Sunday, November 22, 2015

Local pensions funds grew assets to $349.56 billion, the latest data from the Financial Services Commission reveals, also indicating that the funds remain primarily invested in government paper.

The latest assessment, released in November, is for the period ended March 30, 2015. Assets have grown by 10 per cent, compared to $317 billion in March 2014.

Mostly represented by pension savings in superannuation funds, the amount is the holdings of 802 pension plans providing pension benefits to nine per cent of the employed labour force.

Over one-third or about 40 per cent of funds are being held in direct holdings of government securities. Otherwise, investment arrangements, which include pooled funds and deposit administration contracts, represented approximately 30 per cent of total investments and are significantly invested in government securities.

The number of active pension plans accounted for 52.74 per cent of the total private pensions industry, with superannuation funds accounting for approximately 97 per cent of the number of active plans and 95 per cent of total assets.

http://www.jamaicaobserver.com/business/Pension-funds-grow-assets-to–350-billion_19239741