Improve Contingent Liability Management
Principal Objectives |
Subprogram 1 Actions
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Subprogram 2 Actions
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Subprogram 3 Actions
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Remarks |
Improve financing, investment, and sustainability of pension and GP Fund expenses. | Actuarial analysis completed, and pension liabilities and cash-flow needs determined. | GPIF Act enacted by provincial assembly. | PRs.9 billion for FY2011 transferred to PPF and GPIF in line with financing strategy. | [Complied with] |
Funding strategy with time-bound funding plan for PPF and GPIF adopted. | PRs.12 billion transferred to the PPF in line with revised funding strategy for the PPF, and GPIF approved by the provincial cabinet. | PRs.12 billion transferred to the PPF in line with revised funding strategy for the PPF, and GPIF approved by the provincial cabinet. | [Partly Complied with] | |
PPF Rules with clear fiduciary norms for fund management adopted, and its Management Committee established. | PPF operationalized with (i) appointment of general manager and at least three professional staff and (ii) appointment of trustee and external auditor. |
PPF and GPIF managed by a single investment unit, with adequate capacity and sound governance structures and practices. | [Complied with] | |
GPIF Law submitted to Provincial Assembly. | Contingent liabilities of the PPF and the GP Fund as of June 2008 estimated and included in the white paper for the FY2010 budget. | Pension scheme and GP Fund expense report prepared in line with Public Sector Accounting Standard 25 and integrated into FY2011 budget. | [Complied with] | |
Policy note on key priorities for pension administration prepared and a Pension Administration Taskforce (PAT) appointed to establish sound recordkeeping and administration systems, on the basis of a thorough assessment of the systemic weaknesses. | ||||
Improve record-keeping and administration. | PAT to launch testing of alternative procedures to facilitate efficiency and accuracy of data gathering, validation, and entry of historic GP Fund records. | Data gathering, validation, and entry of historic GP Fund records implemented. | ADB revised the policy action and informed that data gathering and data validation may only be limited to HR data. Action to this extent has been completed. | |
The Office of the Accountant-General has completed data entry in SAP/R3 database for (i) 988,338 employees, (ii) 165,899 pensioners, and (iii) 782,443 GP Fund records of which 162,587 records have been updated based on ledger books excluding missing subscriptions. |
PAT to confirm data entry in SAP/R3 database completed for most of civil servants on payroll, pensioners and GP Fund record. | [Complied with] |