Sagicor Pension Investment Fund remains top performer in Jamaica
Sagicor Life Jamaica recently hosted its annual Pension Investment Seminar at the Jamaica Conference Centre, under the theme, “Your Future…Sagicor’s Priority.”
The discussions were led by executives and experts from the Sagicor Group and the President of JAMPRO, Diane Edwards.
President and CEO of Sagicor Group Jamaica Limited, Christopher Zacca emphasised that Sagicor Life Jamaica Limited remains the largest pension fund manager in Jamaica with approximately $173 billion in managed pension funds which represents an estimated 32 per cent of the private pension funds market.
Sagicor is also the largest owner of equities on the Jamaica Stock Exchange and the largest property manager in Jamaica, managing approximately 2.4 million square feet of space.
Sagicor Pooled Investment Funds (PIF) holds the assets on behalf of pension clients and as at December 2017, had a total of $140.4 billion in funds under management. This represents an increase of approximately 23 per cent over the previous year. He went on to assure Trustees that Sagicor is particularly keen on ensuring that the workforce of today is adequately prepared for their retirement.
Sagicor Pension Investment Seminar
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Diane Edwards, President of JAMPRO delivered an engaging Keynote Address and highlighted the BPO, Tourism, Agriculture and Logistics sectors as key investment opportunities in Jamaica, where future growth can be expected. She also spoke to the current transformational programme underway at JAMPRO to make business initiation seamless, not just for overseas investors but also for local operators; drawing the parallel of Jamaica’s potential to become the “Singapore of the Caribbean”.
Edwards commended Sagicor for their continued investment in the Tourism industry and encouraged them to continue their work to develop the local sector. “Sagicor is definitely, one of the home-grown multinationals in Jamaica, by way of directorship, that is making an impact on the region. I think that is really a powerful tribute to the Directors (of Sagicor) that they have been able to achieve what they have”, said Edwards. She also went on to add, “It is absolutely exciting for JAMPRO to see a company of this stature continue to invest in one of the growing and most vibrant sectors in Jamaica.”
LaToya Mayhew-Kerr, General Manager, Employee Benefits Administrators Limited and Vice President, Sagicor Group Jamaica Limited reinforced some gold standard practises by Trustees and employers in the management and administration of their approved superannuation funds. “Pension is something you are doing not just for your employees, but also for our nation. The employers’ contributions in the pension arrangement is critical and of great value to a member achieving their retirement goals,” said Mayhew-Kerr.
She went on to thank employers who contribute to approved retirement schemes, especially as it is not mandated by law and in spite of the many competing priorities and challenges in operating a business today. She also urged members of pension arrangements to contribute as much as they can towards their pensions as it benefits them in the long run.
The seminar, which is geared at providing updates on the performance of the Pooled Pension Funds, also featured an economic review of the local economy as well as fresh investment strategies to be pursued.