pensions pension registry Financial Services Pension Funds Pension Funds Administrators retirement fund operator Administration Services administrative services Asociación Salvadoreña de Administradoras de Pensiones tender Banking Pension Funds Association (El Salvador) Siacap services Aeropuerto Internacional de Tocumen

Panama: Credicorp to Manage State Pension Payments

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).

Thursday, January 13, 2011

©image: Andrew Magill

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

The contract was disputed with Profuturo AFP. SIACAP is focused on providing additional benefits for invalidity pensions, disability and old age of public servants.

Source: laestrella.com.pa

Key entities

Credicorp Siacap

Countries

Panama

Insight

administrative services Financial Services pensions pension registry Administration Services

Tender for Exchange Service in Tocumen Airport

August 2011

The administrators of the Panamanian airport terminal are working on a tender for provision of a foreign exchange service.

The international tender is expected to be made before the end of this year, said Juan Carlos Pino, manager of Tocumen S.A.

"Enrique Pesantez, a tour operator, believes the currency exchange service at the airport will undoubtedly help tourists in the country because few companies offer this service.

Panama Awards Administration of State Pension Investments

January 2012

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).

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.

Pension Investment Certificates in El Salvador

April 2012

While supportive of the proposed legal reforms to improve the profitability of pensions, the AFP has requested a minimum interest rate of 4% for the CIP.

The two Pension Fund Administrators (AFP in Spanish) are opposed to a limit on interest payments , because it would affect the benefits for contributors at the expense of protecting state spending.

El Salvador: The Future of Pension Funds

February 2012

The obligation to satisfy the state’s appetite for money is compromising the profitability of pension operators and the size of contributor’s future pensions.

A statement by the Salvadoran Foundation for Economic and Social Development (FUSADES) reads:

The dilemma of pension fund investments

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