PUERTO RICO - The Government Development Bank (GDB) has postponed a proposed $2.4bn issue of pension obligation bonds slated for this week, citing poor market conditions.
Irizarry said: "We are committed to the financial plan we have outlined for the pension system, especially the sale of the pension obligation bonds, which are paid from statutory employer contributions."
The GDB added the retirement system's Plan of Finance hoped to issue up to $7bn of bonds this year for the national pension scheme, depending on how the market developed.
Irizarry added: "We must protect the interests of the system's beneficiaries and are not going to offer the bonds under less than adequate conditions."
Standard Life has increased exposure to risk assets in three out of five funds in its Active Plus and Passive Plus workplace pension ranges.
Some 48% of employers are unaware of the services or help they offer to members of their defined contribution (DC) schemes, according to Aon.
Welplan Pensions has triggered its exit from the master trust market, with just a few days to go until The Pensions Regulator's (TPR) application deadline.