KUWAIT -Kuwait Projects Company (KIPCO) has teamed up with Munich Re to launch pensions company Taka'Ud Savings & Pensions, which will tackle the Middle Eastern and North African pension market.
Taka'Ud Savings & Pensions will be incorporated in Bahrain and aims to launch its initial product range by the middle of 2010.
KIPCO vice chairman Faisal Al Ayyar said demographic trends which will see the population over 65 grow by six times by 2050 were both a challenge and an opportunity for regional governments in the way they finance state retirement pensions.
He added: "As in other parts of the world, private pension funds in this region will play a key development role by stimulating inward investment through the creation of new financial instruments suitable for the recycling of personal savings into national economies."
Taka'Ud Savings & Pensions will distribute its products through its network of commercial banks, insurance companies and asset management firms operating in the Middle East and North Africa.
The Pensions and Lifetime Savings Association (PLSA) is in the process of convening an industry-wide group to take forward the work of the Institutional Disclosure Working Group (IDWG).
The Transfers and Re-registration Industry Group (TRIG) has given its support to an initiative which aims to complete occupational pension transfers within three weeks.
Scottish Widows has completed a bulk annuity deal for the Hitachi UK Limited Pension Scheme.