The Chamber of Corporate Trustees (Pensions Chamber) has urged all Board of Trustees and Employer Sponsored Schemes not to engage government in the debt exchange programme in its current format until it has renegotiated a favourable term for the pensions industry.
According to a letter dated December 15, 2022, it said, since the announcement of the domestic exchange programme, the Chamber of Corporate Trustees on behalf of the pensions industry has been advocating for the pensions industry to be ring-fenced or the terms renegotiated.
“As at today, 15th December 2022, the Pensions Chamber has written to the Minister of Finance to extend the deadline of the Domestic Exchange programme by one month to allow for the renegotiation of the debt by the domestic bondholder committee”.
“We would therefore advise your schemes not to engage in the debt exchange in the current format until we have renegotiated a favourable term for the pensions industry”, it explained.
"As you are aware, seeking for better terms would be the best expression of our fiduciary responsibility to our members", it further noted.
The chamber assured all Board of Trustees and Employer Sponsored Schemes that it is advocating for the interest of the pensions industry and “the future Income Security of our contributors when they retire”.
“We would subsequently update you on the outcome of the proposal negotiation and any change to our decision”, it stressed.
“We count on you usual cooperation”, it concluded.
Latest Stories
-
Boeing strike ends as workers accept new contract
25 mins -
GAF will not relent in its quest to counter external threats – GOC Southern Command
29 mins -
Election 2024: Bawumia reiterates commitment to promote sustainable mining practices
30 mins -
Ensign Global College promotes health and community well-being at Ngmayem Festival 2024
32 mins -
Bobrisky reveals reason for leaving Nigeria
55 mins -
Tiwa Savage discloses ‘craziest thing I’ve ever done for love’
1 hour -
US states worried about election unrest take security precautions
1 hour -
Modi condemns violence after Canada temple incident
2 hours -
Barcelona hit by new flood as rescuers search Valencia basement car park
2 hours -
Labadi Beach Hotel pays over GH¢16m as dividend to SSNIT
2 hours -
Elon Musk can keep giving $1m to voters, judge rules
2 hours -
Election must not divide us, government will protect each citizen – Akufo Addo
2 hours -
Novel way to beat dengue: Deaf mosquitoes stop having sex
3 hours -
Trial begins over beheading of teacher who showed Prophet Muhammed cartoon
3 hours -
‘See you soon’ – Bobrisky jets out of Nigeria
3 hours