Data released by the Financial Services Commission indicate that the value of private pension funds jumped to $811 billion or 25% of GDP as at the end of December 2024.
This is despite the reduction of active pension plans from 359 to 357.
The FSC also pointed out that this represented growth of 8.9%, compared with the inflation rate of 5% recorded during the year under review.
The FSC also stressed that this represented 14 consecutive years of growth. The commission noted that 55% of the just over $800-billion total was managed by securities dealers, 37% by life insurance companies and 8% by credit unions and other financial entities.
The latest FSC report also pointed out that 39% of the funds under management were invested in mutual funds, 21% in stocks, 20% in Government of Jamaica securities, 6% in real estate, 4% in repurchase agreements and the rest in cash.
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