Time flies with great content! Renew in to keep enjoying all our premium content.
Prime
Top court rules pension funds are private trusts
The ruling hands a major victory to the Association of Retirement Benefits Schemes, which argued that procurement rules increased administrative costs, slowed investment decisions and interfered with employees’ savings.
The Supreme Court has struck down a law subjecting pension schemes sponsored by public entities and State corporations to the strict public procurement system, ruling that workers’ retirement savings are private trust funds and not public money despite being linked to State employers.
In a landmark ruling expected to reshape governance, investment operations and oversight across the country’s retirement benefits sector, the court held that pension schemes handling funds from government workers are not public entities subject to procurement laws.
