion of milestones for the deployment of the new Pensions Administration System |
100% |
83% |
92% |
96% |
|
Full deployment of supporting digital infrastructure |
With the Fund now having the capability to develop and pay new types of benefits as specified in ILO convention 102, we believe that once we fully deploy the PAS system, we shall be able to resolve some of the processes challenges around claiming and payment of benefits.
In addition, the Fund hopes to fully implement the new structure to support the efficient processing of benefits at a minimum cost to the member.
| Objectives | Key Measures | Target | 2020 | 2021 | 2022 |
Outlook for the year ahead 2022/2023 target |
|
|---|---|---|---|---|---|---|---|
|
Improve data quality |
Data Quality Index |
100% |
124% |
98% |
101%
|
|
100% |
|
Improve service delivery |
Benefits processing Turn Around Time, days |
7 days |
7 days |
8 days |
|
12.3 days |
9 days |
|
Improve governance, compliance & risk mgt |
Governance and Compliance Index |
100% |
104% |
100% |
100% |
|
100% |
|
Enhance strategic partnering |
% completion of Target Partnerships & Stakeholder milestones (NSSF Act Amendments) |
Internal milestones for the NSSF Act were all achieved. The bill is awaiting parliament’s decision |
100% |
Parliament passed the NSSF Amendment Bill which was sent to the President for assent |
NSSF Amendment Act 2022 was passed into law |
|
The focus will be on the execution of the NSSF Amendment Act 2022 |
|
Increase value-added products and services |
Number of new products and services |
2 |
1 |
0 |
2 |
|
1 |
|
% uptake of new product/service |
33% |
33% |
10.5% |
100% |
|
85% of the planned benefits realised |
|
|
Enhance technology impact |
% completion of milestones for the deployment of the new Pensions Administration System |
100% |
83% |
92% |
|
96% |
Full deployment of supporting digital infrastructure |
With the Fund now having the capability to develop and pay new types of benefits as specified in ILO convention 102, we believe that once we fully deploy the PAS system, we shall be able to resolve some of the processes challenges around claiming and payment of benefits.
In addition, the Fund hopes to fully implement the new structure to support the efficient processing of benefits at a minimum cost to the member.
| Objectives | Key Measures | Target | 2020 | 2021 | 2022 |
Outlook for the year ahead 2022/2023 target |
|
|---|---|---|---|---|---|---|---|
|
Enhance performance culture |
Staff satisfaction & engagement index |
90% |
93% |
94% |
92% |
|
95% |
|
Enhance talent management |
Talent Development and Management Index Score |
85% |
85% |
92% |
93% |
|
95% |
Due to the numerous changes taking place as a result of the Fund restructure, the talent development and management strategies are being revised for relevance in our new operating environment.
| Objectives | Key Measures | Target | 2020 | 2021 | 2022 |
Outlook for the year ahead 2022/2023 target |
|
|---|---|---|---|---|---|---|---|
|
Enhance performance culture |
Staff satisfaction & engagement index |
90% |
93% |
94% |
92% |
|
95% |
|
Enhance talent management |
Talent Development and Management Index Score |
85% |
85% |
92% |
|
93% |
95% |
Due to the numerous changes taking place as a result of the Fund restructure, the talent development and management strategies are being revised for relevance in our new operating environment.