The Chamber of Corporate Trustees (Pensions Chamber) has urged all Board of Trustees and Employer Sponsored Schemes not to engage government in the debt exchange programme in its current format until it has renegotiated a favourable term for the pensions industry.

According to a letter dated December 15, 2022, it said, since the announcement of the domestic exchange programme, the Chamber of Corporate Trustees on behalf of the pensions industry has been advocating for the pensions industry to be ring-fenced or the terms renegotiated.

“As at today, 15^th December 2022, the Pensions Chamber has written to the Minister of Finance to extend the deadline of the Domestic Exchange programme by one month to allow for the renegotiation of the debt by the domestic bondholder committee”.

“We would therefore advise your schemes not to engage in the debt exchange in the current format until we have renegotiated a favourable term for the pensions industry”, it explained.

"As you are aware, seeking for better terms would be the best expression of our fiduciary responsibility to our members", it further noted.

The chamber assured all Board of Trustees and Employer Sponsored Schemes that it is advocating for the interest of the pensions industry and “the future Income Security of our contributors when they retire”.

“We would subsequently update you on the outcome of the proposal negotiation and any change to our decision”, it stressed.

“We count on you usual cooperation”, it concluded.