JORDAN - A pension reform linking benefits to lifetime contributions and ensuring pensions are indexed to inflation should be a priority, the International Monetary Fund (IMF) said in a staff report.
The IMF staff declared the Jordanian Social Security Corporation (SSC), which collects pension contributions and hands out benefits, needed to put its finances on a “sustainable footing.”
Inflation-linked pensions will help prevent the erosion of their real value over time, the IMF staff said.
The report suggested the government should discuss SSC reforms as well as development of the pension system.
In other news, the SSC has set up a pension fund for Jordanian expatriates. This will give Jordanian workers residing outside the country the opportunity to make pension contributions.
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.