CPF Financial Services is set to administer the Public Service Superannuation Fund after the Court of Appeal directed the fund’s board of trustees to honour a contract that had been awarded to the company within 30 days.
A bench of three judges ruled that while CPF had successfully bid for the civil service pensions contract, the board of trustees employed delaying tactics to deny it the tender. The tender was advertised in June last year and several firms submitted their bids.
