GUYANA - President Bharrat Jagdeo (pictured) has announced that pensioners are set to receive a 75% increase in their sums starting January 2006.
The increase is expected to cost government around GUY$800m (US$4.2m), and would see pay outs rise from $2005 to $3500.
The old age pension currently costs government over $1bn.
There are 30 000 citizens receiving old-age pensions, with a further 33 000 receiving public assistance.
The President said his decision to increase the old aged pension was influenced by his many interactions with senior citizens during the outreaches to communities across Guyana.
The announcement comes on the back of difficult economic times regionally, following flooding in January, believed to have cost government 3bn, as well as high fuel prices.
A number of pension schemes have been prompted to lock in gains with a move into bonds after the estimated deficit across FTSE 100 DB pension schemes improved by £36bn, over the 12 months ending 30 June last year, JLT Employment Benefits found.
HM Treasury has agreed in principle to give NEST a £329m contingent liability guarantee in the event of the master trust's wind up or closure.
AMP Capital has set up a dedicated team to help institutional investors, including pension funds, invest in infrastructure through direct equity allocations.