- Published on 04 May 2017
The Insurance and Pension Commission said total pension funds membership fell by 24 percent during the full year to December 31, 2016 to 262 085 members compared to the prior year figure of 344,198.
In a full year report released by IPEC based on 16 standalone funds, four fund administrators and three life assurers, the Commission said the drop in membership was due to company closures that took place in the economy or retrenchments. Active members for the period constituted 184 854 compared to 210 000 of the previous year while deferred pensioners rose to 33 percent from 19 percent. (Herald)