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JAMAICA: Changes to Pension Regulations Facilities Multimillion-Dollar Real Estate Investment

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#Kingston, November 21, 2019 – Jamaica– Changes made to pension regulations by the Government have paved the way for multimillion-dollar real estate investment by GraceKennedy (GK) Pension Scheme in partnership with FosRich Company Limited.

Ground was broken for the project at FosRich’s headquarters at 76 Molynes Road, Kingston on Tuesday (November 19), which followed the signing of contracts by principals of the entities on November 5.

The development will be undertaken over two phases, with phase one to include construction of a 30,000-square-foot warehouse and distribution centre, work on which will begin in two weeks.

The other segment will entail full development of approximately 110,000 square feet of space to incorporate food, entertainment and other facilities over two years.  Amendments to the pension regulations, passed and gazetted in September, have broadened the range of permissible assets in which pension plans can invest and strengthen the legislative framework with respect to safeguarding the assets of pension plans.

Pension funds are able to invest in equity or debt of private companies, established under the laws of Jamaica, provided that in aggregate, these amounts do not exceed a maximum of five per cent of the assets of the pension fund. This enables investment in private equity and venture capital for the first time.

Trustee, GK Pension Scheme, Terry-Ann Graver, said the entity is pleased to partner with FosRich Company on the real estate development.

“Pension plans, in partnership with their fund managers, have to… provide a consistent income stream that can result in capital appreciation over the long-term for the benefit of current and future pensioners. Real estate provides one such avenue,” she noted.

Mrs. Graver said other pension plans can explore similar real estate investments.

Chief Executive Officer of PROVEN Wealth Limited, which manages the GK Pension Scheme, Johann Heaven, said that pension fund managers are elated about the opportunities that can now be explored based on the amendments to the pension regulations.

“Additionally, we look for the long-awaited introduction of phase two to the pension fund regulations… [and] hopefully, we can get that done by March next year, because this will further widen up the opportunities for the pensions market and for pensioners, allowing us to be more innovative,” he added.

Contact: Ainsworth Morris

Release: JIS

Photos: Dave Reid

Photo Caption: Minister of Science, Energy and Technology, Hon. Fayval Williams (third right) breaks ground for construction of FosRich Company Limited’s warehouse facility and distribution centre at 76 Molynes Road in Kingston on Tuesday (November 19). Also breaking ground (from left) are FosRich Shareholder Representative, Matthew Williams; Chief Executive Officer, FosRich, Cecil Foster; Board Chairman, FosRich, Marion Foster; Trustee, GK Pension Scheme, Terry-Ann Graver; and Managing Director, GW Architects, Garfield Wood.

Caribbean News

UK issues warning to tourists following shark attack

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Rashaed Esson

Staff Writer

In response to the Shark attack in Tobago on April 26, the UK Foreign Office issued a warning for British tourists stating that Tobago authorities temporarily closed the Buccoo Reef Marine Park and urged those who visit the beach, those who fish and others, to be careful when visiting certain coastal areas. These are “Plymouth, Courland Bay, Black Rock, Mt. Irvine, Buccoo, Pigeon Point, Store Bay, and all areas in between.”

 

 

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JAMAICAN STUDENTS GAIN SCHOLARSHIPS TO STUDY IN CUBA

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KINGSTON, April 25 (JIS):

Fifteen young Jamaicans have gained scholarships to pursue tertiary training in medicine, nursing and civil engineering in the Republic of Cuba, under the Jamaica-Cuba Bilateral Scholarship Programme.

Speaking at the awards ceremony for the students, held at the Embassy of Cuba in St. Andrew on April 24, Minister of State in the Ministry of Foreign Affairs and Foreign Trade, Hon. Alando Terrelonge, said the scholarship component of the partnership is one of the many successes for Jamaicans.

“Through this valuable programme, the Government of Cuba has consistently invested in the educational development of Jamaican students, through the provision of well-needed and appreciated undergraduate and postgraduate scholarships, primarily in Medicine and Health Sciences,” Mr. Terrelonge said.

