Pensions sector boosts income

Pensions sector boosts income
Published: 20 September 2017
The pensions industry recorded total income of $112 million in the first quarter ended March this year attributable to contributions, rental and investment income, the sector regulator has said.

The Insurance and Pensions Commission (IPEC), in its quarterly report, said the industry had 1 297 registered private occupational pension funds with total membership of 560 000.

"The income for the pensions industry was mainly attributable to contributions, rental income and investments income which totalled $105, 65 million and accounted for 94, 22 percent of the total income," read part of the report.

"Total expenditure amounted to $89, 13 million, resulting in a net surplus of $30, 96 million for the quarter under review."

IPEC said total benefits incurred amounted to $59, 47 and accounted for 66, 72 percent of total expenditure incurred during the quarter.

Total assets for the industry amounted to $3, 35 billion, but IPEC noted with concern that 15 percent of the assets were tied up in contribution and rental arrears amounting to $462, 99 million and $49, 41 million respectively.

"It is commendable that 74 percent of the asset base was made up of assets which are suitable to match pension funds liabilities namely investment properties, cash and money market investments, equities and prescribed assets," it said.

- New Ziana
Tags: Pension,


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