{"id":10803,"date":"2022-07-21T13:53:32","date_gmt":"2022-07-21T13:53:32","guid":{"rendered":"https:\/\/www.africa-press.net\/seychelles\/all-news\/fsa-to-supervise-pension-schemes"},"modified":"2022-07-21T14:11:51","modified_gmt":"2022-07-21T14:11:51","slug":"fsa-to-supervise-pension-schemes","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/seychelles\/all-news\/fsa-to-supervise-pension-schemes","title":{"rendered":"FSA to supervise pension schemes"},"content":{"rendered":"

Africa-Press – Seychelles. <\/strong><\/span>The cabinet of ministers has given the greenlight to the Financial Services Authority (FSA) to supervise the pension sector in Seychelles.<\/b><\/p>\n

This follows discussions with stakeholders such as the ministry responsible for Finance, Seychelles Pension Fund (SPF), Attorney General\u2019s Office.<\/p>\n

The legislative framework proposed to cabinet as a result of the discussions for private pension are to register businesses in Seychelles that offer pension schemes to their staff, legislate businesses that offer pension services (operating domestically and from overseas) in Seychelles to businesses and individuals and intermediaries that act as agents on behalf of businesses and individuals.<\/p>\n

In relation to public pension under the ambit of SPF, there would be reporting obligation to FSA in order to capture for prudential and market conduct.<\/p>\n

The FSA would be engaging with the Attorney General\u2019s Office to propose the necessary laws which shall be discussed with the population in the immediate future.<\/p>\n

A study undertaken in 2016 by the African Development Bank and International Finance Corporation informed that the pension sector in Seychelles is not regulated for prudential and market conduct from a risk-based perspective.<\/p>\n

This was viewed as a major deficiency given that pension is a major and crucial component of Seychelles financial market and as a non-banking financial product, it requires supervision of a regulatory Authority.<\/p>\n

Prudential supervision focuses on three main pillars:<\/p>\n

Capital and solvency of pension funds<\/b>
\nSolvency is the ability of a pension scheme service provider to meet and payout its financial and beneficiary obligations. Solvency can be an important measure of financial health of the fund, since it\u2019s one way of demonstrating a company\u2019s ability to manage its operations, investment if needs be and pay out benefits into the foreseeable future.<\/p>\n

Financial stability and adequate governance system<\/b>
\nFinancial stability of pension funds is a condition in which the funds can facilitate real economic activities smoothly, notably by creating and permitting investment opportunities and generating higher returns, accumulating compounded interest returns through which the fund is capable of unravelling financial imbalances arising from shocks.<\/p>\n

The stability is achieved should there be adequate corporate governance systems of rules, practices and processes by which the pension service provider is guided to manage the pension fund.<\/p>\n

Risk to soundness of pension funds and their investment
\nRisk of losses due to adverse movements in interest rates and other market prices. The risk may also arise due to investment in unregulated\/ unlisted products.<\/p>\n

Another risk arising from inappropriate actuarial valuation methods and assumptions (e.g. mortality, longevity, disability, inflation, liquidity etc.)<\/p>\n

Market conduct supervision focuses on two main pillars:<\/p>\n

Customer oriented and affordable<\/b>
\nCustomers can easily find pension schemes that meet their needs, are affordable and suit their financial capability. They have choice and can easily change products and switch providers. Customers are at all times properly informed about the pension schemes so as to make effective and informed decisions by not being misled. They are able to compare the nature, value and cost of products and make informed choices.<\/p>\n

Fair treatment for customer and consumer protection
\nAny individual should be able to join a pension scheme whereby they are treated equally, honestly and fairly with respect to all rights associated with the schemes, both before a contract is entered into with a pension scheme provider and through to the point at which all obligations under a contract have been satisfied. Pension schemes plan should aim at avoiding exclusions based on age, income, gender, period of contribution, terms of employment or civil status.<\/p>\n

In terms of protection for pension scheme consumers, it is linked with the idea of consumer rights, to guarantee pay-out of benefits and return of investment of pension funds. Moreover, the consumer protection initiative should permit the handling of consumer complaints vis-\u00e0-vis the pension scheme service provider.<\/p>\n

For More News And Analysis About Seychelles<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Seychelles. The cabinet of ministers has given the greenlight to the Financial Services Authority (FSA) to supervise the pension sector in Seychelles. This follows discussions with stakeholders such as the ministry responsible for Finance, Seychelles Pension Fund (SPF), Attorney General\u2019s Office. The legislative framework proposed to cabinet as a result of the discussions […]<\/p>\n","protected":false},"author":84,"featured_media":10802,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7,8,12,16],"tags":[234,268,233],"class_list":["post-10803","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","category-homepage-english","category-policy","category-twitter","tag-africa-press","tag-africa-press-seychelles","tag-seychelles"],"yoast_head":"\nFSA to supervise pension schemes - Seychelles<\/title>\n<meta name=\"description\" content=\"The cabinet of ministers has given the greenlight to the Financial Services Authority (FSA) to supervise the pension ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/seychelles\/all-news\/fsa-to-supervise-pension-schemes\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FSA to supervise pension schemes\" \/>\n<meta property=\"og:description\" content=\"The cabinet of ministers has given the greenlight to the Financial Services Authority (FSA) to supervise the pension ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/seychelles\/all-news\/fsa-to-supervise-pension-schemes\" \/>\n<meta property=\"og:site_name\" content=\"Seychelles\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-21T13:53:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-07-21T14:11:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/seychelles\/sites\/30\/2022\/07\/postQueueImg_1-62d95e3aeed5d.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/seychelles\/all-news\/fsa-to-supervise-pension-schemes#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/seychelles\/all-news\/fsa-to-supervise-pension-schemes\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/seychelles\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"FSA to supervise pension schemes\",\"datePublished\":\"2022-07-21T13:53:32+00:00\",\"dateModified\":\"2022-07-21T14:11:51+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/seychelles\/all-news\/fsa-to-supervise-pension-schemes\"},\"wordCount\":648,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/seychelles\/all-news\/fsa-to-supervise-pension-schemes#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/seychelles\/sites\/30\/2022\/07\/postQueueImg_1-62d95e3aeed5d.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Seychelles\",\"Seychelles\"],\"articleSection\":[\"all news\",\"economy\",\"head lines\",\"homepage-english\",\"policy\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/seychelles\/all-news\/fsa-to-supervise-pension-schemes#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/seychelles\/all-news\/fsa-to-supervise-pension-schemes\",\"url\":\"https:\/\/www.africa-press.net\/seychelles\/all-news\/fsa-to-supervise-pension-schemes\",\"name\":\"FSA to supervise pension schemes - 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