The Retirement Benefits Fund, which began in 1961, were dissolved with the former Public Officers Superannuation Funds which dated back to 1972, when the Act repealed the legislation upon which they existed. The Act transferred the assets and liabilities of these two defunct funds to the new Fund on 1 January 1991.

In 2000, the General Provision Act was then approved in which by virtue of the amount of funds at its disposal, as well as the number of contributors, it has become one of the country's major financial institutions, playing a significant part in the nation's economic development.