Africa

BENIN - Pension reform is needed before the rising state pension fund deficit puts a strain on the country's macroeconomic stability, an IMF staff report has claimed.

NIGERIA - The government for the Nigerian state of Osun settled all outstanding pensions for civil servants and paid out a total of NGN2.5bn (US$19.5m) over 2006.

NIGERIA - The NGN63bn (US$491m) accrued within the national contributory pension scheme has raised hopes that SMEs could have access to long term funding.

UGANDA - General outlays will drive future liabilities of the Ugandan Public Service Pensions Fund (PSPF) beyond sustainability if the fund is not rebalanced.

SOUTH AFRICA - Sanlam Investment Management (SIM) has stated the Public Investment Corporation's (PIC) withdrawal of ZAR22bn (US$3.1bn) in assets from the fund manager would not have a material impact on its operating results and claimed it would claw...

SOUTH AFRICA - A consortium involving the Ontario Teachers' Pension Plan (OTPP) has had a purchase offer of ZAR6bn (US$850m) accepted by South African glass manufacturer Consol.

JORDAN - A pension reform linking benefits to lifetime contributions and ensuring pensions are indexed to inflation should be a priority, the International Monetary Fund (IMF) said in a staff report.

SOUTH AFRICA - State-owned pension manager Public Investment Corporation (PIC) has announced plans to withdraw one quarter of its assets - valued at ZAR146bn (US$20.5bn) - from five fund managers to invest in-house.

SOUTH AFRICA - More than half of 15-year olds won't live to the claim their pensions due to the rampant HIV/AIDS epidemic in South Africa, a report has found.

SOUTH AFRICA - Old Mutual's funds under management increased by 1.8% to reach ZAR222bn (US$31.1bn) by end September 2006, as the financial services group's profits were hampered by a weak rand and US dollar.