Jamaica. Tourism pension fund likely to grow faster than traditional funds – Goffe
The Ministry of Tourism (MOT) indicates that, as at December 31, 2021, the value of assets managed by Sagicor Life Jamaica on behalf of the Tourism Workers Pension Scheme was approximately $506 million.
At the launch of the scheme, Minister of Tourism Edmund Bartlett said he expected the fund to grow to $100 billion by 2023 and to reach $1 trillion in 10 years.
The management of the assets of the scheme falls under Sagicor’s managed pension portfolios which as at November 30, 2021 was valued at $218 billion.
Guardian Life Limited administers the scheme and also solicits participation through its marketing efforts.
In early February 2022, Sagicor, in remarks channeled through the MOT, said that funds currently held are predominantly invested in inflation indexed fixed income securities.
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