July 2019

29Jul

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...

July 29, 2019
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August 2017

10Aug

Jamaica. NCB Insurance wins third consecutive World Finance Pension Award

NCB Insurance Company Limited’s (NCBIC) pension fund management services is among the most financially stable and innovative in the world. So surmises World Finance in a July 6 press release announcing its 2017 Pension Fund Awardees. NCBIC received the 2017 title for the best pension fund manager in the Caribbean. This is the company’s third consecutive win and its fifth in seven years having copped the title in 2011, 2012, 2015 and 2016. “We are truly honoured to have been selected another...

August 10, 2017
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July 2017

17Jul

Jamaica. Prime Minister stresses urgency of pension reform

Prime Minister Andrew Holness has said that urgency must be placed on settling the issue of public sector pension reform. Acknowledging concerns expressed by trade unions relating to the five per cent increase in contributions by workers, Holness noted that failure to reform pensions will result in a “major crisis on our hands. “I cannot overemphasise that point. In 1990 the pension bill of the Government was 0.4 per cent of the Gross Domestic Product (GDP). Today it has more than...

July 17, 2017
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June 2017

07Jun

Jamaica. Rebranded VM Pensions Management Plans Operations Overhaul

Prime Asset Management has changed its name to Victoria Mutual Pensions Management Limited to identify more closely with its parent company. The third-largest pension fund manager by assets under management is using the opportunity to refresh its operations and improve performance levels, according to CEO Rezworth Burchenson. "We have a robust pipeline of new investments," said Burchenson ahead of Tuesday's rebranding ceremony. They include upgrading VM Pension's investment management platform with a spend of over $100 million; upgrading the administration system;...

June 7, 2017
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May 2017

29May

Jamaica’s labour minister urges population to get a retirement plan

By virtue of their longevity, centenarians Violet Mosse Brown, 117, and Hubert Williams, 104, have ostensibly highlighted the importance for working Jamaicans to acquire retirement plans, Minister of Labour and Social Security Shahine Robinson has pointed out.“To me, Auntie Vie (Mosse Brown) is a living testimony of the importance of the need to plan for retirement right from the start. And I am sure that Mr Williams can also tell you how important it is to plan,” Robinson...

May 29, 2017
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