He highlighted that the long-standing, meaningful and mutually beneficial bond of friendship and cooperation has been shared between Jamaica and Cuba for more than 50 years and has provided invaluable support to Jamaica, with several agreements in the areas of Health, Science, Culture, Sports, Tourism and Education.

The Minister of State said that Jamaica is grateful for the unwavering support towards Jamaica’s development, adding that “not only are we close geographical partners but our relationship is based on, among other things, mutual respect and strong people-to-people connections”.

Mr. Terrelonge told the students that they have succeeded in securing their places in the various programmes and have proven themselves to be the “crème de la crème, having successfully undergone a rigorous selection process”.

“I commend you for your drive, hard work and dedication towards your educational development,” he said.

“As you prepare to depart Jamaica for diverse and vibrant Cuba, I encourage you all to continue to work diligently in your respective fields of study, to remain faithful to the goals you have set for yourselves, and to fly, even higher, the Jamaican flag in Cuba. It is my hope that you will not only meet but exceed your and your families’ expectations,” the State Minister added.

He also encouraged the students to view the scholarship not only as an opportunity to advance academically but to also “immerse yourselves in the rich culture of the Cuban people” and to form new connections, build networks, explore new adventures, improve their Spanish-speaking skills, and to stay connected with the Jamaica Embassy in Havana.

Under the full scholarship, tuition, accommodation, meals, clothing allowance, study materials and medical care are covered by Cuba.

The programme is administered by the Embassy of the Republic of Cuba in conjunction with the Scholarship Unit of the Ministry of Finance and the Public Service and other entities. Every year, the Cuban Government invites applications from persons wishing to pursue undergraduate and postgraduate studies.

 

CONTACT: GARFIELD L. ANGUS

 

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GROUND BROKEN FOR HIGH SCHOOL AT CHRISTEL HOUSE

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KINGSTON, May 1 (JIS):

Ground has been broken at the tuition-free Christel House at Twickenham Park, St. Catherine, for the construction of a high school.

Minister of Education and Youth, Hon. Faval Williams, who delivered the keynote address at the site, today (May 1), said Christel House’s dedication to breaking the cycle of poverty and empowering vulnerable children is “nothing short of inspiring”.

“Your decision to invest in Jamaica speaks volumes about your belief in our nation’s potential, and your dedication to making a meaningful difference in the lives of our youth is appreciated,” Minister Williams said.

She added that the partnership between the Government and the organisation, forged through a Memorandum of Understanding (MOU) in 2019, is a “prime example” of what can be achieved when public and private entities come together with a shared vision and purpose.

Further, the Minister said a foundation is being laid for a brighter future, one where every child has the opportunity to thrive and fulfil their potential, regardless of their circumstances.

She said that Christel House Jamaica, which now operates a kindergarten school at the location, will in time be more than just a school.

“It will be a symbol of optimism, a sanctuary of learning, and a catalyst for positive change in our community,” the Minister said.

“By providing comprehensive support, including education, nutrition, healthcare, and mentorship, Christel House will empower students to break free from the chains of poverty and chart a course towards a better tomorrow,” she added.

Mrs. Willliams said the shared goal between the Administration and Christel House extends beyond the construction of a building, as it is about nurturing the next generation of leaders, innovators, and change-makers who will shape the destiny of the nation.

“Together, we are sowing the seeds of prosperity, equity, and social justice, ensuring that no child is left behind,” she said.

The school provides breakfast, lunch and an afternoon snack, as well as transportation for children living far distances from the school. It also provides uniforms and textbooks, and counselling services for its students who have to contend with psychological and other emotional issues.

Founder of Christel House International, Christel Dehaan, emigrated from Germany to the United States (US) in 1962, and was an accomplished businesswoman.

In 1996, she sold her global enterprise, Resort Condominiums International (RCI), which had offices in 38 countries, and devoted her resources to philanthropic work from her headquarters in North Meridian Street, Indianapolis.

With support from dedicated donors, schools are run in India, Jamaica, Mexico, South Africa, and the US.

 

CONTACT: GARFIELD L. ANGUS

 

 

 

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