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The National Pensions Regulatory Authority (NPRA) has increased the per issuer limit of the PBC Limited’s one year Fixed Rate Callable Note from 5% to 10% under the category of eligible bonds. The increase is to allow the pension funds to start impacting on the development of the country.

Section 6.3 of the Guideline on Investment of Pension Funds provides that a maximum of 30% of Corporate Bonds/Debt may be invested in Pension Fund Assets. Up to 5% of pension funds assets can be invested in eligible bonds, REITs, MBS and debenture of any corporate entity.

In view of the aforementioned Section, registered pension schemes are allowed to invest 5% of their Assets Under Management (AUM) in the PBC Limited’s Note. With this approval, pension schemes can invest up to 10% in the Note as approved by the Securities and Exchange Commission (SEC) with reference number SEC/ISD/PBC.NOTES/10.16 dated 25th October, 2016.

This approval has been granted for the current cocoa purchasing season only and therefore expires at the expected maturity date of the note.

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Over the years, concerns have been raised and agitations made by public servants over inadequacies of the level of pensions to sustain a respectable life for retired public servants. Of particular concern to most workers’ groups has been the low pensions received by workers ... | Readmore