INDIA - The Employee's Provident Fund Organisation (EPFO) announced a 7% increase in assets in the nine months to the end of 2006, totalling R967.7bn (US$23.4bn).
A spokesman for India’s largest fund whose members numbered almost 43 million in 2006, said the fund had benefited from increasing levels of employment by steel makers to meet industry needs.
In terms of the portfolio breakdown, the fund invested 54% of assets in a domestic special deposit scheme, 18% in state-run company bonds, and around 26% in central and state government bonds, according to the government.
In January the member return rate of 9.5%, which had been held over three years, was also reduced to 8.5% by the government.
It explained this move was needed as returns would not be enough to cover liabilities.
This month, the fund's board of trustees are scheduled to set return rates for the next fiscal year.
This week's top stories included Cardano announcing plans to acquire Now Pensions from a Dutch pension fund later this year.
Royal Bank of Scotland (RBS) faces a £102m impact on liabilities as a result of equalising guaranteed minimum pensions (GMPs), according to its annual results.
Malcolm Mclean says getting the channels of communication right and engaging more openly is a good starting point