Saudi’s two pension funds merge to create a new entity with more than US$ 29B equity portfolio
RIYADH: The Saudi Cabinet has approved the merger of the Public Pension Agency and the General Organization for Social Insurance (GOSI) to unify the public and private sectors’ insurance protection umbrella , SPA reported citing a statement by the two institutions.
The merger process will not affect the mechanism and dates of disbursement of insurance benefits to insurance or pensions clients, nor the progress of operations or transactions, the two institutions confirmed.
There are more than 8.3 million people who benefit from social insurance in the Kingdom according to official data.
The merger is part of ongoing reforms and restructuring under Vision 2030, said Saudi Finance Minister Mohammed Al-Jadaan.
He said that the merger would strengthen the financial position of the pension fund, by maximizing investment returns and boosting performance.