JAMAICA - Jamaica's National Commercial Bank (NCB) said legislative reform in 2004 necessitated the transfer of pension fund assets to NCB Insurance - despite double digit growth over the past four years in its original holders, the $43.5bn WITCO fund.
NCB Insurance managing director Ingrid Chambers confirmed they would try to cross sell to new customers, but would not force them into buying products.
Chambers added: “We will be developing individual retirement plans which will give us very good opportunities.”
NCB said the shifting regulatory environment created new opportunities which put the NCB Insurance with assets of $13.5bn in a stronger position to leverage.
The forty-year-old West Indies Trust Company, which is now under private ownership of Michael Lee Chin, administered the bank’s pension arrangements over four decades.
As the transferral had been agreed two years ago, each subsidiary has been making preparations and do not foresee transitional blips.
Royal London saw its new group pension business decline over the first half of 2018 as the rollout of auto-enrolment (AE) drew to a close, according to its interim results.
Now Pensions has made "huge progress" in resolving legacy administration issues - switching systems and completing unit adjustment for a "large proportion" of members, it says.
Trustees of the Airways Pension Scheme (APS) will not make a firm decision on whether to appeal the Court of Appeal's judgment on discretionary increase payments until September.
Accountant Hashmukh Shah has pleaded guilty to deliberately providing false information to The Pensions Regulator (TPR) when stating a pension scheme had been set up for staff of a London-based restaurant.