JONES
Barbara Ellington, Senior Gleaner Writer
THE PENSION Funds Association of Jamaica (PFAJ) will be officially launched in the coming weeks.
Its main function will be to protect the interests of pensioners.
A steering committee headed by attorney-at-law Derek Jones, has been working to lay the foundation for the past six months. Conservative estimates put the total amount of money in pension funds in Jamaica at close to US$3 billion.
The steering committee comprises nine founding members, namely: Appliance Traders, Barita Investments, Bank of Nova Scotia, Guardian Life Insurance Company, Grace Kennedy & Company Limited, West Indies Trust Company Limited, Cable and Wireless, Life of Jamaica and Lascelles-Henriques.
Mr. Jones, in an exclusive interview with The Gleaner, said the association would primarily ensure a workable regulatory environment for the management of pension funds and provide education and training for pensioners and trustees many of whom do not understand their roles.
Mr. Jones stated further that membership will be open to all pension funds, all investment managers and all administrators. The PFAJ has also received the blessings of Financial Services Com-mission (FSC), and both hope to exist harmoniously.
"The committee has also approached the 80-year-old National Association of Pension Funds in the United Kingdom to seek affiliation. They have a successful organisation and they provide publications and training for pensioners. Using their knowledge and experience, there would be no reason for us to re-invent the wheel but we would have direct access to their vast reservoir of information," Mr. Jones said.
The PFAJ will be a company limited by guarantee, with a board of directors to be elected annually. Its accounts will be audited annually and initially will share secretariat with facilities to keep costs down. Members, except for the secretariat, will work voluntarily.
MEMBERSHIP SUBSCRIPTION
It is intended that the PFAJ would be funded through an annual membership subscription of $15,000, earnings from conferences and seminars and sale of its publications.
The PFAJ and a number of groups examined the original draft of the Pension Fund Act, made their suggestions, some of which have been taken on board. The other suggestions will be dealt with in a second round of legislation.
Full details of the PFAJ will be announced at a press conference later this month and at that time the organisation's website will be revealed. Prospective members will be able to download application forms from the site.
(See The Sunday Gleaner for full interview).
