NSSA awash with cash but profit plunges 70 percent

NSSA’s total assets declined two percent to $916 million.

Total income was also lower, at $331 million in December 2015 compared to $335 million the previous year.

NSSA, whose investments include property, equities and money market placements, registered a decline in investment income to $22.8 million from $35 million previously on the back of reduced dividend income and declining money market rates.

The pension scheme’s total investments declined from $603 million in December 2014 to $508 million at the close of last year.

NSSA holds significant investments in many listed companies, including RTG, FBC Holdings and FML.

Registered employers rose by five percent to 28 739 in 2015, but NSSA was quick to point out that this was not due to any growth in the economy, but down to the fragmentation of businesses into smaller companies.

Reflecting the weakening economy, contribution collections under NSSA’s pension scheme were two percent lower in 2015 at $242.8 million.

NSSA, which has frequently been called upon to bail out government, closed 2015 sitting on $95.2 million cash.-The Source

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