pensions Pension Funds Pension Funds Administrators retirement fund operator pension registry Asociación Salvadoreña de Administradoras de Pensiones Financial Services Siacap Superintendent of Pensions (Costa Rica) Édgar Robles Administration Services Asamblea Legislativa (El Salvador) Attorney General (Costa Rica) Banco Aliado Banco Popular y de Desarrollo Comunal Costa Rica

Panama Awards Administration of State Pension Investments

The companies Consorcio Aliado and Progreso have been awarded the tender to manage for 5 years investments for the Capital Savings and Pensions of Public Employees (SIACAP in Spanish).

Thursday, January 5, 2012

The contract was disputed with the consortium Multibank / Multisecurities and HSBC.

"Progreso has already administered this system in which about 72 thousand employees are affiliated and which has assets of $630 million.

The Social Security Fund by law acts as the investment manager for the SIACAP, created by Law 8 of February 6, 1997, but this law exempts it from participating in tenders", reported Prensa.com.

Source: Prensa.com

Key entities

Consorcio Aliado y Progreso Siacap Banco Aliado

Countries

Panama

Insight

pensions Pension Funds Administrators Financial Services tender Pension Funds

Salvadoran Pension Fund sold to Colombians

January 2011

99.99% of AFP Crecer was acquired for $103 million by Colombian company Protección S.A.

While the transaction has already been signed by both companies, the approval of financial supervisory authorities still remains.

"Proteccion SA is a pension fund manager which manages pension savings for more than three million workers across Colombia," published Laprensagrafica.com.

Changes to Pension Operators Costa Rica

December 2011

The Superintendency of Pensions is studying changing the rules for the transfer of members between companies, to reduce administrative costs.

The rate of transfer of members between pension operators (OPC) in Costa Rica is the highest in Latin America. In Mexico, Chile, Peru, Panama and Uruguay, the rate is less than 6%, while in Costa Rica it is 12%.

Panama: Credicorp to Manage State Pension Payments

January 2011

Credicorp Bank won the tender to be the Registrant Entity in charge of payments of the Capital Savings and Pension Fund of Public Servants (SIACAP).

The bank will manage the opening and closing of individual accounts, benefit calculation and payments and delivery of statements to members of SIACAP.

Pensions: Life-Cycle Model

November 2009

Why pension systems need to evolve from individual capitalization to life-cycle portfolios.

"Individual capitalization systems arrived in Latin America 28 years ago, looking to replace generic systems. These systems are now considering what their next evolutionary step is. Some progress has been seen in Chile and Peru, were multiple pension plans are available for workers.

close (x)

Receive more news about Pension Funds

Suscribe FOR FREE to CentralAmericaDATA EXPRESS.
The most important news of Central America, every day.

The Exciting Development in the hub of the Americas in Panama

Panama Pacifico is in the first phase of construction of a four phase project spanning the coming years. The destination's internationally relevant location, adjacent to the Panama Canal and the Pacific Ocean, makes this business center in Panama an ideal global business hub. Its lush setting provides the perfect backdrop for the new thriving, newly-built, master-planned community.

International Business Park

Looking for parking space?

Our new business office in the International Business Park of Panama Pacifico is under construction, and includes a new five storey parking facility. Life is easier when you have a plan. Offices designed, built and created under international standards.

Fiscal, Labor and Migratory Benefits:

See the lengthly list of benefits enjoyed at Panama Pacifico.

Special Economic Area

Law 41 was created in 2004 to offer exceptional benefits to companies setting up base in the Special Economic Area. A single government office in the area speeds up the process to set up a company in the area.