Key Takeaways
- • Taiwan's Public Service Pension Fund (PSPF) has appointed Nomura Asset Management Taiwan, the local unit of Japan's Nomura Group, as investment consultant for the member choice platform of its newly introduced defined-contribution pension plan.
- • The five-year consulting mandate starts in January 2024, with the platform expected to become operational in January 2025, according to a PSPF spokesperson.
- • Nomura will advise on performance measurement and portfolio allocation strategies, while CTBC Bank serves as custodian for the defined-contribution accounts.
- • PSPF, which manages NT$784.2 billion (US$24.95 billion) in assets as of October 2023, introduced the defined-contribution plan in July 2023 for all newly hired employees.
Summary
Taiwan's Public Service Pension Fund (PSPF) has hired Nomura Asset Management Taiwan, the local asset management unit of Japan's Nomura Group, as investment consultant for the member choice platform of its newly introduced defined-contribution pension plan, according to Asia Asset Management.
Nomura Asset Management Taiwan will advise on performance measurement and portfolio allocation strategies for the platform, which a PSPF spokesperson said is expected to become operational in January 2025. The appointment is a five-year term beginning January 2024 and follows the publication of a request for proposal four months earlier.
The defined-contribution plan was introduced in July 2023. All employees hired since then are enrolled in the plan, which will be overseen by the newly established Bureau of Public Service Pension Fund. PSPF has already appointed CTBC Bank as custodian to provide administration services for the accounts.
PSPF is a retirement scheme for civil servants, teachers and military personnel. As of October 2023 it had NT$784.2 billion (US$24.95 billion) in assets under management.
Nomura Asset Management Taiwan will advise on performance measurement and portfolio allocation strategies for the platform, which a PSPF spokesperson said is expected to become operational in January 2025. The appointment is a five-year term beginning January 2024 and follows the publication of a request for proposal four months earlier.
The defined-contribution plan was introduced in July 2023. All employees hired since then are enrolled in the plan, which will be overseen by the newly established Bureau of Public Service Pension Fund. PSPF has already appointed CTBC Bank as custodian to provide administration services for the accounts.
PSPF is a retirement scheme for civil servants, teachers and military personnel. As of October 2023 it had NT$784.2 billion (US$24.95 billion) in assets under management.
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