Insurance - Trinidad & Tobago

Government wants to reform pension fund industry

Government wants to reform pension fund industry

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Trinidad & Tobago's government wants to reform laws governing the country's public and private pension systems, local daily The Trinidad Guardian reported finance minister Karen Nunez-Tesheira as saying.

"The government proposes implementing new pension legislation aimed at modernizing the pension industry by developing and implementing a comprehensive pension regime for Trinidad & Tobago," the paper quoted the minister as saying.

In order for pension reform to become a reality, provisions for the establishment of minimum requirements governing the operations of the industry such as corporate governance, reporting requirements information disclosure and financial reporting standards were essential, the minister said.

The minister said the investment market remained unattractive for locally registered pension funds and called for mechanisms to encourage favorable market activity.