Government wants to reform pension fund industry

Thursday, March 27, 2008

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.

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