UGANDA - The Ugandan government has commited to pay out at least USh100bn (US$56m) of the accumulated pension arrears every year, starting from 2007.
In its memorandum of economic and financial policy, the government said it would announce a payment schedule to settle all domestic pension arrears.
The total amount of pension payments due has not yet been verified. This exercise should be carried out by end of May.
The government also said it would be making an effort to avoid the accumulation of new arrears through strict budget discipline and timely payment of pensions. By the end of May deadline it would have had to prepare a review of the pension payment and accounting systems.
In addition, the International Monetary Fund called on the Ugandan government to establish a new supervisory body for financial institutions including private and public pension funds.
This is to be carried out by the end of December 2007, and will enhance the possibility of long term financing and ensure that pensions and other savings entrusted to the companies will be prudently managed, the IMF said.
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.