Jamaica. Imminent pension plan reforms will allow them to invest in a wider range of assets
Minister of Finance and the Public Service Dr Nigel Clarke moved amendments to the Pensions (Superannuation Funds & Retirement Schemes) (Investment) (Amendment) Regulations 2019, which were passed by the House of Representatives.
These amendments will broaden the range of permissible assets in which pension plans can invest, and strengthen the legislative framework with respect to safeguarding the assets of pension plans.
Giving his rationale for the change, Clarke observed “Mr Speaker, as we move into a new regime that’s underpinned and anchored by macroeconomic stability, where the Government’s appetite for debt is reduced and where pension funds have funds they need to invest, it is necessary to broaden the range of assets that pension funds can invest in. Furthermore, in this new era of low, stable and predictable inflation, pension plans will need to be able to invest in higher-returning, longer-term assets to be in a position to fund their pension liabilities. These amendments will allow for this.”
